(Yicai Global) June 20 -- Chinese fintech giant Ant Financial Services Group unveiled its first financial advisor product that uses artificial intelligence in Shanghai today.
The product provides its Alipay users with financial investment advice suited to their financial strength, ability and risk tolerance.
All Alipay app users can get free investment advisory service on the app, according to a report in the Shanghai Observer.
Alipay is the third-party payment platform of Hangzhou-based tech titan Alibaba Group Holding. It had more than 1 billion users worldwide by the end of last year.
The new product uses Big Data and articulations intelligence computing to give users real-time investment advice tailored to their actual needs after connecting individual their personal data with capital market quotes, headline news and other data that may affect market volatility and investment intentions, said a product manager with the financial assistant who requested anonymity.
The new product gives such tailored advice to users as: "Your risk rating is robust, but the overall risk of your current wealth management assets is high," and "Your stable asset ratio is low, combined with your overall position risk, you may consider buying appropriately."
The product can also serve as infrastructure for the financial sector, said Huang Hao, president of Alibaba's Ant Financial digital finance business. Financial firms can use it to better understand market demand and provide more targeted services, he added.