Danish brokerage Saxo Bank has signed a significant partnership deal with tech-giant Microsoft. The news comes as cloud services are becoming an increasingly more competitive aspect of financial services delivery to end-clients.
Saxo Bank is aiming to run its entire banking platform on the Microsoft Cloud. The change comes amid increasing importance of critical infrastructure and in an environment with rapidly changing regulations for companies that are delivering financial services to their clients.
Commenting on the news, the CEO of Saxo Bank, Kim Fournais said: “The future of financial services is cloud-based, and by partnering with Microsoft we take part in shaping this future.”
“By leveraging the Microsoft Cloud, we can spend more time on developing technology and less time on running it, allowing us to continue to stay at the forefront of client-focused digitization and support our ambitious growth plans,” Fournais elaborated.
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The infrastructure partnership between Saxo Bank and Microsoft will cement the operational infrastructure of the Danish brokerage in the cloud. The firm’s SaxoTraderGO platform has been an essential tool for the clients of the company ever since it launched. Recently, Saxo Bank has also launched its SaxoTraderPRO platform, dedicated to more advanced users that require a more complex setup to trade.
“We are proud to break new ground together with Microsoft and look forward to being working with key stakeholders such as regulators to ensure that cloud solutions continue to evolve and support the high regulatory standards that define the financial industry,” elaborated Fournais.
The move is an extension of a solid partnership between the firms which dates all the way back to 1998 when the Danish bank was making its first steps in the fintech industry.
Microsoft Azure has been at the forefront of financial services. The software giant has focused an immense effort to develop a product that has been the choice of many major financial institutions such as TD Bank, MetLife, Temenos, and others.