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January 27, 2022

RBC taps Avaloq to move Asia wealth management platform to cloud

RBC Wealth Management (RBCWM), part of Royal Bank of Canada, has expanded its collaboration with wealth management platform Avaloq to move its Asia wealth management platform to the cloud.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

Avaloq, which first partnered with RBCWM in 2012, offers its core banking software, as well as its web and mobile products to the Toronto-based wealth manager.

As part of the latest collaboration, Avaloq will offer a Software as a Service (SaaS) model to enable the RBWM to move its Asia wealth management platform to the cloud.

This SaaS solution will leverage cloud computing to scale up ‘agility, scalability and flexibility’ of RBCWM’s Asia business.

The initiative will add two new front-office solutions, namely, RM Workplace and Investment Advisory, to RBCWM’s wealth management platform in Asia.

These products are designed to help relationship managers and investment advisors to offer personalised investment advice their clients by bringing together Avaloq’s core banking software and new digital platforms.

In addition, RBCWM will rollout Avaloq’s web and mobile offerings for clients of its Hong Kong business.

Synpulse, an existing technology partner of both RBCWM and Avaloq, will support the companies in the new initiative.

Commenting on the development, RBC Wealth Management Asia head Terence Chow said: “By aligning our traditional private banking offering with Avaloq’s new digital platforms, we will be able to optimise the experience for our clients, and support relationship managers in delivering on clients’ financial objectives.”

Avaloq South Asia & Australia managing director Gery Dachlan added: “We are excited to open this new chapter in our successful partnership with RBC Wealth Management. Our innovative products like RM Workplace and Investment Advisory are going to boost the efficiency of relationship managers and investment advisors with powerful tools for personalized, real-time investment advice.”

In July last year, RBCWM tapped fintech firm Broadridge to enhance the digital transformation of its US operations.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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