Shinhan Financial Group announced on Sept. 3 that it has opened the nation's first artificial intelligence (AI)-based investment consulting company, Shinhan AI, in Yeouido, Seoul
The group has sought to introduce AI to its operations since 2016. It officially launched the "Value Island Project" in 2018 involving Shinhan Financial’s major subsidiaries, IBM and experts at home and abroad.
Based on the Treasure Island Project, Shinhan Financial has continued to develop and upgrade its artificial intelligence analysis model, NEO, which recommends asset allocation and global outstanding products. The group’s board approved the establishment of Shinhan AI in December last year.
The group registered its investment advisory business in July and received approval
from the Financial Services Commission in August for inclusion of Shinhan AI as a subsidiary.
Shinhan AI is the first AI-based investment advisory company in South Korea. Through this company, the group plans to help ordinary customers receive investment advisory services that were available only to high net worth individuals. To this end, it is strengthening cooperation with domestic and foreign leading AI institutes such as "Element AI, Canada," the world's top global AI research company headquartered in Canada, and the Korea Advanced Institute of Science and Technology (KAIST).