Luck plays an important part in success. But it only comes to those who are prepared to take it.
As opportunities come and go, what’s important is that you are ready to seize them once they do. QARA has seen its fair share of setbacks in the past few months, including the strict regulations enforced on fintech firms in South Korea. Due to its heavy regulatory system, QARA had to face restrictions in terms of marketability. But that didn’t stop us from moving forward because we knew that one day, luck would come knocking on our doors.
Global Fintech Sandbox
Last year in August, the Global Financial Innovation Network (GFIN) announced a new initiative to help speed the growth of fintech by allowing firms to market innovative products without the need for strict regulatory authorization. The GFIN is made up of 11 financial regulators and other related organizations from across the world, including big watchdogs from the UK, USA, Hong Kong, Australia, Abu Dhabi, Singapore, Dubai, Bahrain, and Canada.
This initiative has brought together industry leaders and organizations to share the latest policy ideas and keep up-to-date with developments from the finance and technology sector. Called the “global sandbox,” growing businesses will have access to regulators both domestically and internationally and have the chance to reach multiple global markets. This will not only reduce the time and effort to market new products, but it will also open doors for new partnerships and opportunities.
Humble Beginnings
When the global sandbox was still just an idea back in February of 2018, QARA was on the drawing board working tirelessly to find innovative solutions to meet the strict regulations in South Korea. We couldn’t just sit around until this initiative passed. Instead of waiting to start big, we knew we had to start small and find our way around to grow big.
That’s why QARA released KOSHO beta service, a financial and analytics application using the AI deep learning technology. Launched in May 2018, KOSHO utilizes the latest CNN & RNN deep learning algorithm to create the following week’s market predictions. KOSHO analyzes over 30 years of market history and uses nearly 400 million data, including news reports, company profiles, equity markets, fixed income levels, and over 20,000 major global stocks, financial indexes, and cryptocurrencies. Since its launch, KOSHO has gained more than 30,000 downloads and reached eight different countries around the world.
And now thanks to the global sandbox, KOSHO can add several new features that weren’t available due to regulations. These new features will be added during our official launch this year.
Promising Startup
With the global sandbox in everyone’s mind, QARA was recently featured by eDaily News as a promising startup to watch for in 2019.
Founded in 2000, eDaily News features business-related contents that deal with domestic and foreign economic information. Reporter Kim Yoo Sung mentions that with the help of the regulatory sandbox, QARAsoft can really take off this year as businesses designated as innovative can avoid applying strict regulations.
The article highlights both the frustration and excitement expressed by the CEOs at QARAsoft. “When I first joined as the Global CEO at QARAsoft, I couldn’t expand our business because of the strict regulations imposed upon us,” said Katie Bomi Son. “But with the advent of this regulatory sandbox, we have plans to partner with several foreign financial companies and penetrate different global markets.”
To read the full article, click here.
Innovation Service Award
On December 28th, 2018, QARA had the distinct pleasure to receive the Innovation Service Award at the 4th Korean Enterprise Awards Ceremony hosted by Money Today.
This event is held each year in Seoul to award companies that show signs of growth potential in their respective industries. At the heart of QARA is its unique algorithm centering around the AI deep learning technology. Through this platform, QARA was able to launch the KOSHO app and attract numerous investors and organizations across the world.
Looking Ahead in 2019
With a great finish to 2018, QARA is looking especially hopeful for the new year ahead. The global sandbox initiative is definitely a win for QARA, but it doesn’t just stop there. Our goal has always been to democratize the financial systems so that people who want to start investing can do so with ease.
Until this goal is achieved, we will continually stay vigilant for the next time luck tries to find us.
About Us
QARA offers asset management services through the AI deep learning technology. With the combination of modern AI tech and research, our services include customized investment analysis to asset management corporations and weekly market forecasts to regular consumers.
KOSHO is available to download for free in the Google Play Store and the App Store. Check it out here!
