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Bank of China partners with Refinitiv to launch AI-based foreign exchange price prediction app

Image by Refinitiv

Wed, 25 Mar 2020, 14:08 pm UTC

Refinitiv, a global provider of financial market data and infrastructure, has announced in a press release that it teams up with Bank of China (BoC) to create an app that predicts short term price movements in major FX pairs.

Known as DeepFX, an artificial intelligence-based foreign exchange trading signal prediction application through Eikon, the first released third-party Eikon app from a China-based financial institution.

Refinitiv is one of the world’s largest providers of financial market data and infrastructure and serves over 40,000 institutions in approximately 90 countries. Refinitiv Eikon gives financial professionals access to depth and breadth of financial analysis data to make smarter decisions using its flexible and open platform that is purposely built for trade innovation.

BoC’s Digital Asset Management Department developed DeepFX using deep learning technology to predict the short-term price movements of major foreign exchange currency pairs. It covers six currency pairs including EURUSD, AUDUSD, GBPUSD, USDCAD, USDJPY, and USDCHF. The app is ideal for traders, quant developers head of fintech innovation, and data scientists.

“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,” said Nicole Chen, Head of China at Refinitiv.

“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.”

The “Lite” version provides a 5-minute interval real-time FX trade signal forecasting service while displaying back-test results within 10 days. Eikon users worldwide can subscribe to the app without incurring any charges through Refinitiv’s App Studio.

App Studio expands the Eikon platform by offering users access to specialized apps built by a wide range of providers. It also offers businesses a chance to integrate or even build their own apps, all within a single workspace.

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