The new JV will use cloud-based services, big data and artificial intelligence to provide full-scale financial and regulatory technology solutions
Denmark-based investment bank Saxo Bank and Geely Sweden Holdings, a subsidiary of Zhejiang Geely, have signed an agreement to establish a technological joint venture (JV) to provide financial and regulatory technology solutions to Chinese financial institutions banks and fintech firms.
Under the terms of the agreement, both Saxo Bank and Geely will hold an equal 50% ownership share in the new joint venture. Geely will support the deployment and operation of the JV, by providing local know-how.
Geely executive vice president and chief financial officer Daniel Donghui Li 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.”
Saxo Bank offers investment platform and digital services
The new JV is designed to leverage Saxo Bank’s financial and regulatory technology and experience in offering technological investment platform and digital services to international clients.
In addition, it will make use of advanced technologies including cloud-based services, big data and artificial intelligence to provide full-scale financial and regulatory technology solutions in the areas of trading and investment, robot-advisory, asset management, risk solutions and Regtech.
The new JV would enable Saxo Bank to tap opportunities in the expanding open financial markets, through introducing advanced financial and regulatory technologies to China and develop platform solutions that match the requirements of the Chinese market.
Saxo Bank claimed that the agreement would strengthen its presence in the Chinese market, which is a part of its long term strategy.
Saxo Bank CEO and founder Kim Fournais 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.
“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.”