Avaloq, a Swiss provider of banking IT, has won a new customer among Asia's emerging industry giants, research by finews.asia revealed.
Avaloq has found a new customer for its wealth management software in Maybank, Malaysia's biggest bank, sources close to the Swiss company told finews.asia. The bank has a market share of 30 percent in Malaysia and a pretax profit of 400 million francs.
The deal is a further milestone for the IT company. Maybank aspire to become the biggest bank in Southeast Asia and wants to expand into China and the Middle East.
Avaloq declined to confirm the information. Asia boss Peter Scott in a recent interview told finews.asia that his company had been able to help a big Asian bank to go live with the help of the Avaloq Banking Suite platform. He didn't want to name the customer.
Strong Asian Presence
With Maybank as its customer, Avaloq is boosting its presence in a fast-growing market for private banking. China's CITIC Bank International, Singapore's DBS and Japan's Nomura all use Avaloq's software solutions. BT Financial Group (Westpac) of Australia is also an Avaloq customer.
A further customer in the region is Crestone, based in Sydney. The private bank is the product of a buyout of the wealth management business of UBS in Australia.
Scott told finews.asia that customers such as Maybank are of particular interest because of their massive retail banking clientele, which is getting ever more affluent. The business with the affluent customers is promising for Avaloq because it is a new segment.
