The Singapore division of the retail bank HSBC has entered into an agreement with Saxo Bank for providing trading infrastructure for Equities investments to the banking customers.
Announced on Friday, the lender will incorporate Saxo’s trading infrastructure into HSBC Singapore’s digital platform. The bank also stressed that the collaboration between the two will strengthen its equities investment offering to all retail banking customers, including overseas markets.
“Singapore will be the first in HSBC to adopt our Trading Platform , and we are excited to be combining natural synergies from both companies to deliver an enhanced trading and investment experience for HSBC customers,” said Saxo’s APAC CEO, Adam Reynolds.
The integration of the trading infrastructure has been made using Saxo’s OpenAPI technology. This partnership is expected to reduce the bank’s cost and complexity as it can focus energies and resources on client servicing and experience.
Asia Is in Focus
In addition, HSBC is extending its focus to its Asian business after it made an exit from the US retail banking market.
“To meet our customers’ need for best-in-class digital banking and wealth solutions, we need to work with like-minded partners to scale up our digital capabilities at pace,” Anurag Mathur, Head of Wealth and Personal Banking of HSBC Singapore, said.
“Saxo’s well-reputed trading infrastructure will allow us to boost our equities trading capabilities and deliver an end-to-end solution to our customers.”
Meanwhile, Denmark-headquartered Saxo is focusing on its business in the Asian markets. Earlier this year, the broker expanded its offerings with the launch of crypto trading in Singapore and Australia.
Furthermore, Saxo Bank is witnessing soaring demand as client onboarding under its Singapore entity jumped by 24 percent in the first half of this year.
