The Nomura Wealth Management Division Non-Japan Asia (WMD NJA), a division of Nomura, went live with the Avaloq Banking System on 1 March 2010.
Nomura WMD NJA operates out of Singapore and Hong Kong and will use the Avaloq Banking System to process its business transactions in future.
At the end of February 2009, Avaloq and Nomura announced that its wealth management business would rely in the future on banking software made in Switzerland. Just over a year later, the system switch was successful and the Avaloq Banking System was taken into productive operation.
Francisco Fernandez, CEO of Avaloq Evolution AG: "The Nomura Group is Asia's leading global investment bank and we are proud that it relies on Avaloq, one of the most innovative systems in the area of banking software, to build one of its infrastructures. This shows us that increasingly more banks appreciate Swiss quality when it comes to banking software and thus that our internationalisation strategy is successful."
The implementation of the Avaloq Banking System at Nomura was carried out within the planned financial and time limits set by Nomura, Avaloq and its local partners such as Comit and Solution Providers. For the first time, developments were partially outsourced to Sofgen Development Centre in Manila. This outsourcing was crucial to comply with the budget and quality requirements. Francisco Fernandez said: "This is a milestone for Avaloq. By cooperating with Sofgen, we demonstrate that we provide strong delivery services at reasonable costs. Especially in the Asian market, this USP is one of the most important arguments when it comes to deciding on a new banking software."
The Nomura Group has used the Avaloq Banking System as its integrated wealth management platform in Singapore since 1 March 2010. It is also used by relationship managers in Hong Kong. The Avaloq Banking System is of significant additional value to Nomura.
Nomura's Avaloq Project Managers, Andy Yong and Terence Tam, comment: "Being an international financial institution, we place enormous importance on using state-of-the-art technology in all areas. Having rolled out the Avaloq Banking System, we are optimally prepared for the challenges of the future. A special benefit to us is the integrated front-to-back processing. It enables us to provide higher service quality to our customers."