This chapter examines the regulatory dynamics of FinTech in France, focusing on the interplay between state institutions and structural power theories. It critiques market-centred frameworks like regulatory capture and market failure theories, emphasizing the role of domestic political institutions in shaping regulatory outcomes. French FinTech regulation reflects a strategic blend of industrial policy and financial innovation facilitation, enabled by the symbiotic relationship between the state and champion banks. While structural power theories effectively explain continuity in regulatory outcomes, their limitations in addressing incremental changes are addressed by exploring bureaucratic politics. The chapter highlights how divergent institutional logics within key agencies, such as the AMF and ACPR, generate layered reforms. By integrating insights from public policy and historical institutionalism, it identifies these agencies’ incremental yet transformative role in adapting regulatory frameworks to FinTech challengers, offering a nuanced perspective on the state-finance nexus and financial governance evolution.