180 - Why Outdated Risk and Compliance Norms Deepen Financial Inequality

In the first episode of the "From Risk to Rescue" series, I explore how many existing regulatory laws and requirements de facto discriminate against smaller businesses and people with less money, deepening financial inequality, and why it is so important that we eliminate outdated risk and compliance norms.  If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.    Today's episode: [00:39] Welcome to the first episode of the "From Risk to Rescue" series.  [01:07] Why I agree with Elon Musk's proposal to have a Regulation Removal department in every state. [04:09] How regulations discriminate against poorer people and smaller businesses.  [05:29] Outdated assumptions about smaller businesses and poorer people that do more harm than good.  [10:15] My experience working with businesses in Africa, the Middle East, and South East Asia.  [12:05] Understanding Nassim Taleb's theory of "fat tails."  [13:45] How "the network effect" works.  [14:02] How the failure of a major organization impacts smaller businesses.  [16:09] Exploring Jeffrey Sacks' theory of economic and financial apartheid.  [20:02] Why it's important to understand the history of risk and compliance norms.    Show links: Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package! I would love to invite you to sign up for my newsletter. If you are interested, please click here.

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