Fintech vs. banks? Competitors or business partners?

Much has been said that Fintech's threaten the business of traditional banking, but increasingly they seem to be complementary businesses. While they certainly compete, they also collaborate. Banking-as-a-Service (BaaS) is increasingly becoming an important complement to traditional banking which has slowly given certain access to Fintech which in turn have helped improve financial services offered by traditional banks. What are the most relevant regulatory trends in the region to, on the one hand, encourage this collaboration or disruption and on the other preserve the strength of the traditional financial system? How should BaaS evolve and with it, how will the regulation evolve?