South Korea is about to begin the process of introducing a fully-fledged computer-advised asset management system, the nation's financial regulator has said. Is the country ready to engage?
According to a report from the Yonhap News Agency The Financial Services Commission in Seoul (FSC) said it plans to first confirm whether the industry is ready to offer unmanned services.
Some brokerage firms in South Korea have operated robo-advisors on a limited basis with brokers involved.
Test Run to Alleviate Concerns
The FSC said that concerns had been raised about the trustworthiness and stability of robo-advisors. «We will operate a test bed, inviting local financial services or technology firms to join the initiative,» an FSC spokesperson said.
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.
Other jurisdictions in Asia are already working with financial technology start-ups helping them to test their ideas with real clients via so called «virtual sandbox» facilities.
