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In 2019, the value of assets under management of robo-advisors in China amounted to almost *** billion yuan. By using artificial intelligence robo-advisors to provide financial advice without human involvement, the cost of the service is much lower, which makes financial services more accessible for many people.

China’s AI industry

Robo-advisors require a reliable and robust artificial intelligence base and China is among the AI global leaders. In order to achieve this status, China fulfills the two prerequisites of artificial intelligence, namely, talented engineers and access to a large database. In recent years, the Chinese government and tech companies have focused resources on the education of highly skilled AI engineers. In addition to that, China has a high number of internet users, which allows the construction of large databases. As a result, the market size of the artificial intelligence industry had been growing significantly.

Financial advice of the future

As of 2020, around ** percent of internet users stated that they utilize robo-advisory services, but the industry is still far from reaching its full potential. Compared to other countries, the market in China is still underdeveloped and there are still no large independent AI-based financial advisors. According to ÌÇÐÄÆƽâ°æ’s Digital Market Outlook, the value of assets under management as well as user numbers is expected to grow significantly in the near future.