Online multi-asset brokerage Saxo Bank has announced that it has managed to strike a new partnership deal in China, its second in 2016. The Danish bank has on-boarded China’s largest internet finance company Lufax to become its newest white label.
The partnership is expected to launch within the next three months and will introduce to Chinese clients of Lufax the SaxoTraderGO trading platform. Saxo Bank has been actively expanding in China since launching its Shanghai Free-Trade Zone subsidiary in September 2015.
Earlier this year, Saxo Bank launched a three way partnership with Wallstreet CN and LeanWork, marking the first major deal for the company for 2016.
To put the partnership into perspective, Shanghai Lujiazui International Financial Asset Exchange, Lufax, is an online marketplace for the origination and trading of financial assets. The firm is incorporated in Shanghai and has grown into China’s largest internet finance company with over 21 million registered users, a quarter of which are active investors.
The CEO of Lufax, Gregory Gibb, stated: “Saxo Bank is at the forefront of online trading and its expertise will strengthen our ambition to be China’s leading online wealth management provider.”
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With the seamlessly integrating solution of Saxo Bank which is working across mobile and desktop platforms clients from Lufax will directly connect to the multi-asset capabilities of Saxo Bank’s offering with access to global capital markets and data on both on and offshore products.
Commenting on the announcement, the CEO of Saxo Bank Asia Pacific, Adam Reynolds, said: “Lufax is a milestone company to commit to providing its clients with a best-in-class trading experience through a white label partnership with Saxo Bank.”
The perks of Saxo Bank’s OpenAPI which is opening the access to the company’s product line are likely to have been amongst the key factors for the deal.
“White label partnerships remain a fundamental part of Saxo Bank’s business, providing banks with a reliable, sophisticated and cost-efficient way to replace outdated trading technology,” the Danish bank said in a statement.
“Our second Chinese partnership in a matter of weeks highlights 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.”