The market for Robo-Advisor for financial industry in South Korea is estimated to grow to 30 trillion won or $ 26 billion by 2025. Startup like Qraft Technologies, which is a provider of Robo-Advisor and Artificial Intelligence Fund Solutions, are leading in the sector by providing innovative and unique solutions.
Leading in the AI driven Robo-Advisor and Fund Solutions market
Qraft Technologies has a long track record of developing advanced AI solutions that have been adopted by major financial institutions, that have been turned into successful AI products and services, including the world’s first AI-driven global equity ETF and Korea’s largest Robo-Advisor service.
The company is using AI to provide asset management services more efficiently than existing robot adviser algorithms. As per a survey from July 2018, the total assets of the the Korean Robo-Advisor market are around $1 billion, out of which more than 90% are advised by Qraft Technologies’ Robo-Advisor solutions.
The company is focusing on overseas markets for the AI fund sector. It has already provided Robo-Adviser for the second largest ETF in the world listed in Canada, run by Horizons ETFs Management Canada Inc.
‘I want to leave a meaningful footprint in the financial field’
– Hyung-Sik Kim, CEO, Qraft Technologies
In South Korea, Qraft Technologies’ robo-advisor services are available at important financial institutions and banks. The startup’s robo-advisor is already operational at the KEB Hana Bank and the Industrial Bank of Korea. The Shinhan Bank, Woori Bank, the BNK Busan & Kyongnam Banks are also in the process of installing Qraft Technologies’ services.
The start up is continually expanding its business areas not only in capital markets but also in areas such as autonomous driving, insurance underwriting, purchasing management, etc. that can be implemented with sustained efforts in research and development.
Qraft Technologies also provides customised AI services that cover sales, pre-education, system consulting, learning data management & preprocessing, system development & development process management, integration with existing systems and final product delivery.
Face-off between AI dealing system & human dealers.
The company is also running an interesting AXE Challenge 2018 to be held from November 19 to 23. The AXE Challenge is between the AI dealing system developed by the startup and the human dealers.
AXE is a deep-running based trading system that divides large orders in line with the market conditions and automatically executes the billing functions such as pension and asset management.
In the main event, three general investors, one agency dealer, and three AXE teams, who have passed preliminaries through KOSCOM’s simulated investment system, each have a real account of 500 million won or $445k. In addition, the challenge will compile a ranking of the 50 buyers who bought cheaply for a total of 50 days in five days. If a human participant wins the AXE in the final rank, it will award 100 million won or $891k.
Hyung Sik-Kim said, “This competition is a demonstration of how the level of AI technology has developed in the dealing / trading field through actual confrontation with a human dealer. This event will show how AI technology will change the financial market in the future. It will be a good place to be. ”
The competition is sponsored by KOSCOM, PWC, NVIDIA, Shinhan Bank, Money Today Research Institute, Yangjae R & CD Innovation Hub and will be broadcast live via MTN.