China's Alibaba with its subsidiary Ant Financial is the frontrunner, and its founder, Jack Ma, is often said to have coined the term TechFin. However, many tech firms have started to offer TechFin services in recent years, among them Amazon, Apple, Facebook, Google, Microsoft, and Uber (all in the U.S.), Samsung (in Korea), Tencent (in China), and Vodafone (in the UK, India, and Africa). All offer some form of payment, lending, or other financial service. The advent of TechFins signals a shift from financial intermediary (FinTech) to data intermediary, and gives rise to important questions such as, how do these firms fit within the framework of financial regulation, and to what extent do their activities signal arbitrage opportunities and deficiencies in the current regulatory system? Our paper outlines the challenges the TechFin business model poses to financial regulation.