Banking software maker Avaloq has won a new contract with an Asian firm that will help the company in its expansion in the region.
PT Bank Mandiri, a company based in Jakarta, opted for Avaloq Banking Suite as the software of choice for its private bank, the Swiss company said in a statement on Tuesday. PT Bank Mandiri is Indonesia’s largest measured by the size of assets, loans, and deposits.
The private bank of PT Bank Mandiri has about 50,000 clients with $14 billion in assets under management. It aims to boost the volume of its business by about 30 percent through the end of 2020.
From Private to Retail Banking
The increase in wealth in Asia helps Avaloq develop its business in the region. The company aims to profit from the development of client relationships from retail to private banking. It also wants to start selling the retail-banking software it developed in coordination with Raiffeisen Switzerland in Asia in the medium term.
Avaloq has already signed contracts with DBS Bank, Maybank and Kasikorn Bank in Southeast Asia as well as Agricultural Bank of China, China Industrial Bank and CITIC Bank International.
