International Finance

Saxo Bank, Geely Sweden to offer tech solutions to fintechs in China

fintechs in China
The joint venture aims to provide financial and regulatory technology solutions to banks and fintechs in China

Multi-asset trading expert Saxo Bank and Geely Sweden have signed an agreement to establish a joint venture to provide financial and regulatory technology solutions to banks and fintechs in China. Geely Sweden is a global automotive subsidiary of Zhejiang Geely. 

The Saxo Bank Geely Sweden joint venture to support fintechs in China will make the most of cutting-edge technologies such as cloud-based services, big data, and artificial intelligence in its solutions. It will combine Saxo Bank’s expertise in financial and regulatory technology to offer a robust investment platform for clients worldwide. 

Saxo Bank and Geely Sweden will split equity in an equal share in the joint venture. Kim Fournais, CEO and founder of Saxo Bank, told the media that, “ 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. This is a very important first step in strengthening our presence in China.” 

The joint venture will enable Saxo Bank to seize opportunities driven by China’s open financial markets. China’s open financial markets are backed by internationally advanced fintechs and regtechs coupled with experiences in developing platform solutions. 

Established in 1992, Saxo Bank offers a whole suite of trading and investment technologies, tools and strategies. Last year, Geely became a significant shareholder of Saxo Bank. In November, Saxo Bank went live with the first phase of its migration to Inferno to support regulatory reporting on the cloud. 

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