The Avaloq Group, the international reference for integrated and comprehensive banking solutions, announced today at the Avaloq Symposium in Singapore that a further step in its international strategy for providing Business Process Outsourcing (BPO) to financial institutions will be a local Singapore BPO centre for the Asian wealth management market.
Avaloq will continue its proven path from Europe and aims at establishing a local BPO centre for the Asian financial market in a joint venture with a local financial institution.
Avaloq already has a proven track record in providing BPO services. In Switzerland, Avaloq currently counts 13 banks as clients via its subsidiary B-Source, and in Germany a further five banks rely on BPO services from Avaloq Sourcing (Deutschland) AG. Avaloq is now one of the world's major independent full scope BPO providers in the private banking market and is planning on setting up a regional BPO centre to support the Asian financial market.
The new BPO centre will provide private banks in Singapore with a cutting-edge BPO solution based upon the operational strength and vast experience Avaloq excels with in the BPO field. The proposition is further enhanced with the best practice and rapid implementation offered through the Avaloq Model Bank Asia approach.
Avaloq has already been supporting customers in Singapore such as BSI, which has been using BPO for nearly two years in a cross-border service provisioning approach via B-Source, the BPO centre in Switzerland.
Martin Frick, General Manager BPO, says: "The independence of the BPO model is one of its key success factors. BPO allows banks to focus on their core business -- their customers and their products. Avaloq assures an industrialised operation of the back office. After the successful establishment of BPO services in the European BPO centres, we are now ready to move to providing a regionally based BPO offering for Asia. The new BPO presence will be built upon a strong partnership with a local financial institution and will leverage the best practices from the European operations."
Peter Scott, General Manager Asia Pacific and Avaloq Executive Board member adds: "The planned Avaloq BPO centre to support the growing financial markets in Asia is a strategically logical step for us. By setting up a local BPO centre we establish a financial hub that acknowledges Singapore as one of the world's most significant financial markets."