Elvin Hwang, CEO Waiker delivered a keynote speech on “Financial Data Engineering employing Waiker’s AI Technology” at the global innovation conference held in India on June 3rd.
IGIC, also known as India Global Innovation Connect, is an annual event held in Bengaluru (or Bangalore), often referred to as the Silicon Valley of India. Leaders from various fields, including innovators, entrepreneurs, and politicians from around the world gather to share insights on technological directions and innovation momentum. The conference is led by Claude Smadja, CEO of the strategic advisory firm Smadja & Smadja and former Managing Director of the World Economic Forum in Davos.
Innovative companies from various countries, including South Korea, the United States, India, Japan, Germany, Israel, Switzerland, and Singapore, were invited. Notable speakers included Narayana Murthy, founder of Infosys, Emin Gün Sirer, CEO of Ava Labs, and Paroma Chatterjee, CEO of Revolut India.
Waiker AI comprehends, analyzes, and processes global stock market data of 12 countries by utilizing natural language processing (NLP) and machine reading comprehension. With the proprietary technologies, Waiker have datafies the filings of companies listed on the stock market. Moreover, the startup also have the data converted into context by employing generative AI technologies as well. For instance, on November 11, 2021, it became the first to convert the major stake sale announcement by Tesla CEO Elon Musk into an article through AI solutions, which was then reported as a special feature by Chosunilbo, attracting global media attention. This achievement led Waiker being entrusted with delivering the keynote speech at this year’s fintech session.
During the keynote, Elvin emphasized, “Technological innovation in the industrial sector can be a driving force for economic growth and act as a deflationary factor, enhancing added value growth amidst the pressures of inflation and economic slowdown due to deglobalization trends. In this regard, AI technology can enhance productivity in both physical and knowledge labor, especially maximizing potential added value in field of data utilization.”
He noted, “As financial market participants are humans, opportunities amid economic expansion and contraction, irrational overheating, and fear continue to persist. In this current situation, Waiker pays attention to the Southeast Asian market, especially India. Despite relatively poor financial industry and data-related infrastructure compared to developed countries, BSE (Bombay Stock Exchange) surpassed 100 million accounts last March, with the opening of 10 million new securities accounts per quarter. Amidst rapid market growth, India surpassed South Korea and Germany to become the world’s 7th largest stock market. Expecting to have the world’s highest growth potential in various industries when considering characteristics of shareholder capitalism.”
Regarding Waiker’s technological capabilities, Elvin revealed that the company processes data for over 70,000 securities in more than 12 countries, leveraging 15 related technology patents. He expressed confidence in leading innovation by enhancing data coverage, precision, and processing speed through global partnerships.
India’s GDP (Gross Domestic Product) growth rate for 2021-2022 was 9.2%, maintaining high growth this year. Business Standard forecasts that India will show a robust economic momentum in 2023, with a GDP growth rate of 7.5%, despite global inflation and signs of economic downturn.
Analysts predict that the Indian stock market, with capital influx, will grow into the 5th largest global stock market, surpassing the UK. Goldman Sachs anticipated in a report, “Money from global investors is pouring into the Indian stock market,” and “It will grow to a scale of 5 trillion dollars within three years.”