AI to handle assets worth US$2.9t by 2020

Source: Xinhua | 2017-03-31

ARTIFICIAL intelligence will be adopted to manage assets worth 20 trillion yuan (US$2.9 trillion) in China’s personal wealth-management market by 2020, the Boston Consulting Group forecast yesterday.

The value of China’s personal wealth-management market will hit 200 trillion yuan in 2020, with an annual growth rate of 10 percent from this year.

Technological development has become one of the main drivers for finance and wealth management while AI is the core technology of the tech wave, said Zhou Ye, president of the Shanghai-based online financial service provider ChinaPnR.

Data analysis, risk control, machine learning, biological recognition and platform development are major AI applications in the finance sector, said industry officials.

China is drafting a national blueprint for AI development that will be released soon. AI will play an important role in economic efficiency, online finance, social development and national security in China, according to Wan Gang, minister of science and technology.