Avaloq Lands Major Asia Deal, Says Regional Expansion Rolls On

Tom Burroughes

14 April 2016

Asia-based Maybank Private Wealth has implemented the Avalog Banking Suite from Switzerland-headquartered , headquartered in Kuala Lumpur, Malaysia. The bank’s implementation of Avaloq went live in March this year. Maybank has introduced a fully integrated solution for its Singapore-based regional wealth management business, Avaloq said in a statement.

“This is a major milestone for Avaloq in the Asia-Pacific region...This achievement supports our ambitious plans for further growth and expansion across the region and is another big step in Avaloq’s exciting journey in Asia,” said Peter Scott, general manager for Asia-Pacific, Avaloq.

Elsewhere in Asia, Avaloq's business process outsourcing centre in Singapore went live in February - another step in the firm's regional growth plan. The centre provides Deutsche Bank Wealth Management, part of Deutsche Bank, with back-office operations support for its Singapore and Hong Kong booking centres. In December last year, Crestone, the company acquiring the domestic wealth management arm of UBS Australia via a management buyout, also adopted the Avaloq Banking Suite.

Last December, Raiffeisen, the Swiss private banking group, acquired a 10 per cent stake in Avaloq, part of a strategic plan by the fintech firm to finance growth. Switzerland-headquartered Avaloq said it is expanding its number of shareholders; Raiffeisen has been working with the firm since 2007.