Multi-asset investment specialist Saxo Bank has published a notice to its partners about an important change to Saxo’s service.

After careful consideration, Saxo has made the decision to stop onboarding clients in certain countries, effective from 1 July 2024. This decision aligns with Saxo’s overall risk appetite and aims to enhance operational efficiency, while meeting regulatory requirements.

Saxo said:

“We are notifying all partners about this change to ensure transparency and openness in our collaboration, regardless of their past business in these markets.”

• Which countries will NO longer be supported?

The 2024 country presence reduction means that the company will exit the following markets for direct clients:

Albania, Argentina, Aruba, Bahrain, Bonaire, Sint Eustatius and Saba, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, China, Curacao, Cyprus, Egypt, French Guiana, French Polynesia, Georgia, Guadeloupe, Guernsey, India, Indonesia, Isle of Man, Jersey, Jordan, Kuwait, Martinique, Mauritius, Mayotte, New Caledonia, New Zealand, Oman, Réunion Island, Saint Barthelemy, Saint Martin, Serbia, Seychelles, Sint Maarten, South Africa, Taiwan, Turkey, Uruguay.

• Which countries does Saxo support?

Subject to license checks and local conditions, intermediaries can onboard clients residing in the countries below:

Australia, Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Greece, Greenland, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Japan, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom.

Saxo commented:

“Our goal is to optimise resources, ensure regulatory compliance, and mitigate risks. By reducing our country presence, we can concentrate our efforts to deliver exceptional services and innovative solutions in markets that align with our business objectives”.

Following 1 July 2024, current and future client applications from any country other than the officially supported ones listed above will be rejected. Existing clients will not be impacted immediately, but Saxo expects to offboard all clients in unsupported regions by the end of the year.

As part of the offboarding process, Saxo is legally obliged to inform affected end-clients directly.

In June 2024, Saxo confirmed it was reviewing strategic opportunities for its Asia-Pacific presence.