The Avaloq Group has launched its business process outsourcing (BPO) capabilities from a Singapore-based subsidiary.
The group will use Avaloq technologies to provide Deutsche Asset and Wealth Management with BPO services for its back-office administrations and operations in Singapore.
General manager for Avaloq Asia Pacific and chairman of the board for Avaloq sourcing Asia Pacific (Singapore), Peter Scott, said: “The banks in Singapore and around Asia Pacific generally are suffering continuing pressure on cost-income ratios from the combined impacts of compliance costs, pressure for greater relationship manager efficiency and client demand for greater sophistication from digital channels.”
“Costs in bank processing is a volume business and the consolidated volumes arising from our BPO service will translate into increased efficiency and profitability for participating institutions.”
Avaloq has been quickly expanding its BPO network, and also has centres in Switzerland and Germany.
CEO Francisco Fernandez said: “The official launch of the BPO centre in Singapore represents a significant next step for the Avaloq group. When we first entered the BPO market in 2011 our vision was to build a Global Processing Network.”
“We are becoming a market place by linking the participating banks’ street side product creation capabilities with the advisory channels offered by other institutions in other financial centres. Today that vision is one step closer and we look forward to seeing the network continue to grow in the coming years.”
