As fintech firms are gaining ground after 2010 with the rapid evolutions of big data analytics and cryptocurrencies, financial risks arise due to improper applications and the absence of effective regulations. On one hand, the use of big data analytics can effectively reduce credit risks. On the other hand, the operational risk of fintech startups is more serious than that of conventional banks. In this research, we will study the fintech markets in China, U.S and U.K where fintech firms are playing a more important role in their modern financial market. We will investigate the credit, regulatory, liquidity and operational risks of fintech companies as factors or exogenous variables for analyzing the change of different risks arising from fintech. We will concentrate most on the operational risks of Chinese fintech firms and learn from the recent strict regulations enforced by the Chinese central bank, considering why and how regulators intensified. For the fintech markets in U.S. and U.K., we deploy some qualititative methods like interviews to understand competietive landscapes and risks, and considerations of adding public content analysis. We are going to evaluate the financial risks by investigating how to distinguish different risks for a fintech company and whether fintech unicorns threaten or complement existing financial market and regulatory frameworks. Finally, we consider the adjustment of regulations that will be introduced as a possible way to properly include fintech firms in existing financial systems.