Saxo Bank Furthers China Expansion, Launches Venture with Geely
- The joint venture will provide financial and regulatory technology solutions in China.
Multi-asset broker Saxo Bank and Geely Sweden Holdings AB announced this Tuesday that they have signed an agreement where the two parties will establish a technological joint venture in China.
The joint venture, which will be an equal 50 percent split between Saxo Bank and Geely, will provide financial and regulatory technology solutions. These will be targeted to financial institutions such as banks and fintechs in the country.
The new entity will utilize the financial and regulatory technology currently used by Saxo Bank, as well as the broker’s experience with providing technological investment platform development services.
Geely, on the other hand, will support the deployment and operation of the venture. In particular, it will provide local know-how, so the entity is relevant in China. As Finance Magnates reported, Zhejiang Geely Holding Group Co. Ltd acquired a majority stake in the Danish broker last year.
Commenting on the announcement, Kim Fournais, CEO and founder of Saxo Bank, said: “The establishment of the technological JV is a significant milestone for the Saxo Group with unique commercial opportunities. 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders our technology to support their clients. This is a very important first step in strengthening our presence in China."
“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.”
Saxo Bank continues China expansion
Through this new company, Saxo Bank is significantly increasing its presence in China. In the long-term, the broker is looking to capitalize on the opportunities in China, which are becoming increasingly more available as the company continues to open its financial markets.
“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,” added Daniel Donghui 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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl capabilities in areas including trading, investment, pricing, investment consulting and regtech.”
Multi-asset broker Saxo Bank and Geely Sweden Holdings AB announced this Tuesday that they have signed an agreement where the two parties will establish a technological joint venture in China.
The joint venture, which will be an equal 50 percent split between Saxo Bank and Geely, will provide financial and regulatory technology solutions. These will be targeted to financial institutions such as banks and fintechs in the country.
The new entity will utilize the financial and regulatory technology currently used by Saxo Bank, as well as the broker’s experience with providing technological investment platform development services.
Geely, on the other hand, will support the deployment and operation of the venture. In particular, it will provide local know-how, so the entity is relevant in China. As Finance Magnates reported, Zhejiang Geely Holding Group Co. Ltd acquired a majority stake in the Danish broker last year.
Commenting on the announcement, Kim Fournais, CEO and founder of Saxo Bank, said: “The establishment of the technological JV is a significant milestone for the Saxo Group with unique commercial opportunities. 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders our technology to support their clients. This is a very important first step in strengthening our presence in China."
“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.”
Saxo Bank continues China expansion
Through this new company, Saxo Bank is significantly increasing its presence in China. In the long-term, the broker is looking to capitalize on the opportunities in China, which are becoming increasingly more available as the company continues to open its financial markets.
“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,” added Daniel Donghui 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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl capabilities in areas including trading, investment, pricing, investment consulting and regtech.”