DBS and Avaloq have announced an expansion of their strategic partnership, aiming to enhance wealth management capabilities across Asia. The collaboration, formalised through a memorandum of understanding, seeks to combine DBS’ wealth expertise with Avaloq’s technological prowess to drive growth in retail and wealth assets under management (AuM) towards S$1t by 2030.
The partnership comes as demand for professional investment advice surges in Asia, despite a shortage of talent in the industry. Currently, 70% of investors have a wealth adviser, and over 40% of those without one express a desire for such services. This collaboration will focus on enterprise growth, co-innovation, and capability building, addressing the need for a larger talent pool and enhanced technological support.
DBS and Avaloq plan to deploy Avaloq’s platform more broadly across DBS’ markets, tailoring solutions to meet diverse market needs. The initiative will also include the development of digital platforms, products, and future wealth management models. Additionally, the partnership will leverage DBS’ talent and Avaloq’s expertise to foster skills development through learning programmes and knowledge-sharing sessions.
Shee Tse Koon of DBS highlighted the importance of the partnership, stating, “By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgement that matters and help more customers put their money to work.” Avaloq’s CEO, Martin Greweldinger, expressed excitement about expanding into new markets and co-creating the next generation of wealth technology.
As DBS and Avaloq strengthen their collaboration, the partnership is poised to extend high-quality investment capabilities to a broader client base, supporting the evolving needs of the wealth management industry in an increasingly AI-driven landscape.
