Bank of Asia builds digital bank with Avaloq
Written by Chris Lemmon
Bank of Asia is using Avaloq’s banking suite in a Software as a Service (SaaS) model to build a digital bank, expected to be fully operational by the end of the year.
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.
Carson Wen, Bank of Asia’s founder and chairman, said: “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.
“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, added: “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.”