DBS Wealth Management Expands Avaloq Partnership
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The two partners, which have worked together for more than 10 years, will refine client solutions and accelerate DBS Wealth Management’s digital-led growth strategy using Avaloq’s cloud-based platform.
Swiss banking software provider Avaloq will expand the scope of its partnership with DBS and help its wealth management arm to deliver more personalized services and enhance its advisory and solutions offerings, the firm announced in a statement on Wednesday.
The bank will also work with Avaloq on modernizing its technology architecture across tech stacks, application programming interface (API), microservices, open shift containerization and cloud-native applications, which will facilitate better integration with fintechs and other stakeholders, the statement said.
Discussing the expanded partnership, Sim S Lim, group head of Consumer Banking and Wealth Management, said DBS «is committed to becoming a tech company in our own right by continually investing in and upping the ante in our digital infrastructure, capabilities and solutions.»
Avaloq has in recent months bolstered its business in Asia with a number of new or expanded deals, including Maybank Premier in Singapore, and Indonesia’s largest banking group Mandiri.
Questions & Answers
Q.What is the primary goal of this expanded partnership between DBS Wealth Management and Avaloq?
What is the primary goal of this expanded partnership between DBS Wealth Management and Avaloq?
The partnership aims to refine client solutions and accelerate DBS Wealth Management’s digital-led growth strategy. It will also help DBS deliver more personalised services and enhance its advisory and solutions offerings.
Q.How will the expanded partnership impact DBS's technology infrastructure?
How will the expanded partnership impact DBS's technology infrastructure?
DBS will work with Avaloq to modernise its technology architecture across various components, including tech stacks, APIs, microservices, and cloud-native applications. This modernisation should facilitate better integration with fintechs and other stakeholders.
Q.What specifically will DBS use Avaloq's cloud-based platform for?
What specifically will DBS use Avaloq's cloud-based platform for?
DBS Wealth Management will use Avaloq’s cloud-based platform to refine client solutions and accelerate its digital-led growth strategy. It will also help in delivering more personalised services to clients.
Q.Has Avaloq recently expanded its presence in the Asian market?
Has Avaloq recently expanded its presence in the Asian market?
Yes, Avaloq has bolstered its business in Asia recently with several new or expanded deals. These include partnerships with Maybank Premier in Singapore and Mandiri, Indonesia’s largest banking group.
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