Saxo Bank and Geely Holding Group to Establish Fintech Joint Venture Serving the China Market
- 17.12.2019 09:01 am
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.