Saxo Bank and Geely Holding Group to establish fintech joint venture serving the China market
Saxo Bank A/S (Saxo Bank) and Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, (Geely), announced that the two parties have signed an agreement to establish a technological joint venture (JV) to 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 leverage Saxo Bank’s world leading financial and regulatory technology and more than two decades of experience in providing technological investment platform development and digital services to clients globally. The JV will utilize cutting edge 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. Geely will fully support the deployment and operation of the JV, especially in providing local know-how.
Through the JV, Saxo Bank is looking to grasp the significant opportunities brought by China’s increasingly open financial markets by introducing internationally advanced financial and regulatory technologies and experiences to China and developing platform solutions that suit the needs and requirements of the Chinese market.
Through this agreement, Saxo Bank significantly builds its presence in the Chinese market, which is an integral part of Saxo Bank’s long term strategy.
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.
At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.
Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo has more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.
For more information, please visit: www.home.saxo
Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development and design to production, sales and servicing.
Founded in 1986 by Li Shufu, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. The Group comprises three businesses: Geely Auto Group, Volvo Car Group and Geely Commercial Vehicles Company.
Its brands include Geely Auto, LYNK & CO, Volvo Car, Polestar, London Electric Vehicle Company (LEVC), Yuan Cheng Auto, PROTON, Lotus, and Terrafugia.
ZGH has over 120,000 employees across the world, and has been listed in the Fortune 500 for the past seven years. For more information regarding Zhejiang Geely Holdings please refer to the official website at www.zgh.com