The bank adopting the system was created two years ago, a adopting a strong digital approach.

Avaloq, the Switzerland-headquartered fintech house, has signed up newbie player Bank of Asia as a client to use its Avaloq Suite via a software-as-a-service model.
The bank, established only two years ago, is expected to be fully operational with Avaloq;’s services by the end of 2017, the tech firm said in a statement yesterday. 

Earlier this week, as reported here, the founder and chief executive of Avaloq said the firm intended to step up its global expansion plans and is eyeing a potential share float, potentially in Hong Kong. Some 155 banks and wealth managers, with names such as DBS, HSBC and Barclays, use the firm’s products around the world. In total, the AuM of such clients collectively run to more than SFr4.0 trillion.

Under the Bank of Asia contract, Avaloq said it will provide digital banking solution as a service through its Singapore based service centre Avaloq Sourcing (Asia-Pacific). 

Bank of Asia was founded in early 2015 by Hong Kong based businessman and lawyer Carson Wen, its current chairman. The bank is licensed via the British Virgin Islands; it is designed to enable and accelerate the launch of a new digital banking platform which offers financial service to companies that have ties to Asia.

“We want to start a bank that has cutting-edge technology as its foundation. We aim to utilise fintech and regulatory technology 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 said.

 “We also want to build a world-class wealth management platform which will provide our customers with round the clock securities and foreign exchange trading, margin financing and wealth management services, leveraging future-proof technology and innovative delivery methods,” he continued.