The Avaloq Group expands its presence in Asia, thus emphasising its strong commitment to the Asian region. Since 1 June 2010, the Swiss market leader for integrated banking software has its own branch office in Hong Kong.
In Hong Kong, the Avaloq Banking System is already used by RBS Coutts, as well as by two Asian banks: DBS and Nomura. By the end of 2010, more banks are expected to start operations in Hong Kong with the Avaloq Banking System.
With its presence in Hong Kong, Avaloq continues its consistent internationalisation in the Asian region. Mathias Schütz, Managing Director of Avaloq Asia Pacific Pte Ltd, is pleased: "By opening a new branch office in Hong Kong we are broadening our footprint in the APAC market. This also to the advantage of our fast-growing Community."
Three major banks in Hong Kong are already using the Avaloq Banking System: RBS Coutts has been using Avaloq's software since January 2008. In July 2009, the Hong Kong Private Banking Unit of DBS went live. DBS is the largest bank in South Eastern Asia and the first Asian bank ever to use the Avaloq Banking System. Since March 2010, NOMURA Wealth Management Division Non-Japan Asia in Hong Kong has been using the Avaloq Banking System as its integrated wealth management platform.
The new Avaloq branch in Hong Kong benefits strongly from experience and know-how based at the regional headquarters in Singapore. The Singapore branch has been strongly expanding during the past few years. It was recently renamed from Avaloq Singapore Pte Ltd to Avaloq Asia Pacific Pte Ltd.
Asian customers benefit from a first-rate local customer support and localised product adaptations. For this reason, a dedicated Model Bank configuration with Asian best practices is maintained locally. The Model Bank enables Avaloq to introduce its Swiss quality product in a quick and cost-efficient manner at Asian banks.
By the end of 2010, more renowned banks are expected to take the Avaloq Banking System into operation for the front-to-back business at their booking centres in Hong Kong.