The Avaloq Banking Suite has been adopted by Maybank Group, South East Asia’s fourth largest bank by assets, to serve Maybank Premier clients in Singapore. The implementation, which went live successfully within the bank’s timeline on 25 November 2019, will provide the Maybank Premier segment with significantly enhanced system capabilities, delivering investment product features for affluent clients while upgrading the risk management and oversight of client portfolios.
Avaloq has continued to expand in the Asia-Pacific region, winning new clients and expanding existing relationships due to the ‘future proofing’ capabilities of the Avaloq Banking Suite and the absolute need for financial institutions to capitalise on the powerful, competitive benefits that digital processes and cloud-based business models can deliver.
Maybank has been successfully using the Avaloq platform for its Singapore-based private banking business since March 2016. The Avaloq platform will facilitate the bank to create better customer experience for Maybank Premier clients with performance calculation and a suite of wealth products and services.
Lim Kok Boon, Head of Maybank Premier, Maybank Singapore, said: “Synonymous with Maybank’s mission of humanising Financial Services, we strive to provide client-centric services and richer product offerings. Having a strong backend platform is integral to building a positive customer experience for our wealth management clients. Following the rollout of the Avaloq Banking Suite for the private banking segment, we are extending it to Maybank Premier clients, and believe that this technological upgrading is vital to maintaining an advanced and digitally proficient wealth management suite to increase our competitive edge.”
In an indication of the highly competitive nature of Avaloq’s platform and the firm’s cloud-based SaaS and BPaaS solutions, in September this year it was named Overall Winner in the 2019 XCelent European Wealth Management Technology Vendors report, the most prestigious of such accolades in Europe and a testament to the market-leading capabilities of Avaloq’s products and services, as well as the firm’s success in terms of client take-up.
Pascal Foehn, Avaloq Executive Board Sponsor for Asia and Avaloq Group COO, said: “We are delighted to be extending our long-term relationship with Maybank. The strong collaboration between Avaloq and the bank was key to the timely and successful delivery of this project. We are happy to help the bank build on the incredible success of the Maybank Premier brand in the competitive Singapore market and thus to further democratize wealth management. Allowing institutions to deliver significantly enhanced product and service offerings across different segments such as the affluent market is a core benefit of the Avaloq Banking Suite. In an increasingly highly digital environment, this sort of agility will define the leading financial institutions in our view.”
