LG and Qraft Technologies to Launch AI-Powered ETF in the US

In a groundbreaking collaboration, electronics powerhouse LG has teamed up with fintech leader Qraft Technologies to introduce an innovative AI-driven exchange-traded fund (ETF) in the United States. This strategic partnership marks LG’s bold foray into the realm of investment management, utilizing cutting-edge AI technology to redefine the financial services landscape.

Revolutionizing Investment with AI-Powered ETFs

LG Group has joined forces with South Korean fintech pioneer, Qraft Technologies, to pioneer the launch of an AI-enhanced exchange-traded fund (ETF) in the United States. As reported by Asia Nikkei, these two industry titans recently submitted their application for the US Large Cap Core ETF, with ambitious plans to debut the fund in November.

This partnership signifies the inception of a transformative technology research alliance between LG and Qraft. The latter, backed by SoftBank, has already made waves with four AI-managed ETFs listed in the United States. The forthcoming ETF is slated to encompass a diversified portfolio of approximately 100 large-cap companies.

Pioneering Technological Advancements

Marcus Kim, the visionary founder and CEO of Qraft Technologies, envisions a profound impact on the investment management industry through the amalgamation of Qraft’s advanced technologies and LG’s AI Research prowess. He states, “We believe the advanced technologies of Qraft and LG AI Research can have a strong impact on the investment management industry and expand the boundaries of applications in this space.”

The LG-Qraft ETF will employ a meticulous stock selection process, drawing from a pool of companies participating in the Mission for the Future Program, sponsored by LG Nova, a dedicated center for innovation. Additionally, LG unveiled Exaone 2.0, an upgraded version of its AI software in July, capable of processing information in both English and Korean, further bolstering its technological capabilities.

LG’s Ascent in the Financial Arena

Launching an AI-fueled ETF aligns with LG’s overarching objective to harness AI technology forays into the realm of investment management. Historically, LG has provided internal financial forecasts for its affiliates. Hence, the partnership with Qraft represents a natural extension of these operations.

Hwayoung Lee, Vice President and Head of AI Business Development at LG AI Research, explains, “While collaborating with many LG affiliates, one of the difficulties is the insufficient amount of data in these areas. Therefore, we are venturing into the financial market due to the abundance of data available.”

LG envisions itself as a prominent technology provider in the financial market, underpinning its aspirations to diversify into wealth management and other investment domains.

While LG made significant strides in Web3 and the metaverse, including the launch of an exclusive NFT marketplace for smart TVs last year, the company has realigned its focus toward AI in response to the rapidly evolving market landscape.

Conclusion

In conclusion, LG’s partnership with Qraft Technologies marks a pivotal moment in the financial industry’s evolution. This venture promises to empower investors with AI-driven insights, ultimately reshaping the landscape of investment management. As LG continues to harness the potential of AI, its ascent in the financial arena seems poised for success, paving the way for a more innovative and data-driven future.

For more articles visit: Cryptotechnews24

Source: tokenist.com

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