Bank of Asia has decided to build its digital bank using the Avaloq Banking Suite in a Software as a Service (SaaS) model.
Avaloq will provide the complete digital banking solution as a service through its Singapore based service centre Avaloq Sourcing (Asia Pacific). The new bank is expected to be fully operational by end of the year.
Bank of Asia’s Founder and Chairman, Hong Kong based businessman and lawyer Carson Wen, started to establish the new bank in early 2015. Licenced in the British Virgin Islands (BVI), Bank of Asia will facilitate and accelerate the launch of a new digital banking platform which offers financial service to companies that have ties to Asia.
Since Bank of Asia is primarily a digital bank and focuses on lowering operational costs, it has decided to have its digital banking solution based on the Avaloq Banking Suite. The software will be operated as a service from the Singapore based service centre Avaloq Sourcing (Asia Pacific). The solution is pre-configured with industry proven components and processes, and a host of mission critical third party-components are embedded.
“We want to start a bank that has cutting-edge technology as its foundation. We aim to utilise fintech and regulatory technology to enable us to undertake these processes with a much higher degree of efficiency and lower costs that will give us a huge competitive advantage over legacy banks”, said Carson Wen, Bank of Asia’s Founder and Chairman.
Mr. Wen continues: “We also want to build a world-class wealth management platform which will provide our customers with round the clock securities and foreign exchange trading, margin financing and wealth management services, leveraging future-proof technology and innovative delivery methods. After a very thorough study of the leading players in this space, we are very glad to be working with Avaloq to build our digital banking platform. Our teams work very closely together and we have developed huge respect for Avaloq’s professionalism and efficiency. Already in the early project stage, Avaloq has shown the drive and commitment to accomplish an extremely challenging timeline.”
Anantha Ayer, CEO of Avaloq Sourcing (Asia Pacific), said: “Avaloq is delighted to be working with Bank of Asia. The business model adopted by the bank leverages digital innovation, and remote delivery methods which perfectly encapsulate our joint vision for the future of wealth management. The Software as a Service model grows with the bank as their business develops. Also, a quick time to market is very important to the bank and thanks to our ready-to-use digital banking solution, we can achieve a successful go-live by the end of the year. Avaloq can leverage its global delivery capabilities to ensure they reach this objective. Together, the successful partnership that we have established will offer the bank a significant competitive advantage.”
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