DBS Private Bank in Singapore has followed its Hong Kong counterpart in implementing the Avaloq Banking System, a move which the firm calls a seminal milestone in its plans to boost its assets under management by 40 per cent within three years.

Commenting on the implementation of Avaloq’s system at DBS’ headquarters, Tan Su Shan, group head of wealth management, said that the bank hoped to realise a number of different benefits following the year-long implementation project.

“For instance, as the integrated platform is easier to use, we will be able to ramp up staff quicker, introduce new products in an easier and more flexible way, and offer more services to our customers. We are looking forward to leveraging the opportunities provided by the new platform in order to strengthen our wealth management proposition for Asia’s growing affluent," said Shan.

By using the Avaloq Banking System to service clients in both North and South Asia DBS also hopes to benefit from synergies across multiple locations and the ability to standardise its processes. The system was implemented at DBS Private Bank in Hong Kong in mid-2009.

For its part, Avaloq regards the DBS project as crucial for its development in Asia through its potential to influence other banks’ choice of software provider.