CBIRC

Bank of China Launches First Eikon Powered FX Signal Prediction AI

Bank of China - AIBank of China, a leading state owned commercial bank in China recently revealed the launch of a trading signal prediction AI. As per statement released by the firm, the bank has launched an artificial intelligence based forex trading signal prediction application which is powered by using Eikon – a well known platform of UK based financial data service provider Refinitiv. It should be noted that this is the first third party based application in Eikon that has been created by a China based financial institution.  The signal predicting AI app is called DeepFX and was developed by the digital asset management division of Bank of China and the app is expected to predict short term price movements of major forex currency pairs using deep learning technology.

At the moment, the app is said to support six major currency pairs namely – EURUSD, AUDUSD, GBPUSD, USDCAD, USDJPY and USD CHF. While the announcement lacked any details on when support for other popular currency pairs will be added to application, more currency pairs are expected to be added in future depending on demand and request made by the clients. The bank hopes that this AI powered signal prediction application will be highly in demand and most suitable for traders, quant developers, heads of fintech innovation firms and data scientists. The statement also revealed that there is a “Lite” version of this app which was released alongside announcement from the firm and this app is expected to provide 5-min interval real time FX trade signal forecasting service while displaying back test results within 10 days.

Aside from clients of Bank of China, the app can also be subscribed by Eikon users from across the globe for free from their Refinitiv App studio. The Eikon platform allows professionals to access financial market data with huge depth and breadth to make critical analysis which helps them make smarter decisions while also facilitating access to a flexible open platform which allows for trade innovation by connecting client with world’s largest directory of verified financial professionals. Refinitiv’s App Studio further expands the Eikon platform by offering its users access to specialized apps created by wide range of developers which can be integrated with or used to create their own apps all inside a single workspace.

Commenting on launch of this application, Nicole Chen – Head of Refinitiv’s Chinese division said, “With the unprecedented increase in market volatility across global financial markets in recent months, the Bank of China’s DeepFX application is a timely and practical tool to empower users with the insights they need to navigate the turbulent FX landscape. We are pleased to see Bank of China leveraging our platform to showcase their AI technology and financial expertise for customers. We certainly look forward to having more financial institutions take advantage of our open platform to build out their service offerings in China”.