Saxo Opts for Singapore First
Saxo Bank chose Singapore as its launchpad in Asia for clients to access a new account offering. The city-state is the first market for the new product in the region.
Saxo's Singaporean unit launched the Essential Account, a solution for new traders, the Danish company said in a statement today. Singapore is the first market in the region for the roll out. Following the Lion City, the U.K. and the UAE, the new account type will soon be released in Australia.
Saxo believes Singapore is a price-sensitive market. The new account is therefore priced competitively with a low minimum funding of S$1,000.
Keep Innovation Up
«Fintech adoption is growing in Asia and the space is becoming more competitive, the key is to keep identifying challenges and to consistently innovate and improve,» said Adam Reynolds, chief executive officer of Asia-Pacific at Saxo Capital Markets.
Chinese automotive group Geely increased its stake in Denmark's Saxo Bank to 51.5 percent last year, the deal is pending regulatory approval. Geely, founded by businessman Li Shufu, had been seeking opportunities to expand into the finance sector and is now keen to ramp up the Danish firm's financial technology across Asia.
