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ReadersSpeak

Balancing innovation and regulation global AI race, with countries like the United States and
China leading the way in AI research and development.
"Moreover, the AI Act's focus on safety and compliance
with fundamental rights could inadvertently limit the po-
tential of AI to revolutionize ecommerce and cross-border
payments. AI-powered systems have the potential to en-
We wish to thank Ryta Zasiekina, founder of Concryt, hance customer experiences, streamline operations and
https://concryt.io, for the following perspective on regulat- improve security, but these benefits may be curtailed by
ing tech innovations: overly restrictive regulations.

"Courts and regulators are dispelling the myth of tech ex- "Despite these concerns, the AI Act does provide a much-
ceptionalism, which suggests technology companies are needed framework for the ethical and responsible deploy-
somehow exempt from legal scrutiny," Zasiekina wrote. ment of AI technology. It's essential that ecommerce and
"Instead, they are enforcing existing legal frameworks cross-border payments businesses prioritize transpar-
more rigorously to address new challenges posed by tech- ency, accountability and fairness when implementing AI
nological innovation. This shift signals a move towards systems, and the legislation can help to ensure these prin-
holding tech companies accountable within the estab- ciples are upheld.
lished legal framework.
"In the end, the impact of the AI Act on ecommerce and
"The European Parliament's ratification of the AI Act cross-border payments will depend on how it's imple-
marks a pivotal moment in many banking and financial mented and enforced. It's crucial that policymakers strike
services offerings, not least the ecommerce and cross-bor- the right balance between regulation and innovation, al-
der payments industry, but it also raises important ques- lowing businesses to harness the full potential of AI while
tions about the future of AI regulation. safeguarding against potential risks".
"While the legislation aims to set guardrails for AI tech-
nology, particularly in industries like banking and elec- Regulating tech
tronic products, there are concerns it may stifle innovation
and hinder the development of cutting-edge AI solutions. What are your thoughts on regulating big tech and AI,
By imposing strict regulations on AI systems, there's a particularly for payments?
risk that the European Union (EU) could fall behind in the Tell us at greensheet@greensheet.com.

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