Shinan AI leader set to attract more investors

By Lee Min-hyung

Shinhan AI CEO Bae Jin-soo

Shinhan AI CEO Bae Jin-soo will place a focus on attracting more retail investors for its artificial intelligence (AI) platforms during his second term.

The AI arm of Shinhan Financial Group was launched in 2019 under a group-wide vision of developing more accurate, data-driven analytics systems to be widely used by major Shinhan affiliates.

Bae has led the AI firm since its foundation and brought it into profit in 2020. As of the end of the third quarter last year, Shinhan AI generated an operating profit of 255 million won.

As it has been less two years since Shinhan AI started, the company has so far focused on expanding partnerships with existing AI players and developing AI-driven asset management programs.

One noteworthy outcome was the launch of NEO, a robotics advisory system powered by IBM's Watson AI supercomputer. Bae has stood at the center of launching NEO-driven investment products under partnerships with Shinhan's other investment arms, including Shinhan Investment and Shinhan Bank.

The step was in line with the digital banking paradigm shift and the rise of non-face-to-face transactions. Shinhan AI believes AI-recommended funds and other investment products will continue gaining popularity as they help retail investors reduce risks amid ever-growing volatility in the global financial market.

“Our AI platforms help manage potential risks in the financial market whose volatility and complexity are widening,” Bae said last year.

Bae worked at Shinhan Bank for 32 years before becoming the leader of Shinhan AI. He has a deep understanding of foreign exchange dealing systems, stock management and investor product services during his career with the nation's leading lender.

Shinhan appointed him as the leader of the new AI arm in recognition of his expertise in analyzing financial datasets and products. Bae is also expected to keep looking for opportunities to take over AI or data analytics firms this year.

His presidency expires at the end of this year.