Tiger Brokers announced on Tuesday the successful integration of DeepSeek's innovative model into its AI-powered chatbot, TigerGPT. This move positions Tiger Brokers at the forefront of a growing trend among Chinese brokerages and money managers, all eager to leverage the breakthrough artificial intelligence capabilities developed by the Chinese start-up.
DeepSeek's rapid ascent has caught the attention of Silicon Valley and has contributed to a surge in Chinese tech stocks, with investors betting on an impending AI revolution that promises to transform various sectors, including finance and education. As an online brokerage backed by notable shareholders such as Chinese electronics giant Xiaomi and esteemed U.S. investor Jim Rogers, Tiger Brokers represents the latest company to adopt DeepSeek's technology.
More than 20 Chinese brokers and fund managers, including Sinolink Securities, CICC Wealth Management, and China Universal Asset Management, have begun integrating DeepSeek's models into their operations. This shift could significantly alter their approach to research, risk management, investment decision-making, and client engagement.
Wu Tianhua, founder and CEO of Tiger Brokers, highlighted the capabilities of DeepSeek in analyzing financial data, which will empower customers to assess valuations, make informed trading decisions, and "feel the beauty of investment." He emphasized the tangible impact of AI, stating, "It's no longer a concept, or a marketing trick," in an interview with Reuters.
According to UBS, the rapid adoption of AI is expected to drive financial IT spending up by 24%, equating to 69 billion yuan ($9.49 billion), over the next five years. Companies such as Hundsun Technologies Inc, Northking Information Technology Co, and iSoftStone Information Technology are poised to benefit from this surge in expenditure.
"DeepSeek R1 is likely to fast-track GenAI adoption in the financial sector by 2025," said UBS analyst Haifeng Cao, referring to the newly released model that was developed at a significantly lower cost compared to Western competitors. Cao noted that the financial sector's data-intensive and labor-heavy nature will likely lead to a more profound transformation from GenAI than other industries.
This month, an index tracking China's fintech companies surged 17%, nearing record highs.
Tiger Brokers has announced that the upgraded version of its investment assistant, TigerGPT, will be initially available free of charge to users in mainland China and Singapore. CEO Wu expounded on the enhancements brought by DeepSeek, stating, "The integration has elevated TigerGPT's logical reasoning abilities, facilitating clearer market analysis and more effective interpretation of investment opportunities." He added that the insights generated by DeepSeek's model are often "inspiring to even the most seasoned traders."
Sinolink Securities, identifying AI as a pivotal growth driver, expressed plans to utilize the DeepSeek model across various applications, including information searches, market analysis, and industry research. Future applications are anticipated to extend into core business areas such as risk management and investment strategies.
CICC Wealth Management confirmed the integration of DeepSeek's R1 model into its investment advisory services, stating that it could enhance information processing efficiencies by up to 90%. Meanwhile, Zhongou Fund Management acknowledged that the immediate challenge for the financial sector lies in standardizing internal databases to effectively feed AI models.
"AI has provided financial firms with a means to better utilize previously idle data," remarked Du Houliang, head of tech research at Zhongou Fund Management. "Many financial institutions, including ourselves, are now holding urgent meetings to explore how the local adoption of DeepSeek's models can enhance internal management, marketing, and investing."
This strategic adoption of AI by Tiger Brokers and other financial institutions marks a significant step toward reshaping the landscape of the finance industry in China, promoting efficiency and innovation in investment practices.
(Note: $1 = 7.2730 Chinese yuan renminbi.)
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