DBS Expands Avaloq Wealth Tech Alliance to Target SGD 1 Trillion Assets

DBS Bank signed a memorandum of understanding with wealthtech vendor Avaloq to expand platform deployment across Asia. The lender is targeting SGD 1 trillion in retail and wealth assets.

The agreement extends an 18-year technology alliance. It supports the Singapore-based bank’s goal of reaching S$1 trillion (USD 781 billion) in assets under management by 2030.

Scaling Assets to One Trillion Dollars

Under the memorandum, DBS and Avaloq will evaluate broader deployment of the Avaloq core platform across the bank’s international markets and retail lines. The work includes adapting software architecture to local regulatory requirements across the region.

Both companies plan to jointly build digital tools, execution workflows, and operating models for advisers. DBS will also run capability exchanges and training programmes with Avaloq to teach front-line and back-office staff to use automated and artificial-intelligence-enabled tools.

“Avaloq has been a critical enabler for our wealth management operations for the past 18 years,” said Shee Tse Koon, group executive and head of consumer banking and wealth management at 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.”

Software to Bridge Adviser Shortages

Wealth managers across Asia face a persistent shortage of licensed human advisers as private capital expands in financial hubs. Industry figures indicate that seven in 10 regional investors currently use a dedicated wealth adviser. Meanwhile, more than 40 per cent of self-directed investors want one assigned to them.

Automating portfolio construction, compliance checks, and back-office trade processing allows relationship managers to handle larger client books without inflating headcount. DBS is betting software scalability bridges that advisory shortfall faster than direct hiring. Rival institutions continue to bid up compensation packages for experienced bankers in Singapore and Hong Kong.

Cross-Border Wealth Infrastructure

The Avaloq deal builds on recent distribution partnerships designed to capture wealth flows across East Asia. In July, DBS established a wealth management alliance with South Korea’s Samsung Securities. That tie-up linked domestic capital markets access in Seoul with the bank’s regional advisory infrastructure.

Integrating third-party platforms with proprietary banking engines creates operational complexity, especially when synchronising risk rules and multi-currency product suites across jurisdictions. Avaloq is widely deployed among European and Asian private banks. It provides the core transactional layer DBS relies on to process high-net-worth and mass-affluent accounts.

Operational Execution Targets

Technical collaboration will focus on three areas: enterprise growth, co-innovation of advisory products, and talent development across technology teams.

DBS has set 2030 as the firm deadline to reach its SGD 1 trillion asset target. The initial rollout of platform enhancements under the agreement will launch across key Asian franchises over the coming financial year.