<p>The rise of financial technology, or fintech, has been driven by the interplay of factors, including advances in technology, shifts in consumer expectations, regulatory changes, and the growing demand for more accessible and efficient financial services. Fintech firms have increased competition within the financial industry, forcing traditional banks to reconsider their operating models and customer engagement strategies. Big nationwide and large regional banks have developed in-house technology to rival the services offered by fintech firms. Smaller banks lack the expertise and other resources needed to develop advanced digital services and are embracing collaboration strategies with fintech firms. This article focuses on two types of collaboration. The first is when a bank uses fintechs’technology so it can offer more innovative products and services to its customers. The second is when a bank partners with a fintech that offers neobanking services, in which the chartered bank provides its core infrastructure so the fintech can offer banking-as-a-service. Using the International Risk Governance Council’s framework, this article identifies key regulatory risks small banks face when implementing these collaboration strategies and provides guidance on how to manage and/or mitigate those risks.</p>