The international wealth management platform provider, Avaloq, has launched its Business Process Outsourcing (BPO) service capabilities with its Singapore-based subsidiary Avaloq Sourcing.

The new centre has been operating the complete BPO services of Deutsche Asset and Wealth Management’s (DeAWM) back office operations since September 2014.

The Singapore entity forms part of Avaloq’s global network of BPO centres, including Switzerland and Germany. The centre aims to help private banks across the region to standardise back-office operations to deal with the impending cost challenges experienced by industry players across the region.

Peter Scott, general manager of Avaloq, Asia Pacific, said that the banks in Singapore and around Asia Pacific are suffering from continuing pressure on cost-income ratios, compliance costs, relationship manager efficiency and client demand for greater sophistication from digital channels.

"Costs in bank processing are a volume business and the consolidated volumes arising from our BPO service will translate into increased efficiency and profitability for participating institutions."

The migration of DeAWM’s Asia back-office operations took close to 18 months of discussion and approvals, until final implementation in September this year.

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Tobias Marbler, Programme Manager, Renaissance Switzerland, head cost & resource management AWM EMEA, Deutsche Bank, said:

"We wanted to have one integrated system from the front-to-back that would save time and effort for the front office. We wanted to standardise the middle office on that scale and see cost reduction in our back-office systems."

The BPO centre also aims to develop an integrated network for participating banks across the region and bring scalability to the common middle and back office processes private banks are dealing with, according to Francisco Fernandez, Avaloq group CEO.

"When we first entered the BPO market in 2011 our vision was to build a Global Processing Network. We are becoming a market place by linking the participating banks’ street side product creation capabilities with the advisory channels offered by other institutions in other financial centres," said Fernandez.