Saxo Bank has reached an agreement with Chinese financial technology firm Phoenix Finance to white label its technology. Saxo Bank’s investment and trading technology is based on an Open API system launched by the firm in 2015.

Phoenix operates online financial inflrmation and wealth management services for both the public and private sectors, with more than three million registered users and a transaction volume of around $4.6 billion. The integration of Saxo Bank’s systems with Phoenix is expected to start in Q1 2017.

The deal, says Adam Reynolds, CEO for Asia Pacific at Saxo Bank, “demonstrates our ongoing commitment to becoming a trading facilitator and technology provider for banks and brokers around the world. Without having to develop its own solution, which might take years and be costly, Phoenix will be able to offer their clients a stronger investment and trading product by utilizing Saxo’s award-winning technology.”

Vince Zhang, President of Phoenix Finance, adds: “Phoenix is ecstatic about partnering with Saxo Bank, the leading global financial technology provider. Through this relationship, Phoenix will be able to expand its product depth and provide our millions of investors with a more diverse product portfolio and innovative analytical tools.”

Earlier this year, Saxo Bank appointed Ashok Kalyanswamy as Chief Information Officer and a member of its Executive Team. Replacing Ashley Latham, who stepped down earlier this year, he has over 20 years of experience working in various senior technology positions at firms such as Lehman Brothers and Nomura and most recently served as Division Director and CIO for the Macquarie Securities Group based out of Hong Kong

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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