Korea's Meritz Securities partners with AWS for AI platform
Under the cooperation with AWS, the world's top cloud service provider, Meritz Securities plans to develop personalized financial platforms powered by artificial intelligence applications.
Meritz Securities has channeled resources to strengthen its AI research capabilities and come up with futuristic financial platforms.
Toward that end, the Seoul-based company founded a dedicated in-house organization, called the Inno Biz Center, early this year and attracted dozens of info-tech and financial experts.
"This collaboration will serve as a turning point for us as we transform into a next-generation AI-driven financial corporation," said Meritz Securities Senior Vice President Lee Jang-wook, who leads the Inno Biz Center.
An increasing number of South Korean brokerages take advantage of AI technologies.
Late last month, for example, Mirae Asset Securities launched a new service, which uses AI to identify and deliver real-time insights into the causes of sharp stock price fluctuations in overseas markets.
The service automatically scans U.S. stocks, which rose or fell by more than 2% during the previous trading session and identifies reasons by going through disclosures or key events. It then summarizes related global news and provides investors with concise explanations.
In April, KB Securities unveiled "Stock GPT," a customized investment information service supported by generative AI.
It incorporates conversational AI technology, thus enabling investors to receive real-time answers to their stock market-related inquiries.
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