SEOUL, Aug. 29 (Korea Bizwire) – South Korea will soon begin the process of introducing a full-fledged computer-advised asset management system, the nation’s financial regulator said Sunday.
Some brokerage firms here have operated robo-advisors on a limited basis with brokers involved.
The Financial Services Commission (FSC) said it plans to first confirm whether the industry is ready to offer unmanned services.
“There have been market concerns about the trustworthiness and stability of robo-advisors,” said the FSC tasked with regulating and reforming the financial market. “We will operate a test bed, inviting local financial services or technology firms to join the initiative.”
Relevant information will be available next month at the website www.RAtestbed.kr.
After at least a few months of the test-run, the FSC will pick firms to be allowed to provide full-scale robo-advisor services.
The robo-advisor market is expected to continue to develop rapidly both at home and abroad.
It is forecast to grow to an estimated US$450 billion worldwide in 2020, according to Swiss research company MyPrivateBanking Research.