Avaloq Group, a Switzerland-based developer of banking software solutions, has entered into a strategic partnership with India-based HCL Technologies for wealth management services.

Under the agreement, the two firms will establish an off-shore Centre of Excellence in Bangalore, India to offer flexible and scalable capabilities in implementation, systems integration, migration and testing on the Avaloq Banking Suite’s range of wealth management products.

Avaloq said that HCL will invest in skills development and training programs for employees of the newly created off-shore Centre of Excellence.

The Centre of Excellence will be capable of providing support on the product level as well as for bank side services.

Francisco Fernandez, CEO of Avaloq, said: "The alliance will improve our ability to serve international customers, boost our successful internationalization strategy and in particular strengthen our position in Asia and Europe."

Rahul Singh, president of financial services and business services at HCL, added: "Our expertise in program management, solution implementation and system integration along with Avaloq’s solutions portfolio will enable us to provide integrated and comprehensive services to customers."

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By GlobalData