Copenhagen based Retail FX broker Saxo Bank Group has announced that it is expanding its India presence and relocating more than 500 employees into a new and bigger office in Gurugram. The company stated that the move reflects its major investments in technology with the Gurugram office as a hub for fintech innovations.
Saxo Group India, part of the Saxo Bank Group, is expanding its presence with the move to a new and bigger office in Gurugram to accommodate future growth with a plan to increase in headcount by 20% in 2018. The new office was officially inaugurated at an event on 11th October that marks the opening of more than 125,000 square feet with state-of-the-art interior designed to inspire innovation and collaboration across departments.
Established through an acquisition in 2010, Saxo Group India employs more than 500 people primarily within IT and operations. The organisation in Gurugram works with Saxo Bank’s headquarters in Copenhagen as one team to continuously improve the core of the Bank which is the trading technology and platforms that give clients access to more than 35,000 financial instruments across asset classes and geographies.
The move comes at an interesting time for Saxo Bank, which recently saw control of the company pass to China’s Geely Group and the installation last month of Geely CFO Daniel Donghui Li as the new Saxo Bank Chairman. The broker is also facing severe headwinds in its business, with Saxo Bank client trading volumes less than half what they were earlier this year, hitting multi year lows in September.
Deepak Gupta, COO at Saxo Group India, comments:
Saxo is making major investments in IT with the aim of digitizing the whole value chain and leveraging new technology. The new office in Gurugram provides an inspiring environment to accommodate our ambitious strategy plan of growing our team by more than 200 people in the next few years. Our key priorities are to continue to be a pioneer in the industry by moving to the cloud and use machine learning and artificial intelligence to keep pushing the boundaries of what technology can achieve in finance.
Kim Fournais, CEO & founder at Saxo Bank, comments:
We usually say that Saxo Bank is an IT-company with a banking license. Despite being more than 25 years old, Saxo has never stopped thinking like a start-up, and we are truly agile in how we embrace new developments and innovation. Saxo India has been instrumental in the journey to become a leading fintech specialist and our team in Gurugram has grown eightfold to more than 500 extremely skilled and dedicated Saxonians. We look forward to welcoming even more talented people in the near future.