Saxo Bank, a Danish bank specialized in providing online trading services, said on Tuesday it has entered into a white-label partnership with Lufax, a leading Chinese internet finance company. Under the partnership, Lufax will leverage the technology used for SaxoTraderGO, Saxo Bank’s mobile trading platform, within the next three months.
The Chinese company will benefit from the bank’s multi-asset trading and back office infrastructure. As a result, it will be able to provide its clients with the full platform experience on both desktop and mobile devices. Lufax’s overseas clients will have access to global capital markets, incorporating data from both on and offshore Saxo Bank products.
Saxo Bank’s trading technology platforms enable clients to trade multiple assets from a single margin account on multiple devices. SaxoTraderGO is the mobile version of Saxo Bank’s proprietary online trading platforms SaxoTrader. It is based on HTML 5 and is available for devices with Android and iOS operating systems, in addition to web devices. SaxoTrader and SaxoTraderGO were launched in May 2015, and in November the same year the bank discontinued the other two trading platforms it operated at the time – the SaxoMobileTrader and SaxoTabletTrader.
SaxoTraderGO is used, through a white label partnership, by more than 100 financial institutions across the globe. It provides Saxo Bank’s partners with access to the bank’s multi-asset trading and back office infrastructure through its own OpenAPI. Within its first year of operation, the mobile platform’s growth exceeded the expectations.
This is the broker’s second significant partnership in this region. In April, Saxo Bank entered into a tri-party agreement with another two Chinese companies Wallstreet CN and LeanWork. Under the agreement, Saxo Bank would provide its Open API so that Wallstreet CN would provide access to its clients to global capital markets through its proprietary trading platform WEEX, using the trading system developed by LeanWork.
“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,” Adam Reynolds, CEO Saxo Bank Asia Pacific, said.
Saxo Bank holds a banking license from Denmark’s Financial Supervisory Authority (FSA) and acts as a brokerage firm and a market maker, offering trading in more than 30,000 instruments, including forex, binary options, contracts for difference (CFDs), stocks, futures, and bonds. It works with retail and institutional clients alike.
The group operates 25 offices and has subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa. The Saxo Bank group also offers traditional banking services through its unit Saxo Privatbank.
Shanghai Lujiazui International Financial Asset Exchange, or Lufax, is an online marketplace for financial assets. The company was incorporated with the support of Shanghai’s Municipal Government. As of April this year, Lufax’s number of registered users stood at over 21 million, a quarter of which are active investors.
Source: Saxo Bank