South Korea’s fintech startup QARAsoft on March 21 announced the launch of its official version of robo advisor investing app Kosho.
QARAsoft co-CEOs Byun Chang-hwan (left) and Son Bo-mi
[INTERVIEW] QARASoft eyes overseas launch with robo adviser
Fintech startup Qarasoft launches AI-based financial forecasting app KOSHO
The mobile app features financial forecasts of stocks in Korea and the US for up to three months based on its artificial intelligence technology. It also allows users to compare the performance of multiple stocks, bag stocks they prefer, get access to company details and view how a stock fared during fluctuations due to past financial events.
This adds to recommendations of stocks from its deep learning engine based on 30 years of stock market history. The news comes 10 months after the launch of its beta version, whose downloads have topped 100,000.
Kosho users, however, cannot pay to invest in a stock through the app at the moment due to regulatory hurdles. QARAsoft in February applied for a regulatory sandbox program to enable the feature and the function is currently under a review. The function will be integrated upon gaining approval, according to QARAsoft.
Seoul-based QARAsoft has offices in Hong Kong and Singapore. The app operates in Korean, Japanese, Chinese and English.
Founded in 2014, the startup in February 2018 received a 1.1 billion won ($976,000) round of investment from NX Venture Partners and Kingsley Ventures.
By Son Ji-hyoung (firstname.lastname@example.org)