QZ Asset Management, an AI investment firm based in China, is set to open its new offices in Shanghai and South Africa.

With the new branches, the firm aims to provide its clients across the globe with improved services, including the firm’s big data artificial intelligence (BDAI) solutions.

The company plans to relocate its headquarters to Shanghai by the first quarter of 2023.

It also aims to open the South Africa office within this month to meet the increasing demand from African clients for BDAI.

Once opened, the regional office will be QZ Asset Management’s first location in Africa.

QZ Asset Management CEO Blake Yeung said: “We are excited to open an office in South Africa as a result of our continued growth in the African continent.

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“QZ can establish even closer ties with our customers and are well-positioned to reach new clients and recruit strong talent in Africa.”

The firm further noted that South Africa is said to have improved financial infrastructure, especially in the areas of equity, insurance, and credit markets.

The country’s financial sector has already incorporated innovative digital solutions as well as controlled by enhanced regulatory and financial frameworks.

Yeung added: “App-based investment services will continue to grow and be popular, especially in emerging markets where there is a large unbanked population with high mobile penetration rate.

“People are now learning that they no longer have to rely on large and cumbersome banks for financial services.”

In September this year, QZ Asset Management announced its plan to roll out its operations in South America and Africa.