Regulators do not appear to have been able to keep pace with FinTech evolution.Data has become more important than collateral for these providers.
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Massive amounts of data available from e-commerce transactions, social media, and internet searches allow FinTech companies to determine what financial services to offer to which person, as well as how to price that product. FinTech may be uniquely suited to fill these gaps. This acts as a powerful constraint to global economic growth and social improvement. Huge, underserved populations exist around the world with little-to-no access to banking services or credit. Dramatic growth of e-commerce has brought with it the need for easy-to-use, online, secure payment services. FinTech potentially represents a major disruptive force that will necessitate a response from banks and other financial services providers, as well as from regulators. Initially arriving on the scene in the form of online-based payment services (PayPal, Alipay, Apple Pay), FinTech enterprises have begun offering access to credit, insurance, and investments. 
FinTech is a term coined to describe a rapidly growing industry segment that is aiming to deliver financial services more broadly, efficiently, and innovatively using powerful online technologies, enabled by “Big Data” and cloud computing.
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