Saturday, January 22 2022

“Licenses give us more leeway to now provide more comprehensive services to clients, whether they want to trade in the global financial markets or invest in their future. “

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Saxo Capital Markets HK Limited has been granted Type 4 and Type 9 licenses from the Hong Kong regulator, SFC.

The acquisition of these licenses is part of Saxo’s expansion strategy in China and Hong Kong. A game that has been going on for several years but which has taken on a new rhythm after the Chinese multinational automobile company Geely acquired a majority stake in Saxo Bank.

Saxo established a China office in the Shanghai Free Trade Zone in September 2015 and has since signed extensive FinTech partnerships as part of its Greater China Strategy.

Geely International Hong Kong, a subsidiary of the Geely group, became a shareholder of Saxo in 2017 after acquiring a 25.71% stake and, a year later, the Chinese multinational took over after agreeing to own 52% of the trading company.

Geely’s acquisition of Saxo Bank came amid a complete role reversal that took place in China, which created a huge opportunity for multi-asset forex brokers.

The new law against regional exchanges has opened the door to retail FX as companies turn to over-the-counter e-commerce through international liquidity providers in order to retain their existing audience and diversify, while protecting themselves. against closure.

Earlier this year, Saxo Bank reported 400% growth in customer deposits since Geely took over the company.

Now, the new licenses obtained from SFC Hong Kong will enable Saxo Markets to provide asset and wealth management services to investors.

Richard Douglas, Managing Director Hong Kong at Saxo Markets, said: “The licenses give us more leeway to now provide more comprehensive services to clients, whether they wish to trade in global capital markets or invest in their future. This is especially important for the Hong Kong office, as Hong Kong is a key growth market for Saxo and the connected gateway to mainland China.

Saxo Markets will add the Type 4 and 9 licenses to the SFC Type 1, 2 and 3 licenses that the brokerage firm currently holds.

Lester Chan, Head of Wealth Management and Head of Saxo Markets, said: “Hong Kong investors are now very digital savvy. They are looking for a platform that is easy to use, capable of delivering tailored solutions according to their financial situation and able to manage their needs through a single account with high level professional support.

Saxo continues to grow its customer base at a rapid pace, having onboarded over 159,000 new accounts in the first half of 2021.

Total active accounts now stand at over 790,000 and total clients’ assets on deposit exceeded DKK 595 billion as of June 30, 2021.

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