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. These services include back office administration processes.  Following on from that announcement, the newly founded entity Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd. is now offering Business Process Outsourcing based on Avaloq’s unique technology to customers in Singapore and on a cross border basis throughout the region.

The Singapore entity forms part of Avaloq’s rapidly expanding 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 Avaloq Sourcing Asia Pacific (Singapore).

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. Today that vision is one step closer and we look forward to seeing the network continue to grow in the coming years.”

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The testing of this functionality was supported by EY (Ernst & Young). As the next step, Australian superannuation functionality is being developed and integrated into the Avaloq Banking Suite.

Providing financial institutions with dedicated country-specific solutions is one of Avaloq’s key areas of expertise. Avaloq – which established its local presence in Australia just over a year ago – has established a team of local experts with substantial know-how, experience and knowledge of the country specific requirements of the Australian financial market.

“Our product developers and local banking experts work hand in hand when developing new solutions,” says Iain Dunstan, Regional Head Australasia at Avaloq.

“This approach, combined with our years of international experience, ensures that country specific requirements are always fulfilled.

That is why Avaloq is one of the few international financial solutions providers that have implemented the complex Australian tax regulations successfully,” Dunstan continues.

“We were engaged by Avaloq to help them fully understand the significant complexity of the Australian tax system”,says Jeroen Buwalda, Partner at EY.

“It is exciting to see a global provider like Avaloq introduce new technology to the Australian wealth and superannuation market,” Buwalda continues. 

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