DBS Wealth Management extends ten-year partnership with Avaloq
Singapore-based DBS Bank and its wealth management division have extended a partnership with Swiss banking software firm Avaloq.
DBS has been a user of the Avaloq Banking Suite since 2009 and was among the vendor’s first customers in the Asia-Pacific region.
Now the two have signed an agreement that will see an extension of the Avaloq deployment in DBS Wealth Management, as well as an enlargement in the form of new elements and components.
The bank will also work with Avaloq on modernising its technology architecture across tech stacks, application programming interface (API), microservices, open shift containerization and cloud-native applications.
A spokesperson for Avaloq tells FinTech Futures that DBS is planning to use this expanded version of the Banking Suite in multiple new channels going forward.
Sim S. Lim, group head of consumer banking and wealth management at DBS Bank, says that given “the pervasiveness of disruptive technologies” DBS always aims to put technology “at the heart of our services”.
He adds: “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.”
For Pascal Foehn, executive board sponsor for Asia and Avaloq group COO, the software firm is “deeply committed” to supporting DBS.
“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.”