'Mobile phone apps cutting into wealth management industry'

Mobile phone apps with artificial intelligence are increasingly becoming popular for trading in financial markets and are cutting into the competitive wealth management industry, according to a Singapore-based technology company.
This technology is being used by hedge fund managers launching funds running on Algorithmic Cloning Technology, said Nakul Gupta, Chief Technology Officer at the Singapore-based Clone Algo group.
The technology is also available as mobile apps and helps users trade markets around the clock, across the world's main exchanges and Forex over the counter venues such as Singapore, Hong Kong, Tokyo, New York, Paris and London.
The mobile apps are gaining ground, cutting into the competitive wealth management industry, Gupta said.

"The global exchanges will have to seriously consider this second generation technology as internet-based trading is fast eliminating brokers and third-party involvements," he said.
"The game-changers have arrived with this second generation technology that would be disruptive to conventional wealth management industry," Gupta said.

Investors can protect themselves against risk of loss through insurance coverage on trading algorithms. The artificial intelligence eliminates the need for human thinking and decisions.
The technology reacts to global price movements and economic sentiments in fractions of seconds and matches a deal for the benefits of its host, Gupta said.
Investors would be comfortable with artificial intelligence which brings certainty to the technology and can be insured against risk of loss, he said.

Clone Algo group launched its mobile apps in April 2013.
"The company's wide range of artificial intelligence- based products are leading the financial industry with apps for trading on mobile phones," Gupta said.