DBS Wealth Management has expanded its decade-old partnership with Avaloq to enhance client solutions and fast-track its technology-led growth plans.
The wealth management arm of DBS Bank will utilise Avaloq’s platform to improve personalised services, advisory and solutions.
Additionally, upgrading the bank’s technology architecture, across tech stacks, API, microservices, open shift containerisation and cloud-native applications, is also under the work package.
With these steps, DBS Wealth Management seeks to expedite time-to-market for new products and services. The upgrades will also enable swift integration with fintechs, start-ups, and other stakeholders.
DBS Bank group head of consumer banking and wealth management Sim S Lim said: “Given the rising pervasiveness of disruptive technologies, DBS firmly believes in the need to put technology at the heart of our services, and is committed to becoming a tech company in our own right by continually investing in and upping the ante in our digital infrastructure, capabilities and solutions.
“We have used Avaloq’s solutions for the delivery of our investment offerings for a decade, and are excited by the possibilities of this expanded partnership.”
Avaloq Executive Board Sponsor for Asia and Avaloq Group COO Pascal Foehn said: “We’re proud that DBS, as a long-term member of the Avaloq Community in Asia, has decided to intensify its partnership with us and will be using our solutions to further accelerate its digital-led growth strategy.”
Last month, Indonesia’s PT Bank Mandiri partnered with Avaloq to drive its wealth management operations.