Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Monday, May 27, 2024

Hong Kong crypto platform OSL to launch AI trading bot

Hong Kong crypto platform OSL to launch AI trading bot

One of Asia’s largest digital asset platforms has launched a prototype artificial intelligence (AI) trader bot as the digital asset space quickly adapts to the hot new technology.

One of Asia’s largest digital asset platforms plans to launch an artificial intelligence (AI) trader bot before the end of this month as the financial sector quickly adapts to the hot new technology.

OSL, a subsidiary of the publicly listed BC Group, backed by US investment giant Fidelity, said the upcoming AI features announced Tuesday will automate various aspects of OSL’s trading services, from support and quotations to trading.

The Hong Kong-based company explained that by pairing machine learning algorithms with an AI language model, the bot prototype can analyse news, historical user data, and market sentiment to inform users of trades they are likely to be interested in.

“It’s not a new concept to model or predict the next most likely action of a trader, but it’s become so cheap and accessible thanks to modern AI tools,” said Hugh Madden, CEO of OSL and BC Group.

“The language bot will be faster, more seamless, and far more understanding of an individual user’s personal situation and preferences,” he added.

OSL was the first digital asset platform to be licensed by the Hong Kong Securities and Futures Commission. It provides brokerage, custody, exchange and SaaS services for institutional clients and professional investors. Although it operates in other jurisdictions like Singapore and the US, Madden called Hong Kong its emerging “AI hub”.

The company also has a technology centre in Australia, where it created a ChatGPT prototype for OSL after gaining early access to the popular chatbot created by OpenAI. The prototype would allow digital asset blockchain transactions and trade execution to happen automatically through ChatGPT.

“That service won’t be offered this year, but it could be our biggest product service in a couple of years,” said Madden. He added that the company will need to work out the distinction between offering traders potential causes for action through AI versus giving financial advice from a regulatory standpoint.

Hugh Madden is the CEO of digital assets and blockchain company BC Tech Group.

OSL is already using AI for its daily business operations to automate tasks from customer support to bookkeeping, according to the CEO. “Within two years, there will be two types of companies – those that have adapted and use AI, and the distressed companies who haven’t,” he added.

In 2021, research from professional services company Accenture showed that among executives of the world’s 2,000 largest companies by market capitalisation, those who discussed AI on their earnings calls were 40 per cent more likely to see their firms’ share prices increase.

Amid a downturn in crypto prices in the past year, many digital asset related firms and investors are turning their attention to AI, the hot new emerging technology. The Graph, a company that applies AI to blockchain data searches, has seen the price of its token GRT grow over 100 per cent in the past three months, following the emergence of ChatGPT on the public stage.

“I think the digital assets industry is already quite forward-thinking across all technologies, and I expect them to be earlier adopters of AI,” said Madden. “It’s not crazy to think that in five years’ time, a majority of all financial transactions and services could be machine-generated.”

A study published by Global Industry Analysts in March predicted that the global AI market would reach US$291.5 billion by 2026, with China’s market alone forecast to reach US$53.6 billion in the same time frame.


Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.