The fintech industry is <a href="https://www.cryptoknowmics.com/news/why-fintech-is-booming">booming</a> and receiving widespread acceptance from various parts of the world as countries and private organizations spend millions of dollars developing the sector.

However, the crypto entrepreneur and owner of Binance, Changpeng Zhao, has noted that for any country to take the front seat in the fintech space, they must ensure strict compliance with two factors; encouragement of technological innovation and protection of investors from fraudsters. Zhao stated that there must be a balance between both elements to record tremendous growth.

[embed]https://twitter.com/cz_binance/status/1519923831384780800?t=JJmAKOOXVy3c_uHKQ8tXNw&amp;s=19[/embed]
<h3>Rapid Change In The Fintech Sector</h3>
The financial sector has been critical to the formation of successful global economies. From the dawn of modern civilization through the various industrial transformations, banking has been a significant contributor to GDP and economic development in most of the world's nations. As with every other change that occurs in many industries, banking has developed through time and continues to demonstrate remarkable development on a global scale.

Recently, technology deployment has developed as a viable method of offering banking services to consumers without relying on expensive physical branch facilities. FinTech firms are not commercial banks; instead, they are service providers that utilize technology to enable payments through mobile phones or other electronic devices. 
<h3>Issue Of Regulation And Protection Of Investors </h3>
The primary issue facing the fintech industry is a lack of clarity in regulation. Although it is necessary to regulate the sector due to the increased number of fraudulent activities and crimes, there should be room for <a href="https://www.coindesk.com/policy/2020/03/24/russian-prime-minister-introduces-bill-to-allow-fintech-sandboxes-blockchain-included/">favorable laws</a> that encourage development and not impede it. 

As a result, any country that can strike a balance between both factors will record a significant influx of tech companies while also protecting investors' rights. Both elements must go hand in hand. Meanwhile, the increased growth of the fintech sector has fuelled the assumption that it will disrupt the existing banking system. However, cooperation, not rivalry, will enhance banks' and fintech companies' interests.

Requirements For Countries To Win The FinTech Evolution Race, According to Binance's Changpeng Zhao

The fintech industry is booming and receiving widespread acceptance from various parts of the world as countries and private organizations spend millions of dollars developing the sector.

Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is  not writing, he  spends time with his lovely wife and kids.

Requirements For Countries To Win The FinTech Evolution Race, According to Binance's Changpeng Zhao

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