Saxo Bank announces white label partnerships with five Danish banks
Saxo Bank has signed white label agreements with five banks through an integration with SDC, a leading data centre and IT infrastructure provider to more than 120 banks in the Nordics, to provide clients with industry-leading investment platforms and technology.
Saxo Bank and five Danish SDC member banks (Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank) have entered a partnership agreement, which will give the banks’ combined 500,000 clients access to Saxo Bank’s user-friendly and innovative trading and investment solutions.
SDC is jointly owned by the 120 member banks for the development, maintenance and joint purchase of IT systems and related services. The integration with SDC’s core banking systems makes it possible for the other member banks to opt-in and offer their clients similar digital investing and advisory solutions. As part of the partnership, Saxo is developing a digital advisory tool, which can work together with the banks’ existing systems. This tool will simplify processes for the banks’ financial advisors by providing them with a full and more detailed overview of their customers’ portfolios.
The deal is the culmination of long preliminary talks around developing a comprehensive digital investment solution that gives the banks access to Saxo Bank’s award-winning platforms as well as bespoke advisory solutions.
By partnering with Saxo Bank, the small and medium-sized banks under SDC can cut costs and complexity while providing their clients with a state-of-the-art investment experience with broad access to stocks, bonds, mutual funds and ETFs. This enables them to fully leverage Saxo’s technology and platforms to further improve and digitise engagement as well as build client experiences that are tailored to meet individual needs.
The technical integration will begin in the second half of 2020 and the solutions are expected to launch for the participating banks’ customers in the first half of 2021.
Commenting on the partnership, Kim Fournais, CEO and Founder of Saxo Bank, said:
“We are very proud to sign this landmark partnership with a group of Danish banks. It has been a very constructive process, where we have leveraged our expertise of building white label solutions and worked closely with the participating banks to fully understand their clients’ and advisors’ needs. The end-clients will gain access to our market-leading trading and investment platforms and our partners in SDC will save on IT-costs and cut complexity, which will enable them to focus even more on servicing their clients.
At Saxo Bank we have always believed in the power of partnerships and that we achieve the best results when we build on each other’s strengths. This is what this agreement is all about and it is a true win-win situation for all parties. I am convinced that we will see more partnerships like this one across the European banking sector as clients demand more intelligent and digital investment solutions.”
Saxo Bank is a leading Fintech specialist that connects people to investment opportunities in global capital markets. As a provider of multi-asset trading and investment, Saxo Bank’s vision is to enable people to fulfil their financial aspirations and make an impact. Saxo’s user-friendly and personalised platform experience gives investors exactly what they need, when they need it, no matter if they want to actively trade global markets or invest into their future.
Founded in 1992, Saxo Bank was one of the first financial institutions to develop an online trading platform that provided private investors with the same tools and market access as professional traders, large institutions, and fund managers. Saxo combines an agile fintech mindset with close to 30 years of experience and track record in global capital markets to deliver a state-of-the-art experience to clients. The Saxo Bank Group holds four banking licenses and is well regulated globally. Saxo offers clients around the world broad access to global capital markets across asset classes, where they can trade more than 65,000 instruments in over 26 languages from one single margin account. The Saxo Bank Group also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients via its open banking technology.
Headquartered in Copenhagen, Saxo Bank’s client assets total more than 90 bn USD and the company has more than 2,500 financial and technology professionals in financial centers around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo. For more information, please visit: www.home.saxo.