Saxo Bank takes OpenAPI solution to China in partnership with mainland’s largest internet finance company
Technology-led electronic trading company Saxo Bank is a tour de force in mainland China, with research conducted by FinanceFeeds among large introducing brokers in tier 2 development cities in China having concluded that Saxo Bank is one of the preferred suppliers of trading environments in the mainland. Today, the company furthered its presence in China […]
Technology-led electronic trading company Saxo Bank is a tour de force in mainland China, with research conducted by FinanceFeeds among large introducing brokers in tier 2 development cities in China having concluded that Saxo Bank is one of the preferred suppliers of trading environments in the mainland.
Today, the company furthered its presence in China by entering a partnership with Chinese internet finance giant Lufax, which will be implemented within the next three months.
Lufax will utilize the trading technology which powers the SaxoTraderGo device neutral platform, providing the client base of Lufax with a trading environment which operates across mobile and desktop platforms, including complete functionality across the trade cycle – from pre-trade, execution and post-trade services for ETFs and cash stocks initially.
Overseas clients from Lufax will benefit directly from Saxo’s multi-asset capabilities – through access to global capital markets from one single account incorporating data from both on and offshore products.
Adam Reynolds, CEO Saxo Bank Asia Pacific today made a commercial statement on the partnership, stating
“Lufax is a milestone company to commit to providing its clients with a best-in-class trading experience through a white label partnership with Saxo Bank. Our second Chinese partnership in a matter of weeks is multi-faceted; highlighting not only our commitment to the empowerment of the region’s investors and position as an enabler of financial market activity in one of the world’s largest markets, but also the strength of our platform and OpenAPI technology – both of which we believe to be integral to the future of trading globally.”
Gregory Gibb, CEO of Lufax added: “We are delighted to be able to offer an alternative channel of this calibre to our trading community. Saxo Bank is at the forefront of online trading and its expertise will strengthen our ambition to be China’s leading online wealth management provider.”
White label partnerships remain a fundamental part of Saxo Bank’s business, and FinanceFeeds took a close look at how the OpenAPI solution which was engineered by Saxo Bank can allow white label partners across many industry sectors from local banks to online financial portals to integrate the trading system into their own website and corporate domain, with the trading system being provided by Saxo Bank, and the user interface and trading applications being able to be developed by the white label partners themselves.
In December 2015, Saxo Bank’s Head of Open API Benny Boye Johansen discussed at length the importance of having a ‘one account solution’ with FinanceFeeds at the company’s head office in Hellerup, Denmark.
The partnership between Lufax and Saxo Bank is indeed a further evolution of this development and is another example of Saxo Bank’s remit to be able to provide the facility for institutions to be able to incorporate platform technology that allows clients to access their entire portfolios from one single account.
