Saxo and Geely Target China
Saxo Bank and Geely are establishing a JV to provide financial and regulatory technology solutions to financial institutions in China. The JV will be an equal fifty per cent split between Saxo Bank and Geely.
The JV will utilise technologies such as cloud-based services, big data and artificial intelligence to provide Chinese financial institutions with full-suite financial and regulatory technology solutions, especially in areas of trading and investment, robo-advisory, asset management, risk solutions and RegTech.
The JV aims to capture the significant opportunities brought by China’s increasingly open financial markets, by introducing internationally advanced financial and regulatory technologies.
Kim Fournais, CEO and founder of Saxo Bank, says: “The establishment of the technological JV is a significant milestone for the Saxo Group with unique commercial opportunities…This is a very important first step in strengthening our presence in China….(where) we will continue to explore further opportunities….to provide transparent, efficient and safe access to investment opportunities in global financial markets building on our experience with tailoring our technology to highly regulated markets across the globe.”
Daniel Donghui Li, Executive Vice President and Chief Financial Officer of Geely Holding Group, says: “We are very pleased to deepen our cooperation and partnership with Saxo Bank and introduce the bank’s global financial and regulatory technology to the Chinese market. We are confident that with Saxo’s successful experience in the global market and Geely’s rich local know-how, the JV will improve China’s fintech capabilities in areas including trading, investment, pricing, investment consulting and regtech.”
Geely Holding Group became a shareholder of Saxo Bank in September 2018.