Saxo Bank has formed a 50/50 joint venture with Chinese automotive group Geely Holdings to provide a suite of financial technology services to banks and fintechs in China.
Geely will provide its local know-how to open the way for Saxo to market its cloud-based services, Big Data and AI tech to firms operating in trading and investments, robo-advisory, asset management, risk and RegTech.
Kim Fournais, CEO and founder of Saxo Bank, comments: “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.”
Geely Holdings acquired a majority stake in Saxo Bank through its Danish subsidiary Geely Financials in September 2018.
Daniel Donghui Li, Geely EVP and CFO says: "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.”