Denmark's Saxo Bank establishes joint fintech venture with Chinese auto firm Geely

It will provide financial and regulatory tech solutions to banks and fintechs in China.

Danish Saxo Bank and Geely Sweden Holdings, a subsidiary of Zhejiang Geely Holding Group will establish a fintech joint venture to provide financial and regulatory tech solutions to banks and fintechs in China, according to a joint press release.

The venture will leverage cloud-based services, big data and artificial intelligence to serve Chinese financial institution, especially in the areas of trading and investment, robo-advisory, asset management, risk solutions and Regtech. Geely will fully support the deployment and operation of the JV, especially in providing local know-how.

The ownership structure of the new joint venture will be an equal fifty percent split between Saxo Bank and Geely.

Geely Holding Group became a shareholder of Saxo Bank in September 2018.