The number of unicorns has increased dramatically amid a surge in venture capital investments, making 2021 a record year for privately held startup companies achieving unicorn status.

Tech giants, which make up some of the world’s largest companies, are muscling into traditional banking spaces. But whether they want to crush the traditional finance players or enable them, they are learning across the globe that disrupting well-regulated banking systems is easier said than done

Spurts in prices of cryptocurrencies and initial coin offerings over the last two years, with start-ups raising millions in minutes, have raised excitement and regulatory attention amid fear of “bubble” and potential losses.

Fintech, the latest buzzword in the peer-to-peer lending sector, has carved a niche for itself in a short span of time. As banks tighten their seat belts for the new-age disruption, they are showing strong affinity towards collaboration with the marketplace lenders to secure their customer proposition.

Financial institutions are swiftly adopting blockchain and cryptocurrencies, catalysing regulatory discussions and heralding a significant shift in the global financial system.