DBS and Avaloq have signed a memorandum of understanding to expand their 18-year partnership to develop wealth management technology and adviser capabilities in Asia.

DBS said the partnership will strengthen its capabilities and the capacity of its advisers and specialists to serve its wealth clients as the bank seeks to reach SG$1trn in assets under management by 2030.

The partnership will see the Singapore-headquartered bank and the financial software and services firm explore a broader deployment of the Avaloq platform across DBS’ markets and business lines, both firms said.

Both firms will explore joint development of capabilities and solutions in digital platforms, products, execution and future wealth management models.

They have also agreed to knowledge exchanges in the form of learning programmes, knowledge-sharing sessions and cross-functional exchanges.

Shee Tse Koon, group executive and head of consumer banking and wealth management, DBS, said: “Avaloq has been a critical enabler for our wealth management operations for the past 18 years.”

“This latest partnership brings together DBS’ wealth and investment expertise with Avaloq’s platform and data capabilities to co-create solutions that can swiftly address the evolving needs of our customers and advisers.”

“By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgment that matters and help more customers put their money to work. This is how we intend to set the pace as Asia’s wealth market grows.”

Martin Greweldinger, group chief executive officer, Avaloq, said: “We are excited to begin a new chapter in our partnership with DBS and build on 18 years of shared success.”

“Together, we plan to expand into new markets, deepen coverage across business lines, co-create the next generation of wealth technology and equip tomorrow’s wealth-management talent with the skills needed for an increasingly AI-enabled industry.”

“This shared ambition will help extend high-quality investment capabilities to a broader and more diverse client base.”