Related News
AI welcomed but no room for ‘robo advisers’
Print Edition
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 — 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 “continued evolution of intelligent finance”, 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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
