Saxo Capital Markets HK Limited, the firm’s Hong Kong entity, has obtained a type 4 and type 9 licenses. The authorization allows Saxo Markets to enhance its offering to investors, including asset management services.
Richard Douglas, Hong Kong CEO, Saxo Markets, said: “The licenses give us greater room to now provide more comprehensive services to clients, whether they want to trade global capital markets or invest into their future. It’s especially meaningful for the Hong Kong office, as Hong Kong is a key growth market for Saxo and the gateway connected to mainland China.”
Lester Chan, head of wealth management and responsible officer of Saxo Markets, commented: “Investors in Hong Kong now are very much digital-savvy. They are looking for an easy-to-use platform that can provide tailor-made solutions based on their financial situations, and can handle their needs through one single account with top-level professional assistance.”
Saxo Markets, which has been operating in Hong Kong since 2011, already holds SFC Type 1, 2, and 3 licenses. Adding the Type 4 and 9 licenses will help the trading company to further establish its brand in the region, now as an asset and wealth management firm.
Saxo Markets is a subsidiary of Denmark-based Saxo Bank, a leading capital markets firm known for its high-performance fintech capabilities that has made efforts to expand its business into China.
As part of that strategy, Saxo sold a majority stake to China auto-maker Zhejiang Geely in September 2018. Since then, Saxo has been able to grow quite extensively in the country.
Earlier this year, Saxo Bank reported 400% growth in client deposits since Geely took over the company. The key driver behind it is likely to be its business expansion in China arranged by the Chinese auto maker.
The new licenses from Hong Kong’s SFC will now help Saxo to provide a more personalized option for investors. Saxo Markets has recently launched a new online and mobile phone platform for investing in securities and mutual funds, called “SaxoInvestor”.