Saxo Bank Continues Asian Odyssey With Partnership Deal

Tom Burroughes

25 May 2016

Denmark-headquartered Saxo Bank, the online trading and investment specialist, has formed a partnership with Lufax, the Chinese internet finance company, amid continuing moves to tap into Asia’s growing population of mass affluent and high net worth individuals.

The partnership, expected to launch within the next three months, will see Lufax use Saxo’s trading technology so its clients can gain access on mobile and desktop platforms, with the user cycle working all the way from pre-trade, execution and post-trade services. Service will initially focus on exchange traded funds and cash equities.

The development comes after a three-way agreement between Saxo Bank, Wallstreet CN and LeanWork in April, after Saxo launched in the Shanghai Free-Trade Zone in September last year.

Saxo Bank said it is one of the first financial institutions to give access to its trading infrastructure through the bank's OpenAPI. The move covers Saxo's multi-asset trading and back office infrastructure.

Shanghai Lujiazui International Financial Asset Exchange, aka Lufax, is an online marketplace for the origination and trading of financial assets. As of April this year, Lufax's number of registered users stood at over 21 million, a quarter of which are active investors.