Fintech innovations began in the back office but have since had the most impact on front-office functions, such as loans, mobile payments, and asset-management. “It is transforming banking as we know it,” says one fintech executive. Because of its decentralized model, fintech poses unique challenges for regulators, according toReuters, which also reports that Mizuho Financial Group, Japan’s second largest lender by assets, is launching a new venture next month dedicated to fintech that already has 20 projects in the pipeline.