DBS, the Singapore-headquartered bank with a leading wealth franchise, has agreed a memorandum of understanding (MoU) with wealth management technology provider Avaloq to broaden a relationship that stretches back 18 years, with the aim of building new wealth capabilities for clients and advisers throughout Asia.
The collaboration will focus on three areas: enterprise growth, co-innovation and an exchange designed to build capabilities.
Under the agreement, the two firms will look at rolling out the Avaloq platform more widely across the markets and business lines in which DBS operates, adapting it to the requirements of each market. They will also consider co-developing solutions covering digital platforms, products, execution and new models for how wealth management could work in future.
The deal forms part of the bank’s target of reaching SGD 1 trillion in retail and wealth assets under management by 2030. A central part of that plan is boosting the capacity and skills of the advisers and specialists who serve customers at every stage of their wealth journey.
The move comes as appetite for professional investment guidance in Asia climbs, while the sector struggles with a severe shortage of talent. Around 70% of investors currently have a dedicated wealth adviser, and more than 40% of those without one say they would welcome having one, Avaloq said. As wealth builds, firms will need to expand their front and back office workforces and also use technology, data and closer ecosystem partnerships to make each employee more effective.
DBS and Avaloq also plan to draw on the bank’s people and the technology firm’s WealthTech know-how to support skills development and the sharing of expertise. Possible initiatives include learning programmes, knowledge-sharing sessions, cross-functional exchanges and wider engagement with the industry.
DBS group executive and head of consumer banking and wealth management 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.
“By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgment that matters and help more customers put their money to work. This is how we intend to set the pace as Asia’s wealth market grows.”
Avaloq group CEO Martin Greweldinger said, “We are excited to begin a new chapter in our partnership with DBS and build on 18 years of shared success. 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. This shared ambition will help extend high-quality investment capabilities to a broader and more diverse client base.”
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