European mega broker Saxo Bank A/S (Saxo Bank) has just announced a new joint venture with a Chinese automotive manufacturing firm to expand operations in China. The partnership with Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, (Geely) will be focused on providing financial and regulatory technology solutions to financial institutions such as banks and fintechs in China.
Although the connection between the two companies may seem significantly different, Geely has a lot of experience working and scaling businesses in China, including operations spanning the automotive value chain, from research, development and design to production, sales and servicing. Saxo Bank hopes to take advantage of this experience in utilizing cutting edge technologies such as 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, asset management, risk solutions and Regtech.
This joint venture looks poised to introduce new services to the Chinese market that can greatly expand financial trading and investment services for Chinese institutions and banks. Considering Saxo Bank’s corporate strategy, this is a step in the right direction.