The bank will build on Avaloq’s platform to refine client solutions and accelerate its technology-led growth plans
DBS Wealth Management is the wealth management arm of DBS Bank (“DBS”), a leading financial services group in Asia. An early adopter of digital transformation and innovation, DBS has since become one of the world’s most digital-focused financial institutions. DBS is at the forefront of leveraging technology to shape the future of banking and was named ‘World’s Best Digital Bank’ by Euromoney in 2018. In the same year, its integrated all-in-one wealth management platform DBS iWealth was accorded “Global no. 1 for Wealth Apps” by Cutter Research.
DBS Wealth Management first partnered Avaloq in 2009 and was among its first clients in the Asia Pacific market. As part of its plans to engage and serve clients more effectively, DBS Wealth Management will tap on Avaloq’s platform to deliver enhanced levels of personalized service, advisory and solutions, to provide clients with a seamless digital wealth management experience.
The bank will also work with Avaloq on modernizing its technology architecture across tech stacks, application programming interface (API), microservices, open shift containerization and cloud-native applications etc. These endeavours are aimed to achieve greater agility and faster time-to-market for new products and services, as well as strengthen ecosystem partnerships by allowing easier integration with FinTechs, start-ups and other stakeholders.
Sim S Lim, Group Head of Consumer Banking and Wealth Management, DBS Bank, said: “We are delighted to strengthen our relationship with Avaloq. Given the rising pervasiveness of disruptive technologies, DBS firmly believes in the need to put technology at the heart of our services, and is committed to becoming a tech company in our own right by continually investing in and upping the ante in our digital infrastructure, capabilities and solutions. We have used Avaloq’s solutions for the delivery of our investment offerings for a decade, and are excited by the possibilities of this expanded partnership.”
Pascal Foehn, Avaloq Executive Board Sponsor for Asia and Avaloq Group COO, said: “We’re proud that DBS, as a long-term member of the Avaloq Community in Asia, has decided to intensify its partnership with us and will be using our solutions to further accelerate its digital-led growth strategy. We are deeply committed to supporting the bank on this journey. We look forward to continuing this close partnership with DBS, and enabling them to achieve their growth objectives and further grow and expand their business.”