Five Danish banks white label Saxo Bank via SDC integration
Copenhagen based FX and multi asset broker Saxo Bank has announced that it has signed white label agreements with five banks in its native Denmark through an integration with SDC, a leading data centre and IT infrastructure provider to more than 120 banks in the Nordics.
The white label agreement will provide clients of the banks with access to Saxo Bank’s investment platforms and technology.
Saxo Bank and five Danish SDC member banks – Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank – have entered a partnership agreement, which 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.
As part of the partnership, Saxo is developing a digital advisory tool, which can work together with the banks’ existing systems. This tool will simplify processes for the banks’ financial advisors by providing them with a full and more detailed overview of their customers’ portfolios.
The deal is the culmination of long preliminary talks around developing a comprehensive digital investment solution that gives the banks access to Saxo Bank’s award-winning platforms as well as bespoke advisory solutions.
By partnering with Saxo Bank, the small and medium-sized banks under SDC can cut costs and complexity while providing their clients with a state-of-the-art investment experience with broad access to stocks, bonds, mutual funds and ETFs. This enables them to fully leverage Saxo’s technology and platforms to further improve and digitise engagement as well as build client experiences that are tailored to meet individual needs.
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.
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.”