Microsoft Corporation (NASDAQ:MSFT) and Copenhagen based Forex and multi asset broker Saxo Bank have today announced a strategic partnership with the aim of running Saxo Bank’s entire technology stack on the Microsoft Cloud.
The companies said that financial services are at a transformational tipping point. It is key for financial organizations to harness data and cloud services as a strategic asset, shifting from hindsight to foresight closely hinged on security, privacy and regulatory compliance. With the partnership, Saxo Bank aims to be at the forefront of cloud-based solutions in the financial industry.
Saxo Bank is a fintech specialist focused on multi-asset trading and investment, servicing clients in more than 170 countries with access to investments in global capital markets and headquartered in Copenhagen, Denmark. Saxo Bank delivers “Banking-as-a-service” allowing other banks and brokers to leverage Saxo Bank’s technology and global capital markets access. Expecting the number and scale of partnerships to grow significantly, Saxo Bank has decided to leverage the Microsoft Cloud to ensure scalability, flexibility and security in the digital infrastructure.
The future of financial services is cloud based and by partnering with Microsoft we take part in shaping this future. Saxo Bank was a fintech long before the term was created, and it is a natural step for us to also pioneer cloud-based solutions in financial services. 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”, said Kim Fournais, founder and CEO, Saxo Bank.
A trusted platform is the foundation for running financial services in the cloud and organizations – like Saxo Bank – who continuously develop to stay at the forefront of technology will become the digital leaders of the future and maintain their competitive edge.
We are excited to help Saxo Bank shape the future of trading and investment on our cloud platform. Saxo Bank is at the forefront of fintech and our partnership will enable financial service organizations to securely harness data to better serve their clients”, commented Judson Althoff, Executive Vice President, Worldwide Commercial Business, Microsoft.
We are proud to break new ground together with Microsoft and look forward to be 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. At an early stage, we saw opportunities in using the internet and digital solutions to differentiate ourselves. Since we launched one of the first online investment platforms in 1998, we have been a Microsoft house, as such the Microsoft cloud is a natural fit for Saxo Bank”, added Kim Fournais, founder and CEO Saxo Bank.
Today, Saxo Bank supports more than 120 White Label partnerships globally and facilitates access to more than 35,000 financial instruments across multiple asset classes.