Chinese automaker Zhejiang Geely Holding Group Co., Ltd. and Danish investment bank Saxo Bank A/S will launch a joint venture to provide fintech and regtech solutions to the Chinese finance sector.
Saxo and Geely subsidiary Geely Sweden Holdings AB announced on 17 December the execution of an agreement to establish the fintech joint venture, with each party holding a 50% equity stake.
According to the parties the joint-venture will make use of Saxo Bank’s fintech and regtech experience to provide leading technologies to Chinese financial institutions, including cloud-based services, and big data and artificial intelligence solutions.
Key areas of focus will include trading and investment, robot-advisory, asset management, risk solutions and regtech.
“This is a very important first step in strengthening our presence in China,” said Kim Fournais, CEO and founder of Saxo Bank.
“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.”
“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,” said Daniel Donghui Li, Executive Vice President and Chief Financial Officer of Geely Holding Group.
Geely Holding Group previously acquired a 51.5% stake in Saxo Bank as part of efforts to expand its fintech operations.