Regulating Innovation Forward - Issue #498 December 12th, 2024

DataStax CEO Chet Kapoor suggests government intervention in AI might be inevitable and even necessary. While Kapoor generally opposes regulation due to its potential to hinder innovation, he believes oversight in AI could ensure ethical use and safety. As AI technology advances at breakneck speed, the right balance between fostering innovation and establishing safeguards becomes critical for sustainable progress.

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The 18th Asian Financial Forum returns to Hong Kong on 13-14 January 2025 to bring together global business communities, corporate leaders, policymakers and regulators for discussions and exchange of insights on the global economy from an Asian perspective.

Laura Watkins and her guests discuss key global financial stories. Highlights include Australia’s new social media ban for under-16s, Meta’s anti-scam measures, Deel’s acquisition of Atlantic Money, and HUB2’s $8.5M funding round. The podcast explores how regulation and innovation intertwine, particularly with fintech startups navigating compliance while expanding globally.

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The convergence of blockchain, AI, and machine learning is reshaping industries, but regulatory uncertainty looms. If Trump regains U.S. leadership, his policies could determine whether these technologies soar or face new hurdles. As innovation collides with potential oversight, the future of this sector hangs in the balance.

The BFSI sector stands to gain transformative benefits from Generative AI, from enhancing compliance to improving decision-making. However, navigating strict regulatory frameworks presents both opportunities and challenges. For businesses, embracing AI while ensuring adherence to complex compliance rules is key to unlocking its full potential.

The UK and Qatar have launched a collaborative AI research initiative led by QMUL and HBKU. The partnership aims to establish a joint roadmap for responsible AI development, ensuring both countries benefit from innovation while addressing ethical and regulatory challenges. This initiative underscores the importance of cross-border cooperation in AI advancements.

According to the EY European Financial Services AI Survey, only 9% of financial leaders in Europe feel they are leading in AI adoption. While 28% report accelerating AI integration, many firms remain cautious, especially with GenAI. Regulatory complexities and risk aversion are slowing progress, despite leaders’ aspirations to harness AI’s transformative potential.