The Avaloq group, an international leader in integrated and comprehensive solutions for wealth management, universal and retail banks, today announced the formal launch of Business Process Outsourcing (BPO) service capabilities from its new Singapore based BPO subsidiary.
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.”