Innovations follow regulations
The Philippine Star|November 11, 2024
In the rapidly advancing world of artificial intelligence (AI) and fintech, we urgently ask: should innovation come before regulation or is it the other way around?
LITO VILLANUEVA
Innovations follow regulations

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This is due to many factors, such as outdated technology, legacy systems, rigid frameworks and poor digital infrastructure.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.

Bu hikaye The Philippine Star dergisinin November 11, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye The Philippine Star dergisinin November 11, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

THE PHILIPPINE STAR DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
VISTA LAND, SHAPING THE FUTURE OF PHILIPPINE REAL ESTATE WITH MIXED-USE DEVELOPMENTS NATIONWIDE
The Philippine Star

VISTA LAND, SHAPING THE FUTURE OF PHILIPPINE REAL ESTATE WITH MIXED-USE DEVELOPMENTS NATIONWIDE

Vista Land is transforming urban planning through mixed-use developments—combining residential, commercial, and recreational spaces into a comprehensive setting.

time-read
3 dak  |
November 27, 2024
HOW MARIAN AND DINGDONG WILL CELEBRATE 10 YEARS OF MARRIAGE
The Philippine Star

HOW MARIAN AND DINGDONG WILL CELEBRATE 10 YEARS OF MARRIAGE

MARIAN RIVERA RECENTLY SHARED HOW SHE and her husband, Dingdong Dantes, will celebrate their 10th wedding anniversary.

time-read
2 dak  |
November 27, 2024
Chelsea Manalo makes 'historic' stint at Miss Universe
The Philippine Star

Chelsea Manalo makes 'historic' stint at Miss Universe

More than a week has passed since Miss Universe Philippines, Chelsea Manalo, competed at the recently-concluded Miss Universe pageant in Mexico.

time-read
3 dak  |
November 27, 2024
Harvy Santos: The Pinoy designer behind the iconic hats of 'wicked'
The Philippine Star

Harvy Santos: The Pinoy designer behind the iconic hats of 'wicked'

Filipino milliner Harvy Santos made his own mark on the yellow brick road by designing one of the iconic costume pieces for the musical film \"Wicked.\"

time-read
1 min  |
November 27, 2024
PHILIPPINE TATLER CHAMPIONS CAUSES
The Philippine Star

PHILIPPINE TATLER CHAMPIONS CAUSES

Even before the Philippine Tatler's 23rd anniversary celebration ended, managing director Irene Martel Francisco proudly announced that the ball had already raised more than the projected donation of P12 million for the evening's beneficiary, ConnectEd, Tech for All by Her Legacy Project.

time-read
1 min  |
November 27, 2024
HOW STRAY KIDS TURNED PHILIPPINE ARENA INTO A RAVE PARTY
The Philippine Star

HOW STRAY KIDS TURNED PHILIPPINE ARENA INTO A RAVE PARTY

The Philippine Arena crowd went into full revel mode as K-pop stars Stray Kids electrified the stage during their \"dominATE World Tour\" concert in Bulacan.

time-read
3 dak  |
November 27, 2024
QUIETLY ELEGANT, ETERNALLY STYLISH ARMANI A/X
The Philippine Star

QUIETLY ELEGANT, ETERNALLY STYLISH ARMANI A/X

'Elegance is not about being noticed, it's about being remembered.' - Giorgio Armani

time-read
3 dak  |
November 27, 2024
The Philippine Star

EU-Phl Partnership Conference all set next week

The Department of Trade and Industry (DTI), in collaboration with the International Trade Centre (ITC) and the European Union (EU) Delegation to the Philippines, is set to hold the 3rd EU-Philippines Partnership Conference on Dec. 4.

time-read
1 min  |
November 27, 2024
The Philippine Star

Site blocking laws 90% effective vs online piracy, study shows

Site blocking laws have a 90 percent average success rate worldwide in effectively combating online piracy, according to a study by the Motion Pictures Association.

time-read
1 min  |
November 27, 2024
Toyota's Kinto One solution offers seamless car leasing
The Philippine Star

Toyota's Kinto One solution offers seamless car leasing

Toyota Mobility Solutions Philippines (TMSPH) offers its full-service car lease package, called Kinto One - the first in the country to be made available for individual customers and business owners alike.

time-read
1 min  |
November 27, 2024