Denmark-based Saxo Bank is planning to partner with a UAE bank to launch a flagship trading product to exploit high-net-worth people’s desire to manage their wealth directly.
"This region is clearly one where you have high-net-worth individuals. There’s a higher concentration of bigger clients compared to western Europe, where we have a broader investment basis," Lars Christensen, CEO of Saxo Bank was quoted as saying by publication ‘The National’.
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Christensen said the bank had "good traction" with its White Label trading platform in the region. And it was in the process of providing the platform to a UAE bank which he declined to name.
White Label platform is aimed at banks, brokerages and other finance companies that enables financial institutions to offer customers access to financial markets through an online trading product.
Christensen added that the platform will be cheaper for the bank than designing their own products and will allow the bank to outsource its post-trading processes and other back-office operations to Saxo.
According to the publication, customers would see only the local bank’s branding, while Saxo’s role will remain hidden.
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