Avaloq to take on BPO for Deutsche Asset & Wealth Management

Avaloq Sourcing Asia Pacific - Singapore, a part of Avaloq’s global network of Business Process Outsourcing (BPO) centres, announced that it will be working with the Wealth Management business of Deutsche Asset & Wealth Management in Singapore.

The Avaloq subsidiary will supply the Deutsche Bank Group division with full BPO services for its Wealth Management back-office operations in Singapore. The migration to Avaloq Sourcing Asia Pacific - Singapore will occur in two phases: the first in Q314 and the second, the transfer of the core IT platform to Avaloq’s technology platform, is planned to take place in 2015, subject to compliance with local requirements.

“Business process outsourcing is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies. Following the successful establishment of BPO centres in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO centre later this year,” said Peter Scott, General Manager for Avaloq Asia Pacific and Chairman of the Board for Avaloq Sourcing Asia Pacific in Singapore.

The Avaloq group provides banking solutions for wealth management, universal and retail banks.