2 years ago
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HSBC Singapore has partnered with Saxo Bank in order to integrate its trading technology into the digital investment offerings in Singapore.
The adoption of Saxo’s self-directed trading infrastructure for equities investments marks a significant move for Saxo Bank which has been expanding across the Asia Pacific at a very fast pace.
HSBC is one of the largest banking players in the region and the deal with HSBC Singapore may be the first step in a larger agreement between both companies.
HSBC stated it expects the collaboration to strengthen its offerings for its retail banking customers, including those overseas.
Saxo Bank’s trading infrastructure offers access to new platform functionalities, more global opportunities and an enhanced user experience to HSBC clients.
The platform uses OpenAPI technology to make digital banking easier and more efficient, while reducing cost and complexity.
Adam Reynolds, Asia Pacific chief executive officer of Saxo, said: “Saxo’s OpenAPI technology provides best-in-class efficiency and scalability investment and trading architecture, while allowing HSBC to focus its energies and resources into client servicing and experience.
Anurag Mathur, head of wealth and personal banking at HSBC Singapore, commented: “Saxo’s well-reputed trading infrastructure will allow us to boost our equities trading capabilities and deliver an end-to-end solution to our customers.”
Earlier this year, HSBC launched a new suite of mobile-led digital solutions. The bank has recently introduced more than 60 remote-enabled processes and customer servicing journeys over the past 2 years.
Saxo Bank has focused much of its business development in the Asia Pacific. Earlier this year, Saxo Bank reported a 400% growth in client deposits since Geely took over the company.
Saxo Capital Markets HK Limited has been awarded type 4 and type 9 licenses from Hong Kong’s regulator, SFC. The new licenses will allow Saxo Markets to provide asset and wealth management services to investors and are part of Saxo’s expansion strategy in China and Hong Kong.
Saxo keeps growing its client base at a fast speed, having onboarded more than 159,000 new accounts in the first half of 2021.
Total active accounts now amount to more than 790,000 and total clients’ assets under custody have surpassed DKK 595 billion as of 30 June 2021.
In October, Saxo Bank reported crypto trading turnover exceeding 2.5 billion USD since launching Crypto FX products in May 2021.
Clients have quickly responded to the launch by adhering to the new offering, prompting the Danish online broker to increase position limits and add new crypto products in response to significant client demand.
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