技术援助报告 不丹 金融科技监管沙盒框架的审查与诊断 作者部门： 货币与资本市场部门 ©2026 国际货币基金组织 本文件内容构成国际货币基金组织工作人员提供的针对不丹当局（"CD受益人"）对其技术援助请求的技术建议。除非C D受益人明确反对此类披露，否则本文件（全部或部分）或其摘要可由国际货币基金组织披露给不丹的基金组织执行董 事、其他基金组织执行董事及其工作人员，以及CD受益人的其他机构或代理机构；在他们的请求下，还可披露给世界 银行工作人员以及其他对CD受益人有合法利益的技术援助提供者和捐赠者（参见）。 员工关于能力发展信息传播的 操作指南 发布或披露此报告（全部或部分）给CD接受国以外的IMF以外的各方，包括CD接受国的机构或工具、世界 银行工作人员、其他技术援助提供者和对报告有合法兴趣的捐赠者，需要CD接受国和IMF货币与资本市场部门的明确 同意。 本出版物中表述的分析和政策考虑因素是国际货币基金组织货币和资本市场部门的观点。 国际货币基金组织，IMF出版物 邮编：92780 华盛顿特区，美国 20090 + T.（1）202.623.7430 • F. +(1) 202.623.7201 publ ...

华赢集团联合创始人兼行政总裁朱皓康博士表示："我们深知专业投资者对市场波动与资产安全的双重核心需求。作为香港首家推出受香港证监会批准虚拟 资产结构化产品的机构，我们深感使命在肩。本次产品不仅为专业投资者提供更稳健的投资策略，更为香港虚拟资产市场合规化、产品化、机构化开辟了新 路径。我们始终致力于为专业投资者提供更优质的投资选择，这是华赢集团传统金融专业能力与区块链技术深度融合的战略实践，彰显以合规为基石、以创 新驱动行业高质量发展的坚定决心。" 全球领先数字新金融平台华赢集团（纳斯达克代码：AXG）旗下华赢投资（AXG Investment Ltd），今日正式推出挂钩比特币（BTC）及以太坊（ETH）的 虚拟资产结构化投资产品 —— 创新期权组合策略系列。产品由 AXG Investment 发行，香港证监会持牌机构华赢证券（Solomon JFZ (Asia) Holdings Limited）负责向合格投资人提供销售与服务。 此次发行意义重大，华赢集团由此成为香港首家在证监会监管框架下正式发行虚拟资产结构化产品的券商机构。产品严格遵循香港《证券及期货条例》，仅 限专业投资者参与，实行持牌虚拟资产交易平台独 ...

来源：环球市场播报 资产支持融资（ABF）将引领增长。随着合作模式和资产发起（origination）活动加速，ABF将成为增 长核心。另类资产管理公司正寻求为更加多样化的新资产池提供资金——尤其是消费贷款和数据基础设 施信贷。新的合作关系正在催生资产发起机会，而在部分贷款领域银行仍受监管约束的情况下，另类资 产管理机构将继续扩大参与度。 更广泛的资产类别将支持证券化增长。私募信贷在证券化产品领域的影响力不断扩大，尤其集中在高收 益能够补偿资产风险的板块——特别是在不同资产类别利差收窄的背景下。 创新将支持不断增长的流动性需求。私募信贷比以往更加依赖金融创新工具，例如结构化信贷、评级基 金结构、净资产值（NAV）贷款以及实物支付利息贷款（PIK贷款），以满足另类流动性融资需求。常 青基金的采用率上升也正在重塑管理人的分销渠道。 监管护栏仍将有限，但对透明度的关注将增加。在全球范围内，监管机构总体上继续支持私募信贷在满 足资本需求方面发挥更大作用。但同时也保持谨慎。例如，英格兰银行最近启动了一项针对私募市场的 系统性探索性情景分析。 随着互联性增强，风险将上升。私募信贷基金与传统金融机构之间的联系正在加深，这在 ...

另悉，2025年，全国法院受理保险纠纷39.2万件，同比增长21.3%。各地法院通过多元化解纷、发布示 范判决等方式，依法维护保险消费者合法权益。如北京朝阳法院发布保险纠纷审判白皮书，为保险行业 健康规范发展提供司法指引。 （文章来源：中国经营报） 在助力绿色金融方面，上海金融法院、南京中院、杭州中院、合肥中院、苏州中院依托长三角金融司法 合作机制，共同发布《以高水平金融司法厚植高质量发展绿色底色的倡议》，引导金融"活水"流向绿色 领域。 在助力普惠金融方面，全国法院持续抓好最高法院2号、4号司法建议的落实，坚持金融服务实体经济理 念，强化金融消费者权利保障，普惠金融纠纷源头治理、多元化解成效明显。2025年，司法建议对应的 信用卡纠纷、保证保险纠纷增幅分别低于民商事案件增幅10%、13%。广西高院针对脱贫人口小额信贷 涉诉情况开展专门调研，分析引发纠纷的因素、涉诉风险情况等，向金融机构提出工作建议及对策。 在助力养老金融方面，着力提升适老化司法服务保障水平，重点审查金融机构金融产品销售的"适当性 义务"，以温情司法守护"银发人生"。上海金融法院审理的一起涉八旬老人理财案件，明确银行对违法 销售人员的管理责任 ...

全方位扩大内需是当前经济工作的重头戏，提振消费是做好这一工作的关键抓手。进一步扩大消费 需求、提升消费能力，离不开金融对消费的支持和服务，这是金融服务实体经济的重要内容。2025年中 央经济工作会议强调，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。在实践 中，应聚焦消费重点领域加大金融支持、创新金融产品，持续推动消费领域金融服务提质增效，从而有 效激发消费潜能，充分发挥消费作为经济增长主引擎作用，为实现经济高质量发展注入强劲动力。 理解金融和消费的互动关系 金融是现代市场经济连接生产与消费的关键媒介，通过优化资源配置、创新应用场景等，可以激发 消费意愿，将潜在需求转化为现实需求。同时，消费的增长则可进一步推动金融创新和经济发展。消费 与金融相互促进、相互赋能。 金融是实体经济的血脉，消费是实体经济最直接广泛的终端体现。金融的功能、效率和服务创新决 定着消费的深度与活力，可在多方面发挥重要作用。其一，优化资源配置。金融是实现生产、分配、流 通、消费良性互动的重要枢纽，既能高效引导储蓄向长期投资转化，也能精准地为居民消费提供信贷支 持，其运行效率一定程度上关系着内需潜力能否充分释放。其二，降低消 ...

商报讯(记者苗露通讯员董兆楠)一颗良种从实验室走向田间，往往要历经数年攻关、大量投入，却也伴 随着高风险与不确定性。如何让金融活水精准流向农业科创一线？在杭州市农业农村局指导下，依托萧 山区持续探索"政银险担基"协同支农改革的工作背景，杭州萧山率先破题，一场针对性的金融创新应运 而生，填补了全国农业科创专属组合金融产品的空白。 今年2月，人保财险杭州萧山支公司在区农业农村局及金融监管萧山支局支持下，联合萧山农商银行、 杭州萧山融资担保公司等机构，全国首创推出"萧农保贷"组合金融产品，此次产品打造并非单一的保险 服务，而是立足"政银险担基"多方联动构建金融服务生态，以"保险兜底、担保增信、银行放贷"的新模 式，为农业科创企业打通融资堵点、送上及时雨。 得知企业困境后，杭州人保财险快速响应、上门服务，为企业量身定制农业农村科技项目研发费用损失 保险，为研发过程中的人员、材料、设备等核心成本提供坚实保障，相当于给科研项目装上一道"安全 锁"。依托此前在机器人、芯片等工业科创领域积淀的科技保险服务经验，从需求对接至保单出具，杭 州人保财险仅用两个工作日，以高效服务为农业科创企业抢出"黄金时间"。 保险的落地，有效缓释 ...

Core Viewpoint - Guangdong is focusing on the coordinated development of manufacturing and service industries as a strategy for high-quality economic growth, marking the beginning of a new phase in its development journey [1][2]. Group 1: Economic Strategy - The theme of the high-quality development conference emphasizes "coordinated development of manufacturing and service industries," aiming to set a clear direction for economic growth in 2024 and beyond [1]. - Guangdong has maintained its position as the top province in GDP for 37 consecutive years, showcasing a robust manufacturing base and a strong modern service sector [1]. - The province's manufacturing sector includes all 31 major categories and boasts 10 trillion-yuan-level industrial clusters, while the service sector has led the nation in added value for 41 years [1]. Group 2: Industry Transformation - The coordinated development of manufacturing and service industries is essential for upgrading the entire economic chain, with a focus on mutual enhancement rather than competition [2]. - Guangdong's manufacturing is transitioning towards smart, high-end, and green production, with service industries playing a crucial role in this transformation through the use of information technology and financial services [2]. - The "14th Five-Year Plan" suggests enhancing the integration of modern services with advanced manufacturing and modern agriculture, emphasizing the digitalization of services [2]. Group 3: Market Dynamics - The synergy between manufacturing and service industries is expected to enrich supply content, stimulate market demand, and promote consumption, ultimately benefiting the public [3]. - The "Guangdong Goods Go Global" initiative highlights the importance of service support, such as logistics and digital technology, in driving sales for local products [3]. - The coordinated development approach is not only about improving manufacturing efficiency but also about investing in human resources to enhance overall quality of life [3].

【广东省高质量发展大会正月初八召开】智通财经2月22日电，2月24日，农历正月初八，广东省高质量 发展大会将在广州召开。据悉，全省高质量发展大会会期一天，当天上午将举行全体大会。下午将围绕 产业融合与政策创新、科技创新赋能产业融合、金融创新赋能产业融合、智能制造与工业互联网、数字 经济与贸易新业态、"百千万工程"县域产业融合与高质量发展等主题举行分会场会议。会议结束后还将 举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白皮书，由省有关部门解读制造 业与服务业协同发展相关扶持政策，并答记者问。（南方日报） 转自：智通财经 ...

Core Viewpoint - The Hebei Free Trade Zone has released its eighth batch of 19 institutional innovation cases aimed at promoting reform and optimizing the business environment across the province [1] Trade Facilitation - The Zhengding area has innovated a new model for the supervision of imported cultural relics, reducing customs clearance time by 83.3% and lowering enterprise costs by over 30% [1] - The area has implemented a model for "international mail, international express, and cross-border e-commerce" that shortens customs clearance time for import and export enterprises by 25% and saves logistics companies and platform enterprises 25% in operational costs [1] - The Xiong'an area has established the province's first land port supervision site, moving customs inspection for export goods forward, compressing overall customs clearance time to under 4 hours [1] - The Daxing Airport area has achieved nearly a 50% reduction in the processing time for the entire import red wine business through electronic bill of lading inter-company recognition [1] Industrial Open Development - The Xiong'an area has created a model for efficient utilization of mineral trading and data through "online transactions + trusted data space," addressing issues in the aerospace information field [2] - The Caofeidian area has innovated a cooperation model between the free trade zone and the linked innovation zone for bonded logistics, solving high storage costs and low customs efficiency for import and export enterprises [2] - The Daxing Airport area has introduced a cross-border e-commerce all-cargo aircraft operation model, reducing transportation time from 5-7 days to 2-3 days and lowering logistics costs by 2-3 yuan per kilogram [2] Financial Innovation - The Xiong'an area has innovated the process for cross-province migration of cross-border capital pools for financial state-owned enterprises, providing an operational template for the relocation of headquarters and functional institutions [2] - The Zhengding area has promoted the establishment of Hebei's only national carbon trading market service center, aiding Hebei Steel in creating the first carbon management system in the steel industry and training over 200 "dual carbon" talents [2] Government Function Transformation - The Xiong'an area has pioneered a corporate pension promotion model characterized by "automatic joining, gradual coverage, and multiple incentives" [3] - The Zhengding area has collaborated with Shijiazhuang High-tech Zone and Shijiazhuang Economic Development Zone to promote cross-regional "one license, multiple addresses" reform, achieving an 80% reduction in approval time and material simplification [3] - The Caofeidian area has established the province's first operational immigration service center, integrating high-frequency foreign-related matters such as visas and work permits into a one-stop service [3] Coordinated Development in Beijing-Tianjin-Hebei - The Caofeidian area has implemented a new regulatory mechanism for regional cooperation in foreign trade, reducing the average port stay of vessels by 3.5 hours and cutting inspection time by 50% [3] - The Daxing Airport area has innovated a customs facilitation model between comprehensive bonded zones and designated customs supervision sites, improving efficiency by over 10 times [3] - The Daxing Airport area has also promoted environmental assessment linkage reforms, effectively compressing the preparation time for environmental assessments by over 30% [3]

Core Viewpoint - The article examines the evolution of ancient Chinese paper currency from its inception to its decline, emphasizing that successful financial innovation requires a solid economic foundation, strict issuance management, and a robust technical support system, especially in the context of the digital economy [3][4]. Group 1: Historical Development of Currency - The evolution of currency follows a pattern from physical currency to metal currency, credit currency, and finally to digital currency, highlighting the deep connections between currency development and socio-economic culture [4]. - The introduction of copper coins as legal tender marked a significant shift, with the Qin Dynasty establishing a standardized weight system for currency, which later transitioned to a credit-based system under the reforms of Shang Yang [6][7]. - The Tang Dynasty saw the emergence of "flying money" as a response to trade demands, indicating a separation of the commodity and credit attributes of currency, paving the way for the development of paper money [8]. Group 2: Evolution of Paper Currency - The first paper currency, known as "jiaozi," was created during the Northern Song Dynasty due to the limitations of copper coins, marking a significant milestone in the history of currency [9][10]. - The issuance of official jiaozi by the government aimed to stabilize its value, but excessive issuance during the Northern Song led to hyperinflation and its eventual withdrawal from circulation [10]. - The Yuan Dynasty's "silver standard" and the Ming Dynasty's issuance of "baochao" faced similar challenges of over-issuance and lack of backing reserves, leading to significant devaluation and a shift in trading practices [11].