Saxo Bank, Geely agree to form fintech JV to provide services in China
Through the agreement, Saxo Bank is set to build its presence in the Chinese market, which is an integral part of the bank’s long term strategy.
Multi-asset trading expert Saxo Bank A/S and Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, (Geely), today announce that they have signed an agreement to establish a joint venture (JV) to provide financial and regulatory technology solutions to financial institutions such as banks and fintechs in China. Saxo Bank and Geely will each own 50% in the new JV.
The JV will leverage Saxo Bank’s financial and regulatory technology and vast expertise in providing technological investment platform development and digital services to clients across the globe. 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 aims 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.
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.