Entrepreneur from Samsung Securities PB background… The secret to breaking through six domestic securities firms and entering the U.S. market

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"We wondered if we could make customized financial services provided to ultra-high-net-worth individuals accessible to a broader audience. We believed this was possible by leveraging AI (artificial intelligence), but for that, trustworthy financial data was essential above all else."

Hwang Kyu-jong, CEO of Waker, recently revealed the background of his startup in an interview with MoneyToday's startup-specialized media platform "Unicorn Factory," stating as much.

Hwang (CEO) is a former private banker (PB) who handled institutional investors, corporate clients, and ultra-high-net-worth customers at Samsung Securities. The turning point that led him to focus on the potential of AI was the 2016 match between AlphaGo and Lee Sedol, the 9th-dan professional. Seeing an AI that considered numerous variables, he judged that customized financial services, previously available only to a select few, could be popularized.

He later joined forces with Han, who had been in charge of quantitative work at Samsung Asset Management and hedge fund management at Samsung Hedge Asset Management. Currently, Han serves as the head of Waker's Data Development Group.

Founded in 2023, Waker is a financial startup that collects, refines, and standardizes global capital market data to supply it in a form that financial institutional investors and AI can utilize directly. Its goal is to help implement personalized financial services by combining customer information held by financial institutions with Waker's market data.

Waker, which started in Delaware, U.S., established Waker Holdings in Korea this July and is pushing for an organizational restructuring to relocate its headquarters to Korea. In the future, the Korean headquarters will oversee product development and domestic and international business, while the U.S. subsidiary will be responsible for cooperation with local customers and partners.

The issue Waker focused on is the complexity of financial data. In financial markets, a massive amount of data pours in, ranging from real-time stock prices and bid-ask quotes to corporate financial information, public disclosures, major shareholder transactions, and news. However, because formats and standards differ by source, it is difficult to use this data directly for AI analysis.

For example, if a company executes a stock split, past stock prices must be adjusted on the same basis for accurate comparison. If a company issues a corrected earnings disclosure, the changed figures must be reflected. When comparing financial information, currency and accounting periods must also be distinguished.

Hwang (CEO) explained, "If these conditions are missed, even AI can make incorrect comparisons," adding, "We verify errors and corrections in source materials and manage records accumulated over decades and real-time data on the same basis."

Waker calls this type of processed data, ready for immediate AI use, "AI Ready Data." Hwang (CEO) compared it to a "meal kit," which supplies ingredients prepared according to the dish the customer wants.

The main service, "WAISOD," integrates processed data into financial company systems or provides it as screens and functions in securities firm apps. It also features functionality that allows AI to directly call necessary data for use in analysis.

Currently, Waker is supplying data to six domestic securities firms: Korea Investment & Securities, Toss Securities, Kiwoom Securities, Kakao Pay Securities, Hana Securities, and Shinhan Investment Corp. At Korea Investment & Securities, Waker's data is used for real-time bid-ask quotes and trading source information for U.S. stocks, while at Toss Securities, it is used for stock transaction information by major shareholders and individuals.

Having supplied its financial data solution "WAISOD" to six securities firms, Waker recently was selected for the first cohort of "Dino Lab," a startup incubation program by Woori Financial Group, and is accelerating the development of AI services in the financial sector. Dino Lab is a program where Woori Financial Group discovers startups with innovative technologies and supports business cooperation with its affiliates.

Currently, Waker is developing an "AI Research Assistant" utilizing global capital market data with Woori Investment & Securities. In this system, AI synthesizes corporate financial information, public disclosures, and major events, presenting the source of figures and reference time points. Personnel then review this to use in creating market and macroeconomic reports and corporate analysis materials. The goal is to reduce repetitive tasks such as data collection and figure comparison, helping financial company employees focus on analysis and investment judgment.

The cooperation is expanding into actual construction projects. Waker began a project in this month to build "AI STUDIO" for Woori Investment & Securities. This project involves integrating WAISOD so that Woori Investment & Securities' AI system can directly call and utilize Waker's data and analysis functions.

Hwang (CEO) stated, "Woori Investment & Securities is a company equipped with the will and execution capability to try new ideas like a startup," adding, "If the brand and customer base of Woori Financial Group, along with the expertise of its employees, are added, there will be a great opportunity to develop new financial services and provide them to actual customers."

Efforts to capture overseas markets are also accelerating. Last year, Waker secured a data supply license for "TotalView," which provides real-time stock bid-ask quotes and order information by price level from U.S. NASDAQ, and has been advancing its business. Starting this month, it launched the U.S. open beta (trial) service of "WAEDGE," a financial data agent cooperating with NASDAQ.

WAEDGE is a service that helps retail investors and financial experts compare corporate disclosures and earnings and manage analysis tasks through AI. It aims for official release next year and applies a subscription-based revenue model. Waker has also signed data utilization and license agreements with the London Stock Exchange Group (LSEG) and is promoting joint sales in the Asia-Pacific region.

Hwang (CEO) said, "In the AI era, it will come to be that investors do not just read reports provided by securities firms, but directly generate analysis reports tailored to their stocks of interest and investment purposes using AI," adding, "We will broaden our stride into the global market so that everyone from financial companies to retail investors can utilize Waker's financial data."

[MoneyToday Startup Media Platform Unicorn Factory]