Saxo Bank to move full tech stack to Microsoft cloud
Off to the cloud
Denmark-based Saxo Bank has announced a “strategic partnership” with Microsoft, which will see the bank’s entire technology stack moved to the Microsoft Azure cloud.
The bank states that with this partnership, it “aims to be at the forefront of cloud-based solutions in the financial industry”.
Saxo specialises in multi-asset trading and investment, servicing clients in more than 170 countries. It also offers Banking-as-a-Service (BaaS) to other banks and brokers, which enables them to leverage Saxo’s technology and global capital markets access.
It supports more than 120 white-label partnerships globally and facilitates access to more than 35,000 financial instruments across multiple asset classes.
As Saxo expects a significant increase in the number and scale of partnerships, it has decided that Microsoft’s cloud environment will “ensure scalability, flexibility and security in the digital infrastructure”.
Kim Fournais, the bank’s founder and CEO, believes the future of financial services is cloud-based. “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,” Fournais states.
“We are proud to break new ground together with Microsoft,” he continues.
“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.”
