Saxo Bank has just announced that it has teamed up with Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, to establish a technological joint venture (JV). The two companies will now provide financial and regulatory technology solutions to financial institutions such as banks and fintechs in China. The ownership structure of the new joint venture will be an equal fifty percent split between Saxo Bank and Geely.
The JV will utilize technologies such as cloud-based services, big data and artificial intelligence to provide Chinese institutions with full-suite financial and regulatory technology solutions, especially in areas of trading and investment, robo-advisory, asset management, risk solutions and Regtech.
Kim Fournais, CEO and founder of Saxo Bank, commented:
The establishment of the technological JV is a significant milestone for the Saxo Group with unique commercial opportunities. I am very proud that we are strengthening our presence in China with the support of our partner, Geely. We will work hard with a long-term focus to build our business in China and create win-win with partners looking to leverage our technology to support their clients.
This is a very important first step in strengthening our presence in China. And we will continue to explore further opportunities, working in tandem with regulators and the opening of Chinese markets, 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, said:
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 an important shareholder of Saxo Bank in September 2018, supporting the bank in leveraging its strength in fintech.