Element AI and Shinhan AI Korea Announce Joint Research Initiative for New ‘NEO 2.0’ Investment Advisory Platform
SEOUL, MAY 21, 2020—Element AI announced its first phase of research and development with Shinan AI, the newly launched AI-powered investment advisory services company, a subsidiary of Shinhan Financial Group.
As one of the company’s first specialist AI development partners in Korea, this strategic partnership is focused on the co-development of next generation solutions, a key focus for Element AI and Shinhan Financial Group, who signed a memorandum of understanding (MOU) in May 2019. Element AI has now begun a research collaboration to integrate its cutting-edge AI forecasting technology with Shinan AI’s NEO investment advisory platform, introduced in September 2019.
In today’s highly competitive and algorithmically powered capital markets, forecasting index prices for investment decisions has become quite complex. Element AI is applying its proprietary algorithms to offer a novel approach to forecasting equity indexes while providing for future extensibility to additional asset classes. These deep learning based algorithms will help simplify and accelerate application and forecasting decisions support for the tracked indexes on the NEO platform.
“Shinhan AI continues to seriously invest in its AI technology partnership with Element AI, as we believe combining their capabilities as a world leader in applied Deep Learning research with our deep financial industry domain expertise, is an ideal path to unlocking transformative value from applied AI, ensuring our platforms are state of the art, which will benefit our customers,” said Jinsoo Bae, CEO of Shinhan AI.
The highly acclaimed expertise of the Shinhan Financial Group along with the globally recognized applied research and AI innovations from Element AI, will offer capital market customers using the Neo platform higher quality analysis, more accurate predictions, and powerful investment and asset rebalancing guidance when markets face unexpected conditions.
“As we have witnessed with unpredictable “black swan” events like the COVID-19 pandemic, market forecasters are turning to AI-powered solutions to help them quickly identify signals and better manage their predictions when the market is behaving abnormally,” said Ben Eum, Director of North Asia, Element AI. “Element AI is working with Shinhan AI to offer both its financial professionals and end-users a state-of-the-art forecasting algorithm that will differentiate the NEO 2.0 platform, leveraging AI to learn and adapt—potentially beating other forecasting methods with faster, more accurate price index predictions,” added Eum.
Element AI will continue to work as a key partner and advisor to Shinhan AI in the coming years to continue researching, developing and deploying cutting edge AI powered solutions to unlock the transformative value that AI offers to Shinhan Financial Group and its customers.
To learn more about Element AI and its global solutions and services, visit: https://www.elementai.com/
About Element AI
Element AI develops AI-powered solutions and services that help people and machines work smarter, together. Founded in 2016 by serial entrepreneurs including JF Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI turns cutting-edge fundamental research into software solutions that exponentially learn and improve. Its end-to-end offering includes advisory services and AI enablement tools and products, aimed at helping large organizations operationalize AI for real business impact. Element AI maintains a strong connection to academia through research collaborations and takes a leadership position in policymaking around the impact of AI technology on society. https://www.elementai.com.
Source: Element AI