DBS and Avaloq have agreed to extend their 18-year alliance, covering the development of wealth management services for customers and advisers in Asia.
The agreement will focus on three areas: business growth, joint innovation, and the exchange of capabilities.
It forms part of DBS’ plan to increase its retail and wealth assets under management to S$1tn ($781bn) by 2030. The work will include strengthening the skills and capacity of advisers and specialists.
DBS and Avaloq will assess whether the Avaloq platform can be used more widely across DBS’ markets and business lines, with adaptations for individual market requirements.
Avaloq Group CEO Martin Greweldinger said: “Together, we plan to expand into new markets, deepen coverage across business lines, co-create the next generation of wealth technology and equip tomorrow’s wealth-management talent with the skills needed for an increasingly AI-enabled industry.”
The companies will also consider developing solutions together across digital platforms, products, execution, and future wealth management models.
They will draw on their respective staff and expertise to support training and the exchange of knowledge.
DBS group executive consumer banking and wealth management head Shee Tse Koon said: “Avaloq has been a critical enabler for our wealth management operations for the past 18 years. This latest partnership brings together DBS’ wealth and investment expertise with Avaloq’s platform and data capabilities to co-create solutions that can swiftly address the evolving needs of our customers and advisers.”
In July, DBS and Samsung Securities forged a wealth management partnership aimed at clients across Asia.
The arrangement links Samsung Securities’ role in South Korea’s capital markets with DBS’s wealth management platform, increasing the range of services available to customers in their home markets.
“DBS and Avaloq expand Asia wealth management tie-up ” was originally created and published by Private Banker International, a GlobalData owned brand.
