Saxo Partners with HSBC to Support Real-Time Funds Transfer in Singapore

Saxo, a leading Fintech specialist that connects people to investment opportunities in global capital markets, has worked with HSBC to incorporate eGIRO and FAST Direct Debit Solution to support real-time funds transfer into its trading and investing platforms.

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The innovative solution, which HSBC first launched in April 2020, helps businesses provide a significantly faster and simpler one-stop payment journey for their clients.

Saxo can now use Real Time Direct Debit APIs to trigger on-demand instant collection. Investors would need to perform a one-time Direct Debit Authorisation electronically via eGIRO.

"We are very happy to be able to launch this for our clients as it will bring a much smoother user experience as they trade and invest in the markets, without the need to leave the Saxo platform. In addition to ad-hoc top ups, this solution also perfectly ties in with our digital asset management solutions and RSP products where recurrent deposits can be easily scheduled again without having to separately log in to the bank account,"Thomas Qvistgaard Hansen, APAC COO, Saxo Markets, said.

Winnie Yap, Head of Global Payments Solutions, HSBC Singapore, said:"In an increasingly digital and connected world, client-centric businesses like Saxo are looking to serve their clients in a simple, seamless manner. We are delighted to partner Saxo to support their growth across international markets, by co-creating solutions built upon our cutting-edge real-time payment rails and APIs."

In addition to Singapore, Saxo has also co-created solutions with HSBC in Hong Kong to digitise processes to build a more optimised treasury organisation.  

Source: Finextra