Newly established Bank of Asia agreed a deal with a major Swiss based technology-driven financial services provider.
The bank, which is expected to be fully operational by end of the year, opted for Avaloq to provide the complete digital banking solution as a service through its Singapore based service centre Avaloq Sourcing (Asia Pacific).
Bank of Asia’s founder and chairman, Hong Kong based businessman and lawyer Carson Wen, started to establish the new bank in early 2015. Licenced in the British Virgin Islands (BVI), Bank of Asia will facilitate and accelerate the launch of a new digital banking platform which offers financial service to companies that have ties to Asia.
Advantage Over Traditional Banks
Since Bank of Asia is primarily a digital bank and focuses on lowering operational costs, it has decided to have its digital banking solution based on the Avaloq Banking Suite.
The software will be operated as a service from the Singapore based service centre. The solution is pre-configured with industry proven components and processes, and third party-components are embedded.
«We want to start a bank that has cutting-edge technology as its foundation to enable us to undertake these processes with a much higher degree of efficiency and lower costs that will give us a huge competitive advantage over legacy banks», said Wen.
Asian Expansion
finews.asia recently featured a wide ranging interview with Francisco Fernandez the chief executive of Avaloq in which he discussed his firms expansion in the region. Asia is rapidly becoming an important component of Avaloq's global processing network.
