The Tongji University Robo-Advisor Lab, the first of its kind in China, was unveiled in Shanghai on May 23.

Robo-advisors, a new form of financial service, provide digital financial advice based on algorithms or mathematical rules, which make it possible to calculate and advise on what clients should do with their assets.

With robo-advisors, the advice comes in the way of how clients should invest their investment portfolios.

However, the robo-advisor industry is still at its initial stage in China. Because of this, the lab has been launched in the hope of advancing its development.

Co-built by the Chinese Academy of Science and Technology Management (CASTM) of Tongji University and Shanghai Timeasset Financial Information Service Co, the lab offers a technology assessment system and a cutting-edge monitoring system in order to give sound financial advice for its clients.

Aiming high to develop into a first-class think tank in China's robo-advisor industry, the lab brings together leading experts in the industry, including Wu Zhiqiang, academician of Chinese Academy of Engineering and vice president of Tongji University, appointed as its general counsel, Huo Jiazhen, executive vice president of CASTM, as its director, and Li Yangang, chairman of Timeasset Financial, as the deputy director.

The lab, focusing on promoting industry-university-research cooperation with its robo-advisor, will establish an expert committee composed of top professionals from government, universities, financial institutions, and tech companies, according to Huo Jiazhen.

Authorities unveil the Tongji University Robo-Advisor Lab, the first of its kind in China and co-established by the Chinese Academy of Science and Technology Management of Tongji University and Shanghai Timeasset Financial Information Service Co, on May 23. [Photo/chinanews.com]