November 22, 2024

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[THE INVESTOR] Korea’s fintech startup Qarasoft announced on May 29 the launch of its artificial intelligence-based financial forecasting app Kosho.

It is the world’s first app to utilize deep learning technology to provide users with information allowing them to predict the following week’s financial markets, it said. 

“I found that too often, individual investors with little to no experience have difficulty understanding financial reports and other technical analysis. They also lack the patience and mentality to research and study the market on their own. So they either end up investing on a hunch or hire expensive advisors,” said Qarasoft CEO Katie Bomi Son. “To resolve this issue, we’ve created a service that’s objective, quick and cost-efficient. At the moment, users can only check the predictions for stocks, oil, gold, financial and cryptocurrency rates,” she said.

Using Market Dreamer, Qarasoft’s core technology based on deep learning technology, KOSHO analyzes more than 400 million units of global data in stocks, financial and cryptocurrency markets, and also provides predictions for the following week, the company added.

Through this beta service, users can expect to see information from the KOSPI, NYSE, NASDAQ, Singapore Exchange, as well as more than 17,000 stock details from Japan, Taiwan, and Hong Kong. The app also gives forecasts of more than 22 major cryptocurrencies including Bitcoin and Ethereum.

By Park Ga-young (gypark@heraldcorp.com)