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Thu, February 3, 2022 | 02:54
Companies
Shinhan's AI-based investment advisory approved
Posted : 2019-08-11 18:51
Updated : 2019-08-11 18:51
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Shinhan Financial Group Chairman Cho Yong-byung / Courtesy of Shinhan Financial Group
Shinhan Financial Group Chairman Cho Yong-byung / Courtesy of Shinhan Financial Group
By Jhoo Dong-chan

Shinhan AI, the nation's first investment consulting company utilizing artificial intelligence (AI), has received approval for its investment advisory business from financial authorities, Aug. 6, the Financial Services Commission (FSC) said.

Shinhan Financial Group also submitted an application to make the firm one of the group's subsidiaries on the following day. This would take about a month or two to get the approval from the FSC, indicating the group is expected to launch its AI investment consulting business in earnest by September.

Separate from the FSC's approval for its investment advisory services, Shinhan AI also applied to start an asset management business. Sources said the FSC has already completed its review for the application and it is believed that it will soon grant the approval.

Shinhan AI is one of Shinhan Financial Group's core businesses for the future where group Chairman Cho Yong-byung himself recruited and organized the firm's manpower.

The firm's office was set up inside the Shinhan Investment head office on Yeouido, Seoul. Former Shinhan Bank Investment Product and Service division managing director Bae Jin-soo was appointed to Shinhan AI's CEO post.

"Shinhan Financial Group recently carried out a reshuffle to send a number of investment experts to Shinhan AI," said a Shinhan Financial Group official.

"It will launch its business as soon as the FSC grants the approval."

The group also said it will closely cooperate with global IT giants to shorten the trial-and-error process. As part of its efforts, it started utilizing IBM's Watson in its subsidiaries' asset management system from last year.

Named after IBM's first CEO, Watson is a question-answering computer system capable of suggesting ideal solutions after processing a vast amount of atypical big data.

It also signed an MOU with Canadian AI developer Element AI in May. Recognizing the firm's potential, global IT giants such as Microsoft, Tencent and Intel have invested their money in the firm.

Under the deal, Shinhan also promised to invest and jointly develop AI-related project with Element AI.

Shinhan AI is also part of the group's efforts to establish a "mega investment bank (IB)."

In order to meet the 4 trillion won ($3.3 billion) equity capital requirement, a prerequisite to seeking a license from the Financial Services Commission (FSC) to become a mega IB, Shinhan Investment raised 660 billion won by issuing new stocks last month.

Shinhan Financial Group's brokerage unit plans to seek the mega IB license in November, after announcing its third-quarter earnings.


Emailjhoo@koreatimes.co.kr Article ListMore articles by this reporter



 
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