Avaloq signs core banking tech deal with Bank of Asia
Bank of Asia, a start-up digital bank in the British Virgin Islands focused on companies that have ties to Asia, has signed for the Avaloq Banking Suite core platform.
The system will be provided on a Software-as-a-Service basis out of Avaloq’s business process outsourcing (BPO) centre in Singapore, Avaloq Sourcing (Asia Pacific).
Bank of Asia is expected to be fully operational by end of this year. Its founder and chairman is Carson Wen, a Hong Kong based businessman and lawyer. He’s been working on this project since 2015.
“We want to start a bank that has cutting-edge technology as its foundation,” Wen states. The bank aims to apply modern fintech and regtech solutions to “build a world-class wealth management platform”, lower costs, operate with “a much higher degree of efficiency” and gain “a huge competitive advantage over legacy banks”, he explains.
Wen says the bank’s team conducted “a very thorough study of the leading players in this space” before settling for Avaloq.
He describes the vendor as professional and efficient. “Already in the early project stage, Avaloq has shown the drive and commitment to accomplish an extremely challenging timeline,” Wen comments.