CMC Markets has expanded its technology partnership with Westpac Banking Corporation, one of Australia’s top four banks. The new deal will upgrade Westpac’s retail trading services, including Westpac Share Trading and St. George Directshares.
Under the deal, CMC will manage the trading technology, and Westpac will handle customer service. The full setup should take about 12 months. CMC expects its Australian clients to grow by 40% and trading activity to rise by about 45%.
Westpac Expands Australia’s Trading Market Access
CMC Markets currently manages over A$90 billion in assets across more than 1.2 million active accounts, making it the second-largest stockbroker in Australia. Through this partnership, Westpac’s 13 million clients will gain access to CMC’s advanced trading tools and features.
With the new system, Westpac users can access trading tools right inside their banking and mobile apps. Once it’s ready, they’ll be able to trade and monitor markets without leaving the platform. CMC will take care of the technical side quietly in the background.
Westpac’s Managing Director for Private Wealth, Ashley Stewart, said the company carefully reviewed its decision to expand the partnership with CMC. He added that CMC’s strong record in online trading made it the clear choice for a lasting partnership.
Focus on Growth, Integration, and Market Impact
Stewart added that this move will help Westpac introduce more advanced features into its online banking services. The goal is to give users a smoother and more flexible trading experience. He also praised CMC’s reliability and consistent performance in the online trading space, saying it made CMC the best fit for Westpac’s future goals.
CMC Markets said it will invest heavily in system integration over the next year. Most of the costs will be treated as long-term investments. Once the new system launches, the company expects strong revenue growth, especially from its CMC Invest division in Australia.
In addition to this partnership, CMC has also added new global payment options, including Skrill and Neteller. These services will make deposits and withdrawals faster and easier for clients worldwide. The company said this is part of its goal to give users more flexibility and better access to financial markets.
The expanded partnership between CMC Markets and Westpac marks a big step in Australia’s online trading industry. It combines Westpac’s strong customer base with CMC’s leading technology. Both companies said they aim to deliver a more powerful, flexible, and user-friendly trading experience for millions of investors.
Frequently Asked Questions
What is the purpose of CMC’s partnership with Westpac?
The partnership allows CMC to provide its trading technology for Westpac’s platforms, giving millions of clients’ access to advanced trading tools and better services.
How will this deal benefit CMC Markets?
CMC expects its Australian customer base to grow by about 40% and trading volumes to increase by 45% once the integration is complete.
When will the new platforms be available to users?
The integration process will take around 12 months. After that, Westpac customers will be able to use the updated trading platforms through online and mobile banking.