When Playtech PLC (LON:PTEC) bought CFH Group late last year for $120 million, we knew that they had big plans in store. Playtech (and its founder Teddy Sagi) does not do things small.
Well today we are learning about at least one of the company’s plans for one of the CFH units, to become a major player in turnkey startup broker packages, especially in the Far East.
CFH Clearing, the FCA regulated Prime of Prime brokerage unit of CFH Group, has announced a new partnership with Singapore-based back-office CRM SaaS provider Backpack.io, to provide a unified integrated solution for online brokerages.
Backpack.io was spun out of trading platform provider TradeSmarter last year. Both companies are headed by co-founder Yoni Avital.
According to the companies, the new partnership provides FX and CFD brokers with a simple, fast and cost-effective way to access all the tools they need to run an online brokerage – from top tier bank and non-bank liquidity through to back office systems, CRM solutions, onboarding, reporting and business intelligence tools. It removes unnecessary hurdles faced by brokers when they mix and match a number of SaaS solutions from multiple suppliers, which can result in months of integration.
The CFH Clearing and Backpack offering is expected to have particular appeal in the APAC region, where there are an increasing numbers of start-up brokers.
Yoni Avital, Backpack.io
According to Yoni Avital, Founder and CEO of Backpack,
Our partnership with CFH Clearing is a true game changer for existing and new B2B customers. It allows them to launch their brokerages far faster than ever before and at a lower cost. Clients will no longer need to search for separate back-office components such as CRM, payment aggregators, onboarding registration, ID verification (KYC, AML), 360 reporting and business intelligence tools. They will also no longer need to involve system integrators to connect the solutions together. With the use of our smart widgets system, setting up and running a complete brokerage solution has never been easier.
By partnering with CFH Clearing, with its market leading liquidity and wide choice of trading platforms, we have created a very attractive and scalable offering – providing brokers with a complete and competitive solution.
CFH Clearing is an interbank prime of prime liquidity provider for established institutional banks, brokers and fund managers. It is one of the largest interbank venues in the market, with more than 600+ institutional clients in over 83 countries. CFH Clearing is authorised and regulated by the Financial Conduct Authority (FCA). As stated above, CFH Clearing is part of the CFH Group, which was acquired by online gaming and finance giant Playtech for $120 million in late 2016.
Backpack is a Fintech company, providing all-in-one back and front office SaaS solution, helping financial services companies grow their revenues and maximize their business operation efficiency.