Fintech BUX and ABN AMRO Clearing team up
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Fintech BUX and ABN AMRO Clearing signed a contract to jointly create a new ecosystem for financial services. This follows months of joint preparations that will now allow BUX to incorporate ABN AMRO Clearing-backed technology into BUX’s soon-to-launch investment app, STOCKS.
This collaboration will allow BUX to operate STOCKS using two key elements. First, STOCKS customers’ money will be held by ABN AMRO Clearing in an individual blockchain bank account using ABN AMRO Clearing’s innovative Banking as a Service (BaaS) platform, launched by ABN AMRO Clearing Additionally, customer buy and sell orders will also be routed through ABN AMRO Clearing’s Smart Order Routing (SOR) solution.
“This collaboration demonstrates both BUX and ABN AMRO’s commitment to delivering financial services as a secure, intuitive, easy-to-use experience.” said Nick Bortot, CEO and Founder of BUX. “We are in an exciting time where collaboration between fintechs and trusted, corporate institutions can deliver the best of both worlds to consumers. This new collaboration will be a key element in how we drive value for our customers in STOCKS.”
“We are delighted to start working with BUX. The BaaS model and the new Smart Order Router are ideally suited for an internationally operating investment company such as BUX.’’ Said Reinier van Dam, Head of BaaS, ABN AMRO.