Financial technology is redesigning the future of financial services from its traditional ways. The adoption of artificial intelligence, machine learning, big data, and cloud computing are the key factors defining the next phase of the financial revolution. According to the Ministry of Commerce &Industry, India has the highest fintech adoption rate at 87% in the world. This paper briefly describes previous stages of fintech and connects it to fintech 4.0, and highlights the role of tier 2&3 cities in the fintech revolution. It further, identifies the emerging challenges in various segments such as Wealth tech, Regulation tech, Payment tech, Lending tech, and Insurance tech separately.

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Keywords: Fintech Ecosystem, PayTech, RegTech, Wealth Tech, InsurTech, Artificial Intelligence, Super App.