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Biz News Korea(Eng)
Pure robo-advisory solution to debut in Korea next April
- Collected
- 2016.08.29
- Distributed
- 2016.08.30
- Source
- Go Direct
The Financial Service Commission (FSC) said it will start to run a test bed next month to determine whether it should allow unmanned computer-advised asset management system. It will receive applications for a month until October and conduct six-month testing on applicants’ robo-advisor algorithms until April.
Kim Ki-han, head of asset management division at the FSC said institutions that pass the test will be allowed to provide their clients automated service without professional human involvement. He added such a fully automated digital solution will significantly save retail investors service charges.
According to the FSC and industry sources, more than 10 companies that currently offer robo-advisory services, such as Quarterback Technologies and AIM Inc., are planning to apply for the test run eligibility. Not only asset management companies with robo-advisory services, but also information technology (IT) firms will be allowed to participate in consortium with banks or brokerage firms.
By Choi Jae-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]