Saxo Markets appoints Richard Douglas as CEO of Hong Kong business

Online trading and investment specialist Saxo Markets, today announced the appointment of Richard Douglas as CEO for Saxo Markets in Hong Kong. Fan Xu, CEO of Greater China, will become CEO, Saxo FinTech, a joint venture between Saxo and Geely, its majority shareholder.

Kim Fournais, CEO and Founder, Saxo Bank, said:

Kim Fournais, Saxo Bank

Kim Fournais

We believe that scaling and growing our Hong Kong business is critical to achieving our broader ambitions in the region, including building a strong partnership business. Richard has been an instrumental part of our Group Technology leadership team before, when he was based in Copenhagen. With his experience in the region and robust understanding of the business both on the technology and the commercial front, we are pleased to appoint him as CEO for Hong Kong and look forward to growing the business.

Prior to the appointment, Douglas served as Chief Operating Officer and Chief Information Officer, Greater China. As CEO of the Hong Kong business, Douglas will be responsible for the company’s Hong Kong and Shanghai offices. He will lead the overall business development and strategy of the bank’s commercial activities and further grow the Saxo brand in both markets.

Richard Douglas commented:

Richard Douglas, Saxo Bank

Richard Douglas
Source: LinkedIn

I am very honoured to take on this appointment. Saxo is on an exciting journey of transformation globally, and in Hong Kong we have a huge opportunity to become more relevant for more people, through our expanded offerings for investors and continued commitment to improving the client experience. As China’s economy and capital markets continue to open up, Saxo is uniquely positioned to continue to connect our clients to global capital market opportunities through the trading and investment opportunities available on our platforms. I look forward to continue to build on the strong foundation set by Fan and the team.

In his new role, Douglas will be based in Hong Kong. He will report directly to Adam Reynolds, Asia Pacific CEO, Saxo Markets. Douglas was based in Hong Kong for six years in before moving to Denmark in 2017. HE has over 18 years of experience in the financial services industry, with previous appointments in investment banks Macquarie, Nomura, Citi and UBS in London, Sydney and Hong Kong.

Patrick Chung will take Douglas’s place as Chief Operating Officer and Chief Information Officer, Greater China. He will report to Ashok Kalyanswamy, Chief Information Officer, Saxo Bank. Chung will be responsible for all technology staff, platforms and deliverables in the region.

Fan Xu will continue to grow the joint venture, which is based in Chongqing. He will build products and services focused on trading technology, social technology and regulatory technology.

Xu stated:

Fan Xu, Saxo Bank

Fan Xu
Source: LinkedIn

Saxo FinTech is critical in driving the growth of Saxo in the region, as there is a lot of synergies and opportunities not just with Saxo but also with partners, and where we can provide our offerings as as Software-as-a-Service (SaaS). I look forward to advancing the Saxo FinTech business in collaboration with the team and with Richard.

Saxo Markets also announced that Echo Zhao, Country Head of China, will be leaving Saxo Group. The company expressed its gratitude to Echo for her many years of service across different Saxo offices.

Earlier this month, Saxo Bank announced the appointment of Simon O’Malley as the new Chief Financial Officer and Board Member of its subsidiary, Saxo Markets UK.

The company recently announced that its digital investing branch, Saxo Markets, is set to launch a new crypto trading service that covers three cryptocurrencies: Ethereum, Bitcoin, and Litecoin. The new Crypto FX allows investors trade crypto, as well as other assets from one single margin account, losing the requirement of maintaining a crypto wallet.

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