Online multi-asset brokerage Saxo Bank has secured a memorandum of understanding (MOU) with Chinese financial technology firm Phoenix Finance for an exclusive white-label partnership.
The partnership, expected to launch within the next three months, will see Phoenix customers leverage the trading technology that underpins Saxo’s multi-asset trading platforms and back office infrastructure. Through the bank’s OpenAPI, users will have access to over 20 years of trading experience while enables Phoenix to create new revenue streams. Saxo Bank on the other hand gets a new distribution channel in new markets and segments as Phoenix Finance has a strong reach to overseas Chinese investors.
Is it Time For Banks to Move Over And Create Space For Blockchain?Go to article >>
Under the terms of the agreement, Phoenix Finance will white label Saxo Bank’s multi-asset trading technology which offers access to more than 30,000 financial instruments. The Beijing-headquartered company operates a wealth management platform; therefore its clientele could be particularly interested in Saxo’s international equity and fixed income offerings.
The new partnership will further bolster the building of Saxo’s white label business which remains a fundamental part of its expansion strategies. Today, more than 120 banks and brokers outsource Saxo’s investment and trading capabilities which in turn provides them a reliable and cost-efficient way to replace outdated trading technology.
In a comment, Adam Reynolds, CEO of Asia Pacific at Saxo Bank, said: “We are delighted to be working with Phoenix Finance on this new partnership which demonstrates our ongoing commitment to becoming a trading facilitator and technology provider for banks and brokers around the world. The partnership is a good example of win-win created through collaboration in the financial sector. Without having to develop its own solution, which might take years and be costly, Phoenix will be able to offer their clients a stronger investment and trading product by utilizing Saxo’s award-winning technology.”
Vince Zhang, President of Phoenix Finance, added: “Phoenix is ecstatic about partnering with Saxo Bank, the leading global financial technology provider. Through this relationship, Phoenix will be able to expand its product depth and provide our millions of investors with a more diverse product portfolio and innovative analytical tools.”