After completing the acquisition by Chinese Geely Group, the Copenhagen-based multi-asset brokerage, Saxo Bank is focusing to expand its presence in India with more than 500 employees being shifted to a new bigger office in Gurugram and the company announced its plan to make it as a hub of fintech innovation.
Simultaneously, Saxo Group India also plans to increase its headcount by 20 per cent in 2018. The new office inaugurated in 11th October is spread across 125,000 square feet with state-of-the-art interior designing to inspire innovation and collaborations across multiple departments.
Saxo Group’s India operation is mainly based on IT and operations and doesn’t offer its services in India due to regulatory constraints. Saxo Bank is continuously improving its IT backbone and trading technology and operations to provide clients access with more than 35,000 financial instruments across asset classes and geographies.
The company latest focus on improving operations comes at a time, when it is facing severe headwinds in business, reporting multi-year trading volumes, restructuring its operations and has many new multiple hires in the top senior level management.
Deepak Gupta, COO at Saxo Group India, comments:
Saxo is making major investments in IT with the aim of digitizing the whole value chain and leveraging new technology. The new office in Gurugram provides an inspiring environment to accommodate our ambitious strategy plan of growing our team by more than 200 people in the next few years. Our key priorities are to continue to be a pioneer in the industry by moving to the cloud and use machine learning and artificial intelligence to keep pushing the boundaries of what technology can achieve in finance.
Kim Fournais, CEO & founder at Saxo Bank, comments:
We usually say that Saxo Bank is an IT-company with a banking license. Despite being more than 25 years old, Saxo has never stopped thinking like a start-up, and we are truly agile in how we embrace new developments and innovation. Saxo India has been instrumental in the journey to become a leading fintech specialist and our team in Gurugram has grown eightfold to more than 500 extremely skilled and dedicated Saxonians. We look forward to welcoming even more talented people in the near future.