Avaloq Announces Plans for BPO Centre for Singaporean Market

SINGAPORE, June 7, 2013 /PRNewswire/ —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.”

The Avaloq Banking System, a fully integrated, modular banking solution of back, middle and front office functionalities, is already in use at several Avaloq customers in Singapore who run the software locally, including DBS, Barclays, LGT, Coutts, VP Bank, Sarasin, Pictet and Nomura.

About Avaloq: Essential for Banking

The Avaloq group is the international reference for integrated and comprehensive banking solutions for retail, wealth management and universal banks. Avaloq’s products are in use in the most demanding financial centres. More than 1,300 highly-qualified banking and IT specialists develop and operate banking technologies that are fully-integrated from front and middle to back office. With a 100% success rate in the implementation of its solutions, Avaloq, in the 25 years of its existence, has won the trust of a first class community of the world’s leading financial institutions, partners and universities in over 20 countries. Avaloq has a customer base of over 100 banks which put their faith into the company’s solutions. The firm, with its headquarters in Switzerland, has branches in Berlin, Frankfurt, Geneva, Leipzig, London, Luxembourg, Paris, Vienna, Zurich, Hong Kong, Singapore and Sydney. It has two development centres, one in Zurich and one in Edinburgh, as well as a development support centre in Manila. Avaloq provides leading business process and IT outsourcing solutions in Switzerland (B-Source) and in Germany.

More information under www.avaloq.com

Source: Avaloq