Indonesian lender PT Bank Mandiri has contracted Swiss banking software solutions provider Avaloq to support its wealth management division.

The lender, which currently uses multiple systems, will deploy Avaloq Banking Suite to bring all operations onto one platform.

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The move is expected to help the bank achieve significant benefits of scale and lower operational costs.

With $14bn in assets under management (AUM), the wealth management unit of PT Bank Mandiri currently caters to around 50,000 customers.

The division aims to increase AUM by 30% by the end of next year.

PT Bank Mandiri managing director for Business and Network Hery Gunardi said: “The Avaloq Banking Suite greatly impressed us with its powerful capabilities and a clear ability to meet our complex needs in the key wealth management segment.

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“This is a fundamental part of our wider growth strategy and it is, therefore, very important that we work with best-of-breed partners.

“The Indonesian banking market is undergoing profound growth and we are very well positioned to benefit from this opportunity.”

Avaloq was selected by the Indonesian bank through a competitive tender process. The contract bolsters the Swiss fintech’s presence in the Asia-Pacific region.

The technology company already counts DBS Bank, Maybank, Kasikorn Bank, Agricultural Bank of China and China Industrial Bank among its clients in Asia.

Recently, Avaloq closed the acquisition of Derivative Partners, a data provider for structured products and derivatives in Switzerland.