With the gradual evolution of technology, the financial markets are becoming more transparent, accessible, inclusive and efficient and are making it easier for the regulators to obtain a clearer picture of the risks that taken by the participants in the market. The financial markets all over the world have been aggressively adopting technologies throughout history. What appears to be a completely digitalized market today has been through a series of developments through technology to be the power house that it is today. From the mid-1800s to 1967, the financial services industry was largely an analogue industry which is generally referred to as the FinTech 1.0 which lasted until the beginning of the first world war. The 1980s to 2008 period is generally referred to as FinTech 2.0 which was associated with increased digitalisation and banking. FinTech 3.0 is a paradigm shift of providing of financing services by banks to start-ups.
