Half a year after setting up its first Shanghai office, Copenhagen-based global bank and forex broker announces a tri-party agreement with Wallstreet CN and LeanWork which will significantly strengthen Saxo Bank’s presence in Greater China.
According to the agreement, the users of Wallstreet CN will be able to access global capital markets from WEEX (an online trading service platform created by Wallstreet CN) with trading system developed by LeanWork and Open API powered by Saxo Bank.
Kim Fournais, co-founder and CEO of Saxo Bank, commented: “This unique partnership underlines the strength of Saxo’s Open API which with limitless customization options will increase the power of trading technology now and in the future. This truly is a win-win for all parties and at Saxo Bank we are excited to be working with two exceptionally successful start-ups which empower Chinese speaking investors”.
Founded in 2013 as a personal blog, Wallstreet CN was registered in Shanghai and received venture capital investment from China Ping An and Hai Tong Securities’ investment funds, along with several other well-known institutions in China. During the past couple of years, Wallstreet CN has accumulated 15 million monthly unique visitors from scratch and today it is the leading content provider in Greater China delivering one of the most influential market news and economic data.
The other party to the agreement, LeanWork, is a Hong Kong-based technology start-up, which originally started with the creation of a multiple broker solution and has overtime gained significant market share amongst the Chinese speaking broker community. Nowasway the company has a sizable IT development team with over 30 IT developers in its offices across Greater China.
Being both a global bank and FX broker, Saxo Bank is one of the first financial institutions to provide access to its trading infrastructure through the bank’s REST based API called Open API. Founded in Copenhagen back in 1992, Saxo Bank is a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, CFDs, stocks, futures, and bonds through its proprietary online trading platforms SaxoTrader and SaxoTraderGO. It holds a banking license from Denmark’s Financial Supervisory Authority (FSA).
Earlier in April the Danish online trading services provider released its trading metrics for March 2016, which are in tune with the declines reported by most major brokers. The total monthly trading volume of Saxo Bank came in at $254 billion.
The partnership between Saxo Bank, Wallstreet CN and LeanWork was sealed at an official ceremony at Danish Consulate in Shanghai on April 13th, 2016 with attendance of Danish Consul General of Shanghai, Nicolai Prytz.