China's largest bank by assets announced the launch of a Robo-adviser service for wealth-management products.
Industrial and Commercial Bank of China (ICBC), is the first of China’s largest lenders to offer automated advice and product services to wealth-management operations, as the country’s banks compete with rivals in the sector.
Its newly launched Robo-advisor service will see computer programmes provide investment advice to retail investors over its mobile banking platform. For retail investors, the investment threshold for ICBC’s new service has been set at 10,000 yuan, a fifth of traditional banking wealth management product limits the South China Morning Post reports.
The value of China’s total robo-adviser services, including those offered by banks, assets managers and fintech companies, is expected to top 5.22 trillion yuan by 2020, according to data from consultancy Analysys
