HSBC Teams up with Saxo Bank to Enhance Digital Investment Offerings in Singapore

HSBC Bank (Singapore) Limited (HSBC Singapore) announced on Friday that it has entered into an agreement with Saxo Bank A/S (Saxo) to adopt its end-to-end, self-directed trading infrastructure for equities investments. 

The collaboration will enable HSBC Singapore to strengthen its equities investment offering to all retail banking customers, including those residing overseas. By incorporating Saxo's trading infrastructure to HSBC Singapore's digital platform, HSBC customers will gain access to new platform functionalities, expanded global market access and enhanced user experience.

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"To meet our customers' need for best-in-class digital banking and wealth solutions, we need to work with like-minded partners to scale up our digital capabilities at pace. Saxo's well-reputed trading infrastructure will allow us to boost our equities trading capabilities and deliver an end-to-end solution to our customers," said Mr Anurag Mathur, Head of Wealth and Personal Banking, HSBC Singapore.

Mr Adam Reynolds, APAC CEO, Saxo, commented, "We are very excited to enter into this agreement with HSBC which supports Singapore's position as an International Wealth Hub. Singapore will be the first in HSBC to adopt our trading platform, and we are excited to be combining natural synergies from both companies to deliver an enhanced trading and investment experience for HSBC customers. Saxo's OpenAPI technology provides best-in-class efficiency and scalability investment and trading architecture, while allowing HSBC to focus its energies and resources into client servicing and experience. We look forward to this collaboration which aims to reduce cost and complexity, and accelerate the development of a fully digital wealth experience for HSBC customers."

As Fazzaco reported last month, HSBC has released its financials for the third quarter of 2021​, showing a slip in global Foreign Exchange revenues on a YoY basis. The global FX revenues for the quarter came in at $772 million, compared to $842 million for the year-ago quarter.