In a move underscoring its commitment to digital transformation, Shinhan Securities has announced a Memorandum of Understanding with Waiker, an AI global stock market startup. The collaboration between the two companies aim to pioneer the development of an open platform grounded in cloud technology.
Shinhan Securities, a cornerstone of South Korea's financial industry and a subsidiary of the Shinhan Financial Group, has long been recognized for its robust presence in the financial landscape. With a history dating back to the 1960s, the firm offers comprehensive financial services including securities brokerage, investment banking, and asset management.
Waiker is specialized in creating and utilizing a global stock market database powered by AI. The startup boasts of a series of accomplishments: from an exclusive service contract with the London Stock Exchange Group (LSEG) regarding AI data services, to supplying AI-powered US stock market analysis content for KBS using the specialized Large Language Model (sLLM). These ventures underscore Wayker's role as a trailblazer in the intersection of AI and data technology within the stock market sphere.
As Shinhan Investment Securities readies to roll out its open platform, blending technology with business, the firm envisions this partnership with Waiker to curate a forward-looking technological roadmap. The collaboration, anticipated to progress in well-defined stages, promises mutual growth and benchmarks of success in the global market.
Reflecting on the partnership, Elvin Hwang CEO of Waiker, whose been showcasing noteworthy strides in the international market noted “From our initial efforts collecting global stock market data, we identified areas where infrastructure for the stock market is underdeveloped in certain regions. Partnering with Shinhan Securities on the enhancement of global stock market infrastructure initiative through their open platform presented an attractive opportunity for Waiker.”
Hyeong-sook Jeon, the visionary behind Shinhan Securities’ open platform and the firm’s ICT Group head expressed her confidence in Waiker commenting, “Distinct from entities solely fixated on AI or data collection, Waiker’s prowess lies in swiftly and adeptly converting unstructured stock market data into AI-driven databases within a hybrid cloud environment. Making the company to become an apt prime partner for our open platform.”
While tech giants such as Amazon and Google have mainstreamed the integration of data and IT infrastructure in the fields of consumer goods and media, the world of finance has traditionally remained conservative. Which has been lagging in terms of modern tech adoption.
Addressing such disparities, Shinhan Securities endeavors to leverage the technological competency of both entities. Aiming to establish and operate solutions set to revitalize the global stock trading and overarching the data infrastructure in alliance with Waiker.