Avaloq is keen to expand its Asian footprint. Now, the Swiss banking software firm has struck a deal with one of the largest commercial banks in Thailand.
Kasikornbank has chosen Avaloq to support the growth of its private banking and wealth management business. The agreement, Avaloq's first in Thailand, will see the bank upgrade its customer service infrastructure and improve internal processes the firms said in a press release.
Kasikornbank private banking has around $20 billion in assets under management and a cooperation agreement with Swiss private bank Lombard Odier.
Avaloq chairman Francisco Fernandez wants to expand his firm's influence in Asia, and is eyeing more deals in China and Hong Kong. The Swiss firm already has Citic Bank International, Agricultural Bank of China, Singapore’s DBS and Malaysia’s Maybank signed up.
Furthermore, Avaloq is also involved in the development of outsourcing centers, such as the one the company operates in the city-state of Singapore.
