Saxo partners HSBC to bring eGIRO and FAST Direct Debit Solution to clients in Singapore
SINGAPORE, 4 November 2022 – Saxo, a leading Fintech specialist that connects people to investment opportunities in global capital markets, has worked with HSBC to incorporate eGIRO and FAST Direct Debit Solution to support real-time funds transfer into its trading and investing platforms.
The innovative solution, which HSBC first launched in April 2020, helps businesses provide a significantly faster and simpler one-stop payment journey for their clients.
Saxo can now use Real Time Direct Debit APIs to trigger on-demand instant collection. Investors would need to perform a one-time Direct Debit Authorisation electronically via eGIRO. “We are very happy to be able to launch this for our clients as it will bring a much smoother user experience as they trade and invest in the markets, without the need to leave the Saxo platform. In addition to ad-hoc top ups, this solution also perfectly ties in with our digital asset management solutions and RSP products where recurrent deposits can be easily scheduled again without having to separately log in to the bank account, ” Thomas Qvistgaard Hansen, APAC COO, Saxo Markets, said.
Previously, the challenge was that investors who needed to top up their investment account after performing trades would need to log in separately into their bank’s account to initiate a funds transfer.
The new API solution covers the end-to-end process – from authorisation set-up, real-time verification to initiation of direct debit – all from within Saxo’s platforms, translating into a seamless customer experience. The fully automated process also eliminates the manual paperwork involved and further enhances operational efficiency in cash flow management.
Winnie Yap, Head of Global Payments Solutions, HSBC Singapore, said: “In an increasingly digital and connected world, client-centric businesses like Saxo are looking to serve their clients in a simple, seamless manner. We are delighted to partner Saxo to support their growth across international markets, by co-creating solutions built upon our cutting-edge real-time
payment rails and APIs.”
In addition to Singapore, Saxo has also co-created solutions with HSBC in Hong Kong to digitise processes to build a more optimised treasury organisation.
Read more here for a complete guide to Saxo’s eDDA: eDDA: the complete guide – Saxo Markets SG Support (help.saxo)
Head of Strategic Communications and PR APAC
+45 31 39 45 04 (DK)
Saxo Markets is a licensed subsidiary of Saxo Bank, a leading Fintech specialist that connects people to investment opportunities in global capital markets. Saxo Markets has operated in Singapore since 2006 and serves as the APAC headquarters. 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 72,000 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 83,4 billion 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/en-sg/.