Singapore-based DBS, the biggest bank in Southeast Asia, successfully rolled out on July 6, 2009 the Avaloq Banking System for its Private Banking Unit in Hong Kong.
This is the first time that an Asian bank has opted for the "made in Switzerland" Avaloq Banking System. The roll-out at DBS sets an important milestone for Avaloq as it affirms its presence in Asia.
For DBS, implementing the banking software represents a key step in gearing itself up fully for the challenges of the future. The regional bank is deploying the fully-integrated Avaloq Banking System for its Private Banking Unit in Hong Kong, replacing a number of legacy systems and providing the bank with operational efficiencies from the front to the back office. By rolling out the Avaloq Banking System, DBS can take comfort in the fact that the platform will help them offer their customers even better service, boost its internal efficiency and gain a competitive edge on the banking market.
Amy Yip, CEO of DBS (Hong Kong) Ltd and Head of DBS Wealth Management Group said: "We have evaluated various options that are used by many global financial institutions and have chosen Avaloq for its relevant functionalities and scalable potentials for our private banking business. This system has the flexibility of customising for local needs, and yet at the same time allow us to standardise our processes across several locations in the region. The Avaloq system is thus a compelling system to partner DBS as we grow and strengthen our private banking business in Asia."
Francisco Fernandez, CEO of Avaloq Evolution AG, is delighted to have a new live customer: "The Avaloq Banking System is one of the most innovative systems around when it comes to banking software. Implementing the software at DBS shows that we can also strike a chord with banks outside of Europe and know how to map processes to best effect. We've now established a bridgehead in the growing Asian market and will continue to pursue this track."