Abstract: Industrial risk exposed by internet finance show that the current regulatory model has many deficiencies. In recent years, the development of big data, artificial intelligence, blockchain and other financial technologies have provided opportunities for the transformation of the internet financial supervision model. Having sorted out related concepts, this article summarizes the current problems in China's internet financial supervision, including imperfect information technology, opaque supervision information, unclear supervision subject and defective supervision mechanism. Next, it analyzes the causes of internet financial supervision problems based on the theories of transaction cost, information asymmetry and incentive compatibility. Thirdly, it proposes innovative ways for fintechs to promote the transformation of internet financial regulation for solving the existing problems, including the use of 5G technology to simplify regulatory procedures, the introduction of blockchain to achieve transparent regulatory information, the application of “big data + cloud computing” to improve the social credit system, relying on artificial intelligence to clarify the regulatory subject, and the use of big data to establish an internet financial early warning mechanism, etc. Finally, the research puts forward policy suggestions on innovative internet financial supervision under the background of fintech.