Saxo Bank partners with China automotive firm Geely to establish a joint venture to provide financial and regulatory tech solutions to institutions in China.
The joint venture will leverage Saxo’s capabilities in investment platform development and digital services, according to a statement while its partner Geely Sweden Holdings AB, a subsidiary of auto firm Zhejiang Geely Holdings Group, will provide local know-how.
«This is a very important first step in strengthening our presence in China,» said Kim Fournais, CEO and founder of Saxo Bank.
«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.»
Emerging Tech
The statement detailed specific emerging technologies that would be leveraged including cloud-based services, big data and artificial intelligence. It also highlights a focus on delivering solutions related to trading and investment, robo-advisory, asset management, risk solutions and ‘regtech'.
«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,» underlined Daniel Donghui Li, executive vice president and chief financial officer of Geely.
Saxo and Geely will hold an equal 50 percent shareholding each in the new fintech joint venture.
