Browsing: tech

Could RegTech Help AI Help RegTech?

So, RegTech is one of those revolutions that seem underway. It may be traditionally defined as companies using innovative tech solutions to manage compliance. At the same time, there's been a bit of a shift where policymakers and regulators are looking at the same tech solutions to craft compliance and try to stay updated in a world that refuses to sit still.

Since late 2022, we seem to be in the golden age of AI and some may see AI having some applications in RegTech. After all, RegTech is a blend of regulation and technology.

According to Archana Balasubramanian, Partner - Agama Law Associates, "RegTech is a tool used by companies, particularly in FinTech, to assist in compliance, risk assessment, risk mitigation, reducing penalties, data management, internal policy-making and so on. RegTech is largely AI or ML-based and requires vast amounts of input, some through the system or, in some cases, manually, which helps throw up relevant data points to enhance all of the benefits..."

So, RegTech may be AI-based. But, could it go the other way as well? Could RegTech be used to craft AI policy in India? Not just for use by governments, but by companies as well.

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Will India Be The New Hard Rock Café With Lab-Grown Diamonds?

In June 2023, when Indian PM Narendra Modi visited the US during a 3-day visit, he gifted US First Lady Jill Biden a 7.5-carat diamond. But, it wasn't like the diamonds you've heard of or seen: this one was grown in a lab.

Lab-grown diamonds (LGDs) are different from natural diamonds. A natural diamond is formed deep within the Earth over billions of years and is mined from the Earth’s crust, which is said to be a complex and costly process. Each natural diamond is different and has variations in colour and quality & can be quite expensive.

There are said to be environmental and ethical concerns related to the mining of these natural diamonds. Some natural diamond mining operations are said to have had human rights abuses, like exploitative labour practices. And diamond mining could lead to habitat destruction, deforestation and water pollution.

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