As Commissioner Rogelio Quevedo of the Securities and Exchange Commission (SEC) shared at the Manila Tech Summit: "It should be technology that leads regulation."
His view reiterates a vital principle for emerging technologies: innovation must drive regulation, not vice versa. I have seen firsthand how innovation often outpaces regulatory frameworks in this industry. This is common not only in the Philippines but is a global phenomenon as governments struggle to keep pace with the rapid developments in AI, digital finance and blockchain, among many other emerging technologies.
This is due to many factors, such as outdated technology, legacy systems, rigid frameworks and poor digital infrastructure.
However, the danger lies in allowing regulation to stifle innovation rather than guide it. Limits must not constrict us. We can push boundaries.
Take the evolution of mobile technology in the late 1990s as an example. Commissioner Quevedo, who was part of Smart Communications during that transformative era, recounted how regulators were initially slow to adapt to the new wave of mobile communications.
The lesson was clear: had regulation been enforced too rigidly, it might have hindered the growth of mobile telecoms in the country, which today is the backbone of our digital economy.
Similarly, AI is the next transformative force that will shape the future of various sectors, including fintech. AI's potential to drive efficiency, innovation and financial inclusion is undeniable.
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Denne historien er fra November 11, 2024-utgaven av The Philippine Star.
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SURVIVING THE AGE OF DISTRACTION
Our phones may be smart, but it's up to us to prove we're smarter. The digital abyss will always be there, waiting.
TRAINING TO COMPETE AT HYROX
I have been meeting Hyrox athletes quite often recently and they are all excitedly awaiting possible news of a Hyrox competition in the country this year.
Connecting Communities to Nature
The Philippines is home to a number of bird species, featuring more endemic species compared to other large countries.
SM Foundation, Philippine Red Cross transform an old warehouse into a blood center clinical lab
2024 was an unforgettable year for the Philippine Red Cross (PRC) Quezon City Chapter.
The Fatted Calf: Feasts & Family in a Farmhouse
Though it is near the Mendez Junction known for its fresh beef stalls, The Fatted Calf along the Tagaytay-Nasugbu road has the beef – but also fish, chicken, pork and lots and lots of seed-to-table vegetables.
'The Modern Negrense'
There really is something about Negrense food that gets me excited.
Gerald Santos decides to reinvent himself
Although what happened to him 19 years ago took a long time for him to come out in the open and disclose it, Gerald Santos felt there was really a time for everything.
DIREK JERRY SINENENG ATTESTS TO TEAM JOLLY'S REEL AND REAL-LIFE CHEMISTRY
In charge of the mise-en-scène of the now-airing \"Prinsesa Ng City Jail\" is Jerry Lopez Sineneng.
HOW MARTIN AND POPS BECAME CLOSER THROUGH THEIR GRANDCHILD
Martin Nievera and Pops Fernandez, dubbed as the industry's Concert King and Queen, are set to grace the stage together once again for the concert, Always & Forever, on Feb. 7 at the Mall of Asia (MOA) Arena.
Aegis pays tribute to late member Mercy Sunot in concert
It will be the first time that the legendary (Original Pilipino Music) OPM rock band Aegis will be staging their concert without one of their vocalists, Mercy Sunot.
