Element AI to collaborate on upgraded NEO algorithm

Shinhan AI on Monday announced a co-development project with Element AI, a Canadian artificial intelligence (AI) software company, to launch the second generation of an AI-based investment consulting platform.

The platform, NEO, was launched by Shinhan AI last year in partnership with IBM’s Watson. It offers global market analysis and suggests investment portfolios. In January, Shinhan AI launched two fund products based on NEO’s algorithm, which have so far attracted 56 billion won ($45 million) in Korea.

The upgraded NEO 2.0 will include an enhanced algorithm to offer more accurate predictions on market trends and investment ideas, the company said.

“The collaboration between NEO, which possesses financial data from Shinhan Financial Group, and Element AI, which has its own deep learning technology, will be able to provide higher quality and more differentiated investment consulting services to our clients,” the bank said in a release Monday.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]