Abstract
Legal scholars are yet to pay quality attention to the intentionally restrictive competition policy regarding the recent wave of digital innovations, referred to as fintech. This paper examines the rebirth of Financial Technology (fintech) in recent times. Associating the current frenzy over the rise of fintech to the effects of the 2008 Global Financial Crisis, regulatory rigidity, and the sluggishness of traditional banks in adjusting to the dynamic needs of their customers. This paper further examines the rise of a financial & digital revolution, discussing both the current and potential effects of the revolution on traditional banks and their regulators. The paper addresses the regulatory hurdles in place designed to resist the revolution, thereby stunting the growth of players in the fintech industry in a bid to protect traditional banks from competition.
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