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The world is changing at a rate never seen in human history. Particularly in the financial technology space, significant progress has been made recently that has completely changed how we interact with financial instruments. This constant rate of innovation promises an even more exciting future.

This quick evolution does, however, come with challenges. While technology has greatly benefited society, strong consumer protections are also required. In other words,  our regulatory frameworks need to advance along with our financial systems.

Regulators are tasked with the dual objectives of safeguarding consumer interests while creating an environment that nurtures competition and innovation.

The fundamental complexity of legislative processes is a herculean challenge to overcome. It takes time to draft, pass, and implement new policies, and they frequently lag behind the rapid advancements in technology. AI is a great example of how complicated, large and intricate regulation can be. 

Ironically, using technology to combat technological issues may hold the key to solving the issue. Like fighting fire.. with fire. Utilizing AI to create legislation on its own isa controversial idea for sure, but, there is a healthy middle ground. By creating tools that assist and help regulators stay up to date with the changing environment, build rudimentary policy and safeguards, these tools can help them create initial measures that can be further developed into more extensive regulatory frameworks. Thereby reducing the time to market and increasing consumer safety. 

Regulators aren’t the only bodies facing challenges in this fast paced market. Organizations themselves struggle to keep up and adjust to the constantly changing regulatory environment. Navigating the compliance pathway becomes a difficult challenge for both existing institutions and startups as laws get more complex.

Recognizing these challenges, I’ve quickly whipped up a small tool aimed at assisting startups and other organizations navigate financial regulations. Dubbed ‘Reg Check’, the tool leverages existing LLM’s and is promptly engineered to streamline the understanding and application of the Central Bank’s regulations, guiding users directly to the sections pertinent to their operations. You can access and utilize this tool here

Embracing technology might be the only way we can ensure the safe and equitable use and distribution of it to our citizens and users. We have a duty as pioneers to use technology wisely and responsibly, something that this and the future generations will and should hold us accountable for. We’re on the precipice of immense changes, and it’s up to us to make it have a positive impact on our local and global communities.