Robo-advisor test-bed

Business R&D Robo-advisor test-bed

Overview

  • On August of 2016, the Financial Services Commission announced that the robo-advisor service has been started for proliferation by providing customized asset management services replacing human advisors.
  • The participants, such as financial companies, start-ups, asset management companies, etc., who want to use robo-advisor services could verify its algorithm stability and reliability in the test-bed where Koscom has provided and operated.
  • Confirming the minimized regulations of evaluating system stability, hacking prevention measure, and security for ensuring the safe investment for investors.

Responsibilities of RA test-bed office

  • Confirming reliability & safety and examining validity & suitability of robo-advisor.
  • Providing systematic information for protecting investors. (www.RAtestbed.kr)
  • Supporting to build monitoring system on robo-advisor.
  • Coordinating to create the sound market ecosystem of robo-advisor.

Examination stage of RA test-bed

RA테스트베드 심사절차

Main criteria of examination on RA test-bed

  • (Qualifications) Qualifications for participants, automation of algorithm, managed asset
  • (Rationality of algorithm) Checking rationality of the algorithm explanation and reliability of test result
  • (Personal customization) Calculation capability on multiple portfolio which is categorized by each function and characteristic of preference analysis in various aspects
  • (Diversified investment) Managing the asset with the product and item which is managed over the minimum required level
  • (Reasonable re-balancing) Establishing standards and principles for re-balancing; and verifying whether or not the re-balancing is effectively implemented
  • (Multi-account operational capability) Simultaneous management of multiple accounts without error in algorithm
  • (Legal compliance) Functions to prevent investment prohibited by law
  • (Maintenance expert) IT expert of algorithm and system maintenance
  • (System security) Securing system to protect core information of robo-advisor
  • (System stability) Manuals and related systems to response to disorders

RA test-bed status (as of May,2018)

RA테스트베드 심사절차

Result of the process

  • Result of 1st test-bed examination
    • Registration: 34 companies & 42 algorithm / Pass: 23 companies & 28 algorithm
  • Result of 2nd test-bed examination
    • Registration: 20 companies & 22 algorithm / Pass: 16 companies & 17 algorithm
  • 3rd test-bed examination is going on until Aug. 2018
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