Banking software solutions provider Avaloq Group has taken a further step in its international strategy for providing Business Process Outsourcing (BPO) to financial institutions with a local Singapore BPO centre for the Asian wealth management market.

Avaloq will continue its path from Europe and aims at establishing a local BPO centre for the Asian financial market in a joint venture with a local financial institution.

In Switzerland, Avaloq currently counts 13 banks as clients via its subsidiary B-Source, and in Germany a further five banks rely on BPO services from Avaloq Sourcing (Deutschland) AG.

The new BPO centre will provide private banks in Singapore with a BPO solution based upon the operational strength and vast experience Avaloq excels with in the BPO field. The proposition is further enhanced with the best practice and rapid implementation offered through the Avaloq Model Bank Asia approach.

Avaloq has already been supporting customers in Singapore such as BSI, which has been using BPO for nearly two years in a cross-border service provisioning approach via B-Source, the BPO centre in Switzerland.

Martin Frick, general manager BPO, said: “The independence of the BPO model is one of its key success factors. BPO allows banks to focus on their core business – their customers and their products. Avaloq assures an industrialised operation of the back office. After the successful establishment of BPO services in the European BPO centres, we are now ready to move to providing a regionally based BPO offering for Asia. The new BPO presence will be built upon a strong partnership with a local financial institution and will leverage the best practices from the European operations.”

Peter Scott, general manager Asia Pacific and Avaloq executive board member, added, “The planned Avaloq BPO centre to support the growing financial markets in Asia is a strategically logical step for us. By setting up a local BPO centre we establish a financial hub that acknowledges Singapore as one of the world’s most significant financial markets.”