Saxo Payments Banking Circle chooses Luxembourg
Online trading platform, Saxo Payments Banking Circle, a subsidiary of the Danish Saxo Bank Group, is seeking approval of Luxembourg’s regulator (CSSF) to obtain a banking licence following the UK's decision to leave the European Union.
“We were looking for an environment and framework that promotes innovation”, said Anders la Cour, CEO of Saxo Payments Banking Circle speaking at a conference in Luxembourg last week.
A list of criteria was drawn up for the choice to be made, which included a favorable legislative and financial environment, a solid infrastructure, expertise in terms of human resources and central access for business travel.
The proactive and open-minded attitude of the CSSF as well as the country’s high-level infrastructure in terms of data centres and connectivity were decisive in the choice of Saxo Payments to establish in Luxembourg.
Founded in 2013, Saxo Payments offers an online platform that operates as a clearing house model, allowing companies or financial institutions to manage accounts, make payments or carry out foreign currency transactions.