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Digital transformation in the Islamic Fintech industry is vital in this era of digitalization and smart regulations from the regulators are needed to enhance its development. Islamic Fintech can be a tool to reach out to the masses, which are not served by the Islamic finance industry, especially Islamic banks. Globally there are different regulatory approaches applied to Fintech that are historically provided by banks. This sometimes creates confusion regarding the category to place Fintech, that is, whether as a bank or as a separate entity. Policymakers should devise new rules and standardized regulations for Islamic Fintech. In that case, the numerous opportunities provided by the Islamic Fintech, such as financial inclusion, empowerment of underserved consumers and the achievement of Maqasid Al-Shariah, will become truly and apparent. This paper discusses the different regulatory approaches being adopted around the globe and also elucidates essential elements required to establish robust and standardized regulation for Islamic Fintech.