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UAE: Microsoft and Saxo Bank announced a strategic partnership with the aim of running Saxo Bank’s entire technology stack on the Microsoft Cloud.
Financial services are at a transformational tipping point. It is key for financial organizations to harness data and cloud services as a strategic asset, shifting from hindsight to foresight closely hinged on security, privacy and regulatory compliance. With the partnership, Saxo Bank aims to be at the forefront of cloud-based solutions in the financial industry.
Saxo Bank is a leading fintech specialist focused on multi-asset trading and investment, servicing clients in more than 170 countries with access to investments in global capital markets and headquartered in Copenhagen, Denmark. Saxo Bank delivers “Banking-as-a-service” allowing other banks and brokers to leverage Saxo Bank’s technology and global capital markets access. Expecting the number and scale of partnerships to grow significantly, Saxo Bank has decided to leverage the Microsoft Cloud to ensure scalability, flexibility and security in the digital infrastructure.
“The future of financial services is cloud based and by partnering with Microsoft we take part in shaping this future. Saxo Bank was a fintech long before the term was created, and it is a natural step for us to also pioneer cloud-based solutions in financial services. By leveraging the Microsoft Cloud, we can spend more time on developing technology and less time on running it, allowing us to continue to stay at the forefront of client focused digitization and support our ambitious growth plans”, said Kim Fournais, founder and CEO, Saxo Bank.
A trusted platform is the foundation for running financial services in the cloud and organizations - like Saxo Bank - who continuously develop to stay at the forefront of technology will become the digital leaders of the future and maintain their competitive edge.
“We are excited to help Saxo Bank shape the future of trading and investment on our cloud platform. Saxo Bank is at the forefront of fintech and our partnership will enable financial service organizations to securely harness data to better serve their clients”, said Judson Althoff, Executive Vice President, Worldwide Commercial Business, Microsoft.
“We are proud to break new ground together with Microsoft and look forward to be working with key stakeholders such as regulators to ensure that cloud solutions continue to evolve and support the high regulatory standards that define the financial industry. At an early stage, we saw opportunities in using the internet and digital solutions to differentiate ourselves. Since we launched one of the first online investment platforms in 1998, we have been a Microsoft house, as such the Microsoft cloud is a natural fit for Saxo Bank”, said Kim Fournais, founder and CEO Saxo Bank.
Today, Saxo Bank supports more than 120 White Label partnerships globally. Through its unique trading and investment technology, Saxo Bank facilitates access to more than 35,000 financial instruments across multiple asset classes.
About Saxo Bank
Saxo Bank Group (Saxo) is a leading fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients. For 25 years, Saxo’s mission has been to democratize investment and trading, enabling clients by facilitating their seamless access to global capital markets through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its direct clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides wholesale institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology, supporting the full value chain delivering Banking-as-a-Service (BaaS). Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and launching its first online trading platform in 1998, Saxo Bank was a fintech even before the term was created. Headquartered in Copenhagen, Saxo Bank today employs more than 1500 people in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo.
About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
Media Contacts
Mohammad Akkawi
Action UAE
055 – 394 1044
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