Copenhagen based multi-asset trading and investment specialist Saxo Bank has just announced that it has signed white label agreements with five banks through an integration with the Nordic data centre and IT infrastructure provider SDC.
The technical integration will begin in the second half of 2020 and the solutions are expected to launch for the participating banks’ customers in the first half of 2021.
The partnership between Saxo Bank and the five Danish SDC member banks (Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank) will give the banks’ combined 500,000 clients access to Saxo Bank’s trading and investment solutions.
SDC is jointly owned by the 120 member banks for the development, maintenance and joint purchase of IT systems and related services. The integration with SDC’s core banking systems makes it possible for the other member banks to opt-in and offer their clients similar digital investing and advisory solutions.
The small and medium-sized banks under SDC will now be able to cut costs and complexity while providing their clients with broad access to stocks, bonds, mutual funds and ETFs.
Commenting on the partnership, Kim Fournais, CEO and Founder of Saxo Bank, said:
We are very proud to sign this landmark partnership with a group of Danish banks. It has been a very constructive process, where we have leveraged our expertise of building white label solutions and worked closely with the participating banks to fully understand their clients’ and advisors’ needs. The end-clients will gain access to our market-leading trading and investment platforms and our partners in SDC will save on IT-costs and cut complexity, which will enable them to focus even more on servicing their clients.
At Saxo Bank we have always believed in the power of partnerships and that we achieve the best results when we build on each other’s strengths. This is what this agreement is all about and it is a true win-win situation for all parties. I am convinced that we will see more partnerships like this one across the European banking sector as clients demand more intelligent and digital investment solutions.