DBS and Avaloq have signed a memorandum of understanding (MoU) to expand their 18-year partnership and jointly develop the next generation of wealth management capabilities for clients and advisers across Asia. The strategic partnership combines DBS’ deep wealth and investment expertise with Avaloq’s extensive wealth management technology capabilities. The two organizations will collaborate across three areas: enterprise growth, co-innovation, and capability building exchange.
The expanded partnership supports DBS' ambition to grow its retail and wealth assets under management to SGD 1 trillion by 2030 by strengthening one of the franchise's key growth engines: the capability and capacity of its advisers and specialists to serve the firm’s wealth continuum.
This comes at a time when demand for professional investment advice is rising across Asia, even as the industry faces an acute talent pool crunch. Seven in 10 investors already have an assigned wealth adviser, while more than four in 10 investors without one say they would like one. As wealth creation accelerates, the wealth management industry will not only have to grow its talent pool across the front and back offices but also augment every individual through technology, data and stronger ecosystem partnerships.
Under the MoU, DBS and Avaloq will explore the broader deployment of the Avaloq platform across DBS’ markets and business lines, tailored to different market needs. The two firms will also explore the joint development of capabilities and solutions spanning digital platforms, products, execution and future wealth management models.
The partnership will also harness DBS’ talent pool and Avaloq’s wealth technology expertise to support skills development and knowledge exchange. Potential initiatives include learning programmes, knowledge-sharing sessions, cross-functional exchanges and broader industry engagement.
Shee Tse Koon, Group Executive and Head of Consumer Banking and Wealth Management, DBS, said: “Avaloq has been a critical enabler for our wealth management operations for the past 18 years. This latest partnership brings together DBS’ wealth and investment expertise with Avaloq’s platform and data capabilities to co-create solutions that can swiftly address the evolving needs of our customers and advisers. By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgment that matters and help more customers put their money to work. This is how we intend to set the pace as Asia’s wealth market grows.”
Martin Greweldinger, Group Chief Executive Officer, Avaloq, said: “We are excited to begin a new chapter in our partnership with DBS and build on 18 years of shared success. Together, we plan to expand into new markets, deepen coverage across business lines, co-create the next generation of wealth technology and equip tomorrow’s wealth-management talent with the skills needed for an increasingly AI-enabled industry. This shared ambition will help extend high-quality investment capabilities to a broader and more diverse client base.”
