A "robo-advisers" lab was established jointly by Tongji University and an internet finance information company in Shanghai on Wednesday, the first of its kind in China.

Co-founded by the technological management institute at Tongji University and internet finance information service company Yushi, the lab received received 5 million yuan ($783,219) as its initial investment.

"The lab will focus on four research areas in the coming years," said Huo Jiazhen, director of the lab and former head of Tongji University's school of economics and management. "It will publish an annual white paper by integrating China's policies and regulations on robo-advisers as well as the latest trends in this sector at home and abroad, to provide a ranking starting in 2019. It will actively monitor industrial development, as well as offer talent training and business advice in the future." 

"Robo-advisers" are financial advice and investment management services provided with moderate to minimal human interaction. The goal is to help more people enjoy personalized investment services and advice compared to traditional financial services.