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AI welcomed but no room for 鈥榬obo advisers鈥
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Artificial Intelligence has become a major catalyst in the financial technology industry but "robo advisers" will not be allowed in China, said Phoenix Finance, an online finance subsidiary under Phoenix Television.
Phoenix Finance intends to tap AI to grow its presence in China and abroad by specifically targeting users with investible assets of between US$100,000 and US$1 million 鈥 a group that is expected to reach 100 million people globally in the next few years. AI will exploit investor behavior analysis, risk control, financial information selection and recommendation on wealth management and insurance products. The integration of these technologies is part of the 鈥渃ontinued evolution of intelligent finance鈥, said Vince Zhang, president of Phoenix Finance.
However, Chinese authorities will not allow AI technology to make investments on behalf of of investors. Restrictions have been put in place to limit automated investment programs, or robo-advisors, from making recommendations to users who have to make the investment decision and place the final purchase order themselves, Phoenix Finance said.
China aims to develop an AI market of over 150 billion yuan (US$22.66 billion) by 2020, according to the State Council.
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