The federal government has called on the newly inaugurated board of the Securities and Exchange Commission (SEC) to prioritize innovation to effectively regulate the dynamic capital market.
This directive was given by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the board’s inauguration in Abuja on Monday.
Mr. Edun expressed enthusiasm about the board’s composition and urged its members to demonstrate courage, boldness, openness to innovation, and readiness to tackle the challenges of regulating new financial areas.
He noted the rapid advancements in financial technology and communications, including the advent of artificial intelligence and digital currency, which now requires a knowledgeable regulator capable of providing guidance and necessary approvals.
“The top minds go into finance and technology because these areas are advancing rapidly. Unlike basic industries with settled technologies like steel making or manufacturing, financial technology, communications, artificial intelligence, crypto, and digital currency are evolving swiftly. Therefore, you must stay vigilant,” Edun stated.
He added, “For a transaction to gain approval, it must be understandable to the end investor, issuer, and regulator.”
