Deutsche Asset and Wealth Management (DeAWM) - a division of the Deutsche Bank Group- has selected Avaloq Sourcing Asia Pacific to supply back office services to its operations in Singapore.
In a press statement, Avaloq Sourcing Asia Pacific said that it will provide DeAWM with full business process outsourcing (BPO) services including back office administration processes. It will do so in two phases, with the first phase taking place in the third quarter of this year. The second phase, which will see the transfer of DeAWM's existing core IT platform to Avaloq's platform, is expected to be executed in 2015, subject to compliance with local requirements.
Based in Singapore, Avaloq Sourcing Asia Pacific is a BPO provider that is a new subsidiary of banking solutions provider Avaloq Group. It will be part of Avaloq's global network of BPO centres.
"BPO is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies," said Peter Scott, general manager for Avaloq Asia Pacific and chairman of the board for Avaloq Sourcing Asia Pacific (Singapore). "Following the successful establishment of BPO centres in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO centre later this year."
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