Saxo Bank and its Chinese majority owner Zhejiang Geely are setting up a joint venture in China to supply financial and regulatory technology solutions such as trading platforms and robo-advisers to local lenders.
The Danish bank, best known for its trading platforms that allow customers to deal in everything from currencies and commodities to equities and derivatives, has been plotting its entry into China ever since carmaker Geely surprised markets two years ago by taking a stake in Saxo that it has since increased to 52 per cent.
The 50-50 joint venture will seek to sell Saxo’s technology to Chinese banks and fintechs but is hoping eventually to gain a banking licence to offer products directly to local traders.
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