Saxo Bank partners with China’s Lufax for trade finance
Saxo Bank has formed a new white label partnership with Lufax, a Chinese internet finance company.
The partnership, expected to launch within the next three months, will see Lufax use the trading technology SaxoTraderGO.
The bank says SaxoTraderGO will provide Lufax’s clients access across the trade cycle – from pre-trade, execution and post-trade services for ETFs (exchange traded fund) and cash stocks initially.
Gregory Gibb, CEO of Lufax, says: “Saxo Bank is at the forefront of online trading and its expertise will strengthen our ambition to be China’s leading online wealth management provider.”
Adam Reynolds, CEO Saxo Bank Asia Pacific, says the deal is its second Chinese partnership “in a matter of weeks”.
Last month, Saxo Bank signed a tri-party agreement with Wallstreet CN and LeanWork following Saxo’s launch in the Shanghai Free-Trade Zone in September 2015.
The move, which covers Saxo’s multi-asset trading and back office infrastructure, will allow its partners, clients and external developers to “access over 20 years of trading infrastructure innovation and enable them to customise their trading experience and create new revenue streams”.
Saxo Bank says it is one of the first financial institutions to give access to its trading infrastructure through its OpenAPI.
Lufax (full name Shanghai Lujiazui International Financial Asset Exchange) is an online marketplace for the origination and trading of financial assets.
It was incorporated in Shanghai with the support of Shanghai’s Municipal Government, and has grown into China’s “largest internet finance company in less than four years”.
As of April this year, Lufax says its number of registered users stood at over 21 million, a quarter of which are active investors.