Malaysian software firm Silverlake is collaborating with Japanese financial technology company Money Design to develop an AI-powered robo-advisor, says FintechNews Malaysia. MYTHEO, the AI advising service, will be released by the two companies’ joint-venture organization called GAX MD Sdn. Bhd.
MYTHEO was developed by Silverlake in coordination with Money Design to provide the service to Malaysians. Media outlet Bernama said that the service aims to make innovative investment management and options accessible to young Malaysian investors.
Ronnie Tan, CEO of GAX MD, stated that Malaysia’s prospective niche for such fintech services offers great potential. Tan remarked that the young population (individuals from 22 to 40 years of age) contributes to the potential success of the platform.
The GAX MD CEO also said that MYTHEO provides young Malaysians with a “personalized and professional digital investment” option for as low as RM 500.
Malaysian company Silverlake primarily caters to financial institutions, especially banks. The homegrown software developer offers its IT products, mainly core banking systems, to Malaysian banks. It is part of the Silverlake Group, with more than 30 years of expertise in the financial and digital economy sectors.
Meanwhile, Money Design is an assets management firm that utilizes technology-based services to provide innovative options to their clients.
According to MYTHEO’s website, the Malaysian version of the advisory service is based on Japan’s “the first robo-advisor.” This service offers a complete range of asset management services in Japan.
The AI-based adviser is known in Japan as THEO, named after Vincent van Gogh’s brother, who offered financial support to the artist.
Launched in 2016, the platform is now catering to the financial needs of more than 60,000 Japanese financiers and it now possesses over USD 300 million in assets. It is regulated by the Japan Financial Services Agency.