27 May 2015
Avaloq announces expansion of Edinburgh R&D centre
The Avaloq group confirms its ambition for a stronger presence in Scotland at an official opening event to mark the expansion of its Research and Development centre in Edinburgh.
The investment in the facility will provide Avaloq with the potential to more than double its workforce in Scotland. The Avaloq group is an international provider of software and services for wealth management, universal and retail banking whose customers, including Coutts and Canaccord in the UK, manage assets worth more than £1.5 trillion.
The announcement of Avaloq’s continued commitment to its Edinburgh centre follows the launch of a partnership between the City of Edinburgh Council, Scottish Financial Enterprise and Innovate Finance, with the ambition of supporting financial technology innovation in both Edinburgh and London.
Representatives of these organisations are set to attend the launch event at Avaloq’s Edinburgh R&D centre on Wednesday 27 May to discuss the importance of investment in the Scottish financial technology arena. Avaloq will also outline its decision to expand the hi-tech development facility and lead a panel discussion on the past, present and future of financial technology innovation in Edinburgh.
Chris Zwicker, managing director of Avaloq Innovation, says, “The launch is an important milestone in the evolution of Avaloq‘s R&D centre in Edinburgh. Since being founded in 2011, the centre has made rapid progress towards establishing itself as an equal to our mature development facilities in Zurich. This next stage of expansion is a clear testament to the importance Avaloq places on Edinburgh as a key asset in its strong growth ambitions.
“When we originally set out our plans to build an R&D centre to complement our development teams in Zurich, we knew we needed a location that was at the heart of the financial industry while also being a hub for current and upcoming talent in the technology field. Edinburgh was the ideal choice and our success has completely validated this decision, which is why we are continuing to invest in the Scottish capital.”
Cllr Frank Ross, Convener of the Economy Committee, the City of Edinburgh Council, said: “I am very encouraged to hear of Avaloq’s plans for future expansion. This is further evidence that Edinburgh’s financial technology sector is thriving and internationally renowned. All well as being known for excellent quality of life, heritage and culture, Edinburgh has high-ranking universities that excel in international research and development, thriving property markets and strong ambassadorial and consular communities. This all contributes to helping to attract companies of this high calibre to base themselves in the capital city.”
Chris Zwicker concludes, “The financial industry has undergone rapid change in recent years and shows no signs of settling down. Innovation is essential to ensure the industry continues to serve the future needs and demands of the customer, market and regulatory landscape. From our base in central Edinburgh, we have been able to deliver industry-leading banking solutions to support our sales and implementation teams in London and around the world. We see the growth of talent within our Edinburgh R&D centre as being essential to fuelling continued innovation within the financial services industry.”