China's ICBC launches robo-advice platform
The Industrial and Commercial Bank of China (ICBC) has introduced a robo-adivsory platform for its retail banking customers. Consumers will be able to access the service for a minimum investment of CNY10,000 ($1,506), significantly below what wealth management clients of the bank normally pay. Other Chinese banks have also sort to enter the robo-advice space with China Merchants Bank, Shanghai Pudong Development Bank, Industrial Bank and Ping An Bank among those launching platforms. 

ICBC’s newly launched “robo-adviser” service will see computer programmes dish out investment advice to retail investors over its mobile banking platform, becoming the first among the nation’s “big-four” state-owned lenders to unlock the potential of the hot new service being adopted rapidly by the industry, worldwide. Photo: AFP