One of China’s big four state-owned banks hopes to use artificial intelligence and big data to provide better investment advisory services to its clients, with the launch of a new partnership with a Hong Kong-based Fintech startup.
Bocom International, the investment banking subsidiary of Bank of Communications, is teaming up with Hong Kong-based FDT-AI to use artificial intelligence and big data technology to acquire a better understanding of investor behaviour and seize new market opportunities.
“[Bocom International] and FDT-AI will initiate strategic cooperation primarily in the fields of artificial intelligence and big data through in-depth cooperation, joint exploration and sharing of resources,” said the bank in an statement.
The cooperative agreement between Bocom and FDT-AI is for a two-year period, and will automatically renew upon expiration.
FDT-AI was established in 2016 in Hong Kong’s Science Park, and focuses on artificial intelligence research and development. Its current chairman is Ma Weihua, formerly the president and CEO of China Merchants Bank.
The collaboration will seek to develop “intelligent personalised investment research services,” via the enhanced analysis of the the prior transaction records of investment banking clients.
Bocom International hopes that this heightened understanding of client risk preferences will enable it to provide better quality, bespoke investment advice.
The partnership also hopes to develop AI customer service systems, transaction systems that can seize upon market opportunities “in a more intelligent, prompt and accurate manner,” as well as intelligent asset management systems that provide financial products that best match the needs of investors.
China is betting big on new technologies such as artificial intelligence, pouring USD$1 billion into key strategic tech sectors since 2015 as part of its “Made in China 2025” plan.