Avaloq launches Singapore Business Process Outsourcing Centre

The Avaloq group, an integrated solutions provider for wealth management, universal and retail banks, has formally launched business process outsourcing (BPO) service capabilities from its new Singapore-based BPO subsidiary.

Source: Avaloq. From left, Michael Gerber, CEO, Solution Providers; Anantha Ayer, CEO, Avaloq Sourcing APAC (Singapore); Manish Chawda, Risk Assurance, PwC; and Sandipan Ray, CIO AWM GTO APAC, Deutsche Bank.

On 2 September 2014, Avaloq announced that it will provide Deutsche Asset & Wealth Management (DeAWM), a division of Deutsche Bank Group, with full BPO services for its Wealth Management back office operations in Singapore. Following on from this announcement, the newly founded entity Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd. is now offering BPO to customers in Singapore and on a cross-border basis throughout the region.

The Singapore entity forms part of Avaloq’s global network of BPO centres, with other sites in Switzerland and Germany.

“The banks in Singapore and around Asia Pacific generally are suffering continuing pressure on cost-income ratios from the combined impacts of compliance costs, pressure for greater relationship manager efficiency and client demand for greater sophistication from digital channels. Costs in bank processing is a volume business and the consolidated volumes arising from our BPO service will translate into increased efficiency and profitability for participating institutions,” commented Peter Scott, General Manager for Avaloq Asia Pacific and Chairman of the Board for the new entity.

Francisco Fernandez, Avaloq Group CEO says, “The official launch of the BPO centre in Singapore represents a significant next step for the Avaloq group. When we first entered the BPO market in 2011 our vision was to build a global processing network. We are becoming a market place by linking the participating banks’ street side product creation capabilities with the advisory channels offered by other institutions in other financial centres."