DBS, Avaloq Boost Wealth Tech Partnership for S$1 Trillion Goal
Singapore's DBS Bank aims to reach S$1 trillion in retail and wealth assets by 2030, deepening its 18-year technology alliance with Avaloq to develop new capabilities.
Partnership for Asset Growth
DBS Bank and Avaloq have extended their 18-year collaboration to enhance wealth management technology and adviser capabilities across Asia. The two firms signed a Memorandum of Understanding (MoU) to focus on business growth, co-innovation, and capability building.
This expanded alliance supports DBS's objective to manage S$1 trillion in retail and wealth assets by 2030, the bank stated. DBS plans to broaden the deployment of Avaloq's wealth management platform throughout its various markets and business lines, adapting implementations to meet specific local requirements.
Joint Development and Digital Platforms
Under the new agreement, DBS and Avaloq will jointly create capabilities spanning digital platforms, product offerings, execution processes, and advanced wealth management models. Shee Tse Koon, Group Executive and Head of Consumer Banking and Wealth Management at DBS, noted the partnership combines DBS’s investment expertise with Avaloq’s platform and data strengths.
This aims to co-create solutions that address the evolving needs of customers and advisers, enhancing adviser capacity for critical judgment.
Addressing Talent and Market Demand
The partnership also addresses the rising demand for professional investment advice across Asia, which coincides with a regional shortage of wealth management talent. Martin Greweldinger, Avaloq Group Chief Executive Officer, highlighted plans to expand into new markets and deepen coverage across business lines.
Both firms will also focus on skills development and knowledge exchange through learning programmes, knowledge-sharing sessions, and cross-functional exchanges, preparing talent for an increasingly AI-enabled industry.
This strategic expansion by DBS, a significant Asian lender, signals increased investment in wealth technology and human capital within the region. Other financial institutions in Asia may face pressure to upgrade their own digital platforms and adviser training programmes to remain competitive.
The focus on AI-enabled tools and enhanced adviser capacity suggests a drive towards more efficient, personalised financial advice, potentially altering service delivery models and talent acquisition strategies across the continent by 2030.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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