To Upgrade AI-based Investment Advisory Platform
Shinhan Financial Group announced on May 18 that it has launched a joint research and development project with Element AI, a Canadian artificial intelligence (AI) software solution company, to advance the AI-based investment advisory platform “NEO” developed by Shinhan AI.
Shinhan AI was founded in 2019 to maximize Shinhan Financial Group's AI capabilities. Its business areas are expanding rapidly. It provides analysis and asset allocation portfolios for major global markets through its AI investment advisory platform “NEO.” In January, it launched a public offering fund and a lab account product with AI providing investment advice.
Element AI is an AI startup jointly founded by Jean-Francois Gagné, CEO of Element AI, and Yoshua Bengio, a professor at the University of Montreal, Canada and the founder of the Mila Lab. It is a global AI solution provider that has been recognized for its technology and potential. It has attracted investments from Microsoft, Nvidia and Tencent among others.
Elemental AI and Shinhan Financial Group have been discussing collaboration since an MOU was signed in May 2019. They will develop NEO 2.0, the next-generation version of NEO, through this R&D project.
Combining Shinhan Financial Group's professional financial knowledge-focused NEO system and Element AI's deep learning technology, they will further enhance the performance of the AI system and provide customers with high-quality investment advisory services and differentiated value.