Singaporean banking giant DBS and financial software provider Avaloq will expand their existing 18-year partnership with a focus on developing wealth management capabilities across Asia.
DBS and Avaloq have signed a memorandum of understanding (MOU) to expand their 18-year partnership, according to a statement, with a focus on wealth management in Asia, specifically in three areas: enterprise growth, co-innovation, and capability building exchange.
Under the MOU, the two will explore broader deployment of the Avaloq platform across DBS’s markets and business lines, and joint development of capabilities and solutions across digital platforms, products, execution, and future wealth management models. The two will also look to launch potential initiatives, including learning programmes, knowledge-sharing sessions, cross-functional exchanges, and broader industry engagement.
The expanded partnership aims to support DBS’s broader goal of growing its retail and wealth assets under management to SGD 1 trillion (USD 780 billion) by 2030.
“Avaloq has been a critical enabler for our wealth management operations for the past 18 years. This latest partnership brings together DBS’ wealth and investment expertise with Avaloq’s platform and data capabilities to co-create solutions that can swiftly address the evolving needs of our customers and advisers,” commented Shee Tse Koon, group executive and head of consumer banking and wealth management, DBS.
“By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgment that matters and help more customers put their money to work.”
