DBS, Avaloq sign MoU to drive wealth technology innovation

By Divya Shah

DBS and Avaloq have signed a memorandum of understanding (MoU) to expand their 18-year partnership and jointly develop new wealth management capabilities for clients and advisers across Asia. 

The collaboration will focus on three key areas: enterprise growth, co-innovation and capability-building. The move is intended to support DBS’ ambition to grow its retail and wealth assets under management to SGD 1 trillion by 2030 by strengthening adviser productivity and expanding wealth management capabilities across the organisation. 

The two companies plan to combine DBS’ wealth and investment expertise with Avaloq’s technology, platform and data capabilities to develop solutions that address the evolving needs of both customers and advisers. 

According to DBS, growing investor demand for personalised advice is creating new opportunities for wealth managers. The bank noted that seven in ten investors already work with a dedicated wealth adviser, while more than four in ten investors without one would like access to advisory support. 

Under the agreement, DBS and Avaloq will explore broader deployment of the Avaloq platform across DBS’ markets and business lines, adapting solutions to local market requirements. The companies will also examine the joint development of capabilities spanning digital platforms, investment products, execution services and future wealth management models. 

Shee Tse Koon, Group Executive and Head of Consumer Banking and Wealth Management at DBS, said, “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.” 

The partnership will also focus on talent development and knowledge sharing. Potential initiatives include learning programmes, industry engagement activities, knowledge-sharing sessions and cross-functional exchanges designed to prepare professionals for a more technology-driven wealth management industry. 

Martin Greweldinger, Group Chief Executive Officer of Avaloq, said, “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.”