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.»
Growing Asian Business
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.
