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Saxo Bank to set up fintech venture with Zhejiang Geely in China

Danish investment bank Saxo Bank A/S signed a deal with Geely Sweden Holdings Ab, a unit of China's largest privately-owned carmaker, Zhejiang Geely Automobile Co. Ltd., to set up a joint venture to offer financial and regulatory technology solutions to Chinese financial institutions.

The joint venture, in which the two companies will each own a 50% stake, aims to provide full-suite solutions in areas including trading, investment, robot-advisory and asset management, using technologies such as cloud-based services, big data and artificial intelligence, according to a Dec. 17 statement.

Geely, which acquired a 52% stake in the Danish bank in September 2018, said it will support the deployment and operation of the venture while Saxo Bank will provide financial and regulatory technology support.