AI welcomed but no room for 'robo advisers'

Updated 2017-12-22 10:30:20 shine.cn

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 0,000 and US 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 (.66 billion) by 2020, according to the State Council.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 20 2018 13:29:34

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 20 2018 13:29:34

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 20 2018 13:29:34

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords