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Representatives of Liangjiang New Area, Geely Holding Group and Fintech attend the opening ceremony of Saxo Fintech. [Photo/liangjiang.gov.cn]

Saxo Fintech, a joint venture co-established by China's Geely Holding Group and Demark's Saxo Bank, officially began business on Nov 30 in Liangjiang New Area, in Southwest China's Chongqing municipality.

In April of this year, the company launched in Liangjiang. It will introduce Saxo Bank's leading finance and regulatory technologies and experience to China.

By applying finance cloud services, big data and artificial intelligence, as well as Geely's industrial scenarios and experience in localization, the company will develop financial technology solutions that meet the needs of Chinese customers and China's regulations.

At the company’s launch ceremony, Saxo Fintech signed agreements with multiple financial institutions and companies to carry out cooperation on trading services, regulatory technologies, risk control, market-making systems and cross-border trading services.

Liangjiang has a solid foundation in finance industry development. During the first three quarters of this year, Liangjiang's finance industry achieved an added value of 29.7 billion yuan ($4.52 billion) with a year-on-year increase of 6.1 percent.