Exclusive: Saxo Bank heads to China – New office opened in Shanghai

Saxo Bank is a company whose success in the Asia Pacific region has been substantial since it took its inaugural step into the region via its office in Singapore a few years ago. Today, the company has opened its new office in mainland China, validating the worth of Shanghai’s free zone initiative and taking its new, […]

Saxo Bank is a company whose success in the Asia Pacific region has been substantial since it took its inaugural step into the region via its office in Singapore a few years ago.

Today, the company has opened its new office in mainland China, validating the worth of Shanghai’s free zone initiative and taking its new, open API-based SaxoTraderGo platform to a sophisticated, technology-driven audience.

The company’s new office is in the Shanghai World Financial Center in Lujiazui in the heart of the Shanghai free-trade zone.

Saxo Bank has stated that the opening of the Shanghai office marks another step in delivering global online trading value-added services in the Asia time zone for Saxo Bank Group.

Being able to operate from within the mainland, albeit as part of the free zone which offers limited access to the entire Chinese economic and business infrastructure, gives Saxo Bank an actual office of its own in the most important region for the FX industry, and builds on its existing presence in the nation which had been garnered via its representative office in Pudongxin District of Shanghai, and is headed by former GAIN Capital Operations Director for China, Echo Zhao, who was appointed Country Head of China for Saxo Bank in November 2014.

17283fa

Whilst the representative office remains in full force, Saxo Bank’s new office in Shanghai is owned and operated directly by Saxo Bank, making it one of the first of the large, global and well recognized companies to take its services into mainland China on a direct basis. This is a landmark move for the company indeed, especially bearing in mind that a vast number of Chinese investors are very familiar with the company due to its presence in Singapore.

With regard to the opening of the Shanghai office, Saxo Bank co-founders and co-CEOs Lars Seier Christensen and Kim Fournais have today stated

“We are thrilled to be opening our office in the Shanghai free-trade zone. We have seen trading volumes and demand for content expanding within the region rapidly since the opening of our Asia Pacific headquarters in Singapore 9 years ago, and we are delighted to be committing further to Asia and the burgeoning China market by working within the Shanghai Free Trade Zone regulatory framework.

The People’s Republic of China (PRC) will become one of the most important markets globally. With China’s initiation of the Silk Road land route and maritime equivalent, this economic program will provide a significant boost to economies in the region as much of the work and investment needed across Eurasia is in infrastructure, buildings and railroads.

The new phase of expansion and economic development will increase demand for financial services and as businesses and people increasingly becoming self-directed in the way they approach their investments, they need modern technology and a comprehensive multi-asset product offering and that is exactly what Saxo Bank offers.”

Read this next

Institutional FX

FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Digital Assets

Circle denies ties with Palestinian groups, TRON founder

Stablecoin issuer Circle has denied allegations that it facilitates funding for terrorist organizations.

Retail FX

CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

Institutional FX

Cboe FX volumes retreats slightly in November 2023

Cboe’s institutional spot FX platform today announced its trading volume for the month ending November 2023, which took a step back after a strong rebound in October.

Institutional FX

Alpha Group seals Cobase majority acquisition

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has finalized its acquisition of Financial Transaction Services, operating as Cobase.

Digital Assets

TMNG Tokens Successfully Listed on MEXC Crypto Exchange

TMN Global proudly announces the successful listing of its native TMNG token on the MEXC crypto exchange, effective December 1st, 2023. This strategic partnership marks a significant milestone for TMN Global in the crypto space.

Institutional FX

Marex completes acquisition of TD Cowen’s PB business

London-headquartered commodities broker Marex has completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Digital Assets

Talos introduces decentralized liquidity and onchain settlement with Uniswap and Fireblocks

“At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting.”

Digital Assets

FINMA-regulated crypto bank SEBA Bank rebrands to AMINA

“As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to continue our global expansion, building on all the successes we have laid down over the past years.”

<