Saxo Bank and Geely Sweden Holdings AB will provide financial and regulatory technology solutions to banks and fintechs in China under a new agreement.
The ownership of the joint venture will be an equal 50 per cent split between Saxo and Geely.
The venture will utilise cloud-based services, big data, and artificial intelligence to provide Chinese institutions with full-suite financial and regulatory technology solutions, especially in the areas of trading and investment, robo-advisory, and asset management.
“The establishment of the technological JV is a significant milestone for the Saxo Group with unique commercial opportunities,” said Kim Fournais, CEO of Saxo Bank.
“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.”
The agreement will allow Saxo Bank to significantly build its presence in the Chinese market.
“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,” said Daniel Donhui Li, executive vice-president and chief financial officer of Geely Holding Group.
“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.”