By FINTECH Books Contributor, Jenna Huey Ching
I was thinking how each generation grew and knew tech in their own time when we all gathered for Year of Rooster celebration.From the 1st programmable computer (1930s), audio cassettes (1960s), WWW (1990s), Facebook (2004) and Snapchat (2016). Whatever tech excites us, millennials. We grew up with parks playgrounds but now live and breathe tech. A hybrid generation with an interesting build-up to understand both tech and non-tech worlds.
Regulations grew with congestion of rules and lack of play catch-up to the speedy advancement of tech. In a way, Regulation tech holds something close to my heart after leaving practice as an Advocate and Solicitor to hunt for better and efficient ways to innovate.
I was at a Ruby on Rails bootcamp and a senior developer shared that much have changed in the way we learn skills and share knowledge. For him, it used to be finding new ways to code and latest updates from printed magazines as there were yet Google-my-way-out to get the latest library of codes or shared knowledge to solve a bug.
For this generation, RegTech means being able to understand and execute regulations and compliance in almost an instance for lay people, multi-national companies and new user groups affected by changing laws. I will be able to to run my business with required information, checklists, approvals, notifications and feedback within (insert time expected in this era in your country)/ in real-time. Any person will be able to understand their rights in their own capacity rather than resorting to professional services all the time. An open-sourced regulation community/software will be quite interesting to imagine like how open-sourced technology developed (Linux).
Something to discuss next time: if comprehending and executing compliance is as easy as buying fast food, perhaps we have reached what RegTech aims to achieve.
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