Bank of the Philippine Islands deploys Avaloq Banking Suite as SaaS
Swiss banking technology firm Avaloq has deployed its flagship core banking system at Bank of the Philippine Islands (BPI) on a software-as-a-service (SaaS) basis.
BPI is the fourth-largest bank in the country by assets, making this extended deal a marquee one for Avaloq.
The bank is the vendor’s first client in the Philippines, where it operates two offices and one of its three research centres.
Pascal Foehn, Avaloq group COO, says that the Philippines is seen as a home market for his firm given its “substantial operating presence” in the country.
BPI is leveraging Avaloq’s system to support multiple business units, ranging from private banking to asset management and investment banking, on a single platform.
Foehn adds: “The bank has also chosen to use our leading SaaS solution, as we believe that cloud-based operating models will increasingly be seen as the platform of choice in a fast-digitising financial services sector.”
Avaloq has won a handful of deals in the Southeast Asia region in recent years, not least the announcement of a 10-year extension to its partnership with Singapore bank DBS.
In November 2019, Avaloq won the tender to manage Bank Mandiri’s wealth management business in Indonesia, and in December 2019 Maybank Group adopted the Avaloq Banking Suite.
BPI, founded in 1851 and the first bank in Southeast Asia, is the Philippines’ fourth-largest banking group by assets.
The bank reported 43.4 billion in assets for 2019, and is in the midst of a digital transformation programme. It reported that active users of its online and mobile channels grew by 8% in 2019.