Saxo Bank Attains Systemically Important Financial Institution (SIFI) Designation from Danish FSA

 Dubai, United Arab Emirates - Friday, 14. July 2023


Saxo Bank announces its official designation as a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA). This significant milestone solidifies Saxo Bank's role in the financial system and reaffirms its commitment to being a trusted partner for clients, partners, and other stakeholders across markets.

 

The SIFI designation is a categorisation of financial institutions that play an important role in ensuring the stability and proper functioning of the financial system. Saxo Bank's appointment as a SIFI highlights the bank's integral position as it supports a growing number of clients, as well as banks, fintechs, brokers, asset managers and other industry participants who rely on its solidity and stability for their assets and cash as well as its platforms, market facilitation, and advanced technology solutions.

 

Kim Fournais, CEO & Founder, comments on the recent announcement:

“We are proud to have built Saxo Bank into a solid institution over the past 30 years. We have done this by focusing on servicing our clients and partners well - and having had success doing so we have now been designated as a Systemically Important Financial Institution by the Danish FSA.

This is a testament to our strong and resilient business model and the fact that we have succeeded in building a great culture amongst our Saxonians. This is very much thanks to the expertise of our unique employees, as well as the trust and confidence placed in us by our growing number of clients and partners globally, who every day trust us with their assets, cash and use our platforms to trade the global capital markets and be invested in the world.

It does come with an increased responsibility as Saxo Bank will adhere to even stricter regulatory and capital requirements, which we welcome. We look forward to further strengthening our position as a trusted and vital player in the financial industry, driving positive change, and shaping the future of investing.”

 

As a designated SIFI, Saxo Bank embraces the responsibility of upholding the financial stability and functionality of the financial ecosystem, as well as to protect consumers by adhering to the highest standards.

Damian Hitchen, CEO, Saxo Bank MENA added, “This is a significant milestone for Saxo Bank that exemplifies our unwavering duty to ensure that we strengthen the trust and dependability that’s been vested in us by our stakeholders. This achievement comes at a time when online trading and investment are undergoing unparalleled scrutiny, following some recent exchange challenges. The SIFI designation is, therefore, a crucial honor that further underlines our efforts to position ourselves as a stable, trusted and credible financial player both globally and in the region”.

The SIFI designation along with the recent investment grade rating (BBB with a positive outlook) from S&P reaffirms Saxo Bank's commitment to maintaining a strong financial position and a strategic growth trajectory.

 

ENDS

About Saxo Bank Middle East

At Saxo, we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo Bank was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest. It was also the first Scandinavian bank to establish a presence in the GCC when it launched an office in Dubai, back in May 2009, to cover its regional operations for the MENA region.

Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions, including a Representative Office license by the Central Bank of the UAE.

As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo employs more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit http://www.home.saxo/me.

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Namita Thakkar

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