Online trading and investment specialist Saxo announced the launch in Asia of SaxoSelect, a fully digital and automated investment service.
This launch in Asia follows the implementation of SaxoSelect in Europe in January 2016. SaxoSelect manages money in a digital online environment. It covers various portfolio types for clients to choose from, according to investment goals and risk appetite, the firm said in a press release.
In collaboration with Blackrock, Saxo Bank has established three distinct balanced portfolios, built to assist with wealth development and also offers access to an equity portfolio managed by Saxo Bank in collaboration with Morningstar Investment Management Europe.
The speed of adoption of fintech in Asia is much faster than in other regions, said Adam Reynolds, CEO Asia Pacific of Saxo Capital Markets, according to the statement.
Ownership Change and Asian Expansion
Earlier this year, Chinese automotive group Geely increased its stake in Denmark's Saxo Bank to 51.5 percent while Finland's Sampo Oyj took a stake of 19.9 percent. Sampo said in a separate announcement that it would pay 265 million euros for its stake. Saxo Bank said Geely would pay the same price. Geely, which owns carmaker Volvo, announced in May it would take a 30 per cent stake in Saxo Bank.
Geely Group was founded by businessman Li Shufu, who has been seeking opportunities to expand into the finance sector and believes the Danish firm's technologies could be expanded in Asia. Kim Fournais the co-founder and chief executive officer at Copenhagen-based Saxo was interviewed by finews.asia late last year.
