A robot developed by a Japanese company has created the world first fully-autonomous investment fund for the poor.
The company, called Wahed invest, was set up to raise capital for poor people who had been turned away from existing investment opportunities due to lack of access to financial services.
The robot is able to analyse the characteristics of an investor and make an investment decision based on a range of factors including a person’s needs and needs of family members.
The robotic platform uses artificial intelligence and machine learning to make a decision about the best investment strategy for each person.
The firm is using a system of algorithms and financial modelling to decide which funds to fund.
The investment firm was founded by a team of engineers, designers and scientists at the Mitsubishi Electric Research Institute.
It is funded by the Japanese government and the World Bank and it aims to be one of the first companies in the world to have a fully autonomous platform for investing.
The robots ability to analyse what it takes to be an investor is an important step in the development of a better investment platform for the global poor, the World Economic Forum’s Future of Investment 2016 said.
The project was announced by Prime Minister Shinzo Abe, who has set ambitious targets to bring Japan’s financial services to 80% of the world population by 2025.
The world’s financial system is riddled with barriers that prevent poor people from accessing basic services such as access to banks, financial advisors and insurance companies.