Millennium Post

Apps ‘byting’ wealth management industry

Mobile phone apps with artificial intelligence are increasingly becoming popular for trading in financial markets and are cutting into the competitive wealth management industry, according to a Singapore-based technology company. This technology is being used by hedge fund managers launching funds running on algorithmic cloning technology (ACT, said Singapore-based Clone Algo Group’s Chief Technology Officer Nakul Gupta.

The technology is also available as mobile apps and helps users trade in markets around the clock, across the world’s main exchanges and forex over-the-counter venues such as Singapore, Hong Kong, Tokyo, New York, Paris and London. Mobile apps are gaining ground, cutting into the competitive wealth management industry, Gupta said.

‘The global exchanges will have to seriously consider this second generation technology as internet-based trading is fast eliminating brokers and third-party involvements,’ he observed. ‘The game-changers have arrived with this second generation technology that would be disruptive to conventional wealth management industry,’ Gupta added.

Investors can protect themselves against risk of loss through insurance coverage on trading algorithms. Artificial intelligence eliminates the need for human thinking and decisions, he noted.
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