Avaloq Sourcing Asia Pacific (Singapore) is to supply back office services for the wealth management business of Deutsche Asset & Wealth Management in Singapore.
The new organisation will be part of Avaloq’s global network of business process outsourcing (BPO) centres.
Avaloq Sourcing Asia Pacific (Singapore) 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.
The BPO provider is the newly founded subsidiary of the Avaloq group, a provider of banking solutions for wealth management, universal and retail banks. The new organisation will be part of Avaloq’s global network of BPO centres.
The move to Avaloq Sourcing Asia Pacific (Singapore) is planned in two phases: the first in Q3 2014 and the second – the transfer of the core IT platform to Avaloq’s technology platform – is planned to take place in 2015, subject to compliance with local requirements.
“Business process outsourcing is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies. Following the successful establishment of BPO centres in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO centre later this year,” says Peter Scott, general manager for Avaloq Asia Pacific and chairman of the board for Avaloq Sourcing Asia Pacific (Singapore).