Maybank Private Wealth goes live on Avaloq Banking Suite

Singapore-based Maybank Private Wealth has gone live on Avaloq’s core banking platform, Avaloq Banking Suite.

The project dates back to autumn 2014, when the deal between the two parties was signed.

Alvin Lee Han Eng, head of private banking at Maybank Private Wealth, is complimentary of the project team, describing it as “professional and competent throughout, and a delight to work with”.

Peter Scott, general manager Asia Pacific, Avaloq, says the go-live at Maybank Private Wealth is “a major milestone for Avaloq in the region”.

Maybank Private Wealth was launched in October 2013 by Malaysia’s banking heavyweight, Maybank. Maybank Private Wealth’s main hub is in Singapore, where the technology has been deployed, and it also has offices in Malaysia and Hong Kong.

Avaloq and Asia Pacific

Avaloq already has an established presence in Asia Pacific supporting regional private banking and wealth management operations of BSI Bank, Barclays, Coutts and J Safra Sarasin, among others. It is also a long-standing software provider to a local banking group, DBS.

In 2015, it gained two new clients in the region: Citic in Hong Kong and Crestone in Australia.

And earlier this year, Avaloq launched a new business process outsourcing (BPO) centre in Singapore, hailing it the first of its kind in APAC.

The centre’s first and major client is Deutsche Bank Asset and Wealth Management (DBAW), a subsidiary of the Deutsche Bank Group. Avaloq is supporting the back office operations of the DBAW in Hong Kong and Singapore, underpinned by Avaloq Banking Suite.

A world away

On the other side of the world, Avaloq has also been busy with a number of projects.

Liechtensteinische Landesbank (LLB) and its subsidiary LLB Invest launched an investment advisory solution underpinned by Avaloq and the swissQuant Group software.

Avaloq Sourcing Switzerland, Avaloq’s BPO subsidiary (previously B-Source), migrated KBL Switzerland to the BPO platform of Banque Internationale à Luxembourg (BIL Suisse). BIL Suisse, already a user of Avaloq Banking Suite, acquired KBL last year and mandated B-Source to migrate its operations onto Avaloq.

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