HSBC collaborates with Saxo Bank to enhance its digital investment offerings in Singapore

Press release - 15 November 2021

HSBC Bank (Singapore) Limited (HSBC Singapore) today announced 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.

Mr Anurag Mathur, Head of Wealth and Personal Banking, HSBC Singapore, “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.”

Ms Lavanya Chari, Global Head of Investments and Wealth Solutions, Wealth and Personal Banking, HSBC, “Our customers want investing to be simple, fast and integrated with their everyday banking. Through this collaboration, we’ll be able to accelerate the delivery of a market leading trading platform for our Singapore customers, opening up a world of opportunity and helping them grow their wealth.”

Mr Adam Reynolds, APAC CEO, Saxo, “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.”

HSBC’s ambition is to become Asia’s #1 wealth management provider in five years, and digitalising its wealth capabilities at scale with a mobile-first approach is key.

Being central to the Group’s Asian Wealth ambitions, HSBC Singapore will continue to accelerate the digitalisation of its banking services and wealth solutions. To better enable its ability to support virtual banking as an International Wealth Hub, HSBC has introduced more than 60 remote-enabled processes and customer servicing journeys since 2020.

Building on the momentum, HSBC Singapore has released a suite of mobile-led digital solutions and customer journeys this year.

In particular, HSBC customers can get a 360 view of their financial holdings including equities in Singapore via HSBC FinConnect which taps on SGFinDex, an industry platform for open banking. They can now open investment accounts for various asset classes including unit trusts and equities; get a consolidated view of their investments via Wealth Portfolio Plus; and update their risk profile, W8-Ben and other investment documents through the Wealth Dashboard, by using their mobile. In addition, Premier and Jade International customers in Hong Kong and mainland China can open an account with the bank digitally.

HSBC Singapore plans to integrate Saxo’s trading platform and offer the enhanced equities trading capabilities to its customers starting from early 2022.

Press contact

About Saxo Singapore

Saxo Markets Singapore is a licensed subsidiary of Saxo Bank, a leading Fintech specialist that connects people to investment opportunities in global capital markets. Saxo Markets has operated in Singapore since 2006 and serves as the APAC headquarters. As a provider of multi-asset trading and investment, Saxo’s vision is to enable people to fulfil their financial aspirations and make an impact. Saxo’s user-friendly and personalised platform experience gives investors exactly what they need, when they need it, no matter if they want to actively trade global markets or invest into their future.

About HSBC Singapore

HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. ​ HSBC Singapore has a retail network of nine dedicated HSBC Premier Centres and two HSBC Jade Centres including an International Wealth Hub as well as many locations across the island providing self-service terminals.

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.

Share

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.

About Saxo Bank

About Saxo

At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.

Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 150 financial institutions as partners by boosting the investment experience they can offer their clients (B2B2C). Keeping our headquarters in Copenhagen, Saxo has more than 2,300 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit: www.home.saxo

 

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:

Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)