Maybank Private Wealth, the wealth management division of the Maybank Group, headquartered in Kuala Lumpur, and South East Asia's fourth largest bank based on assets alone, has deployed the Avaloq Banking Suite to expand on its offering to clients.
The bank's implementation of Avaloq was soft-launched in March and has now been fully integrated for its Singapore based regional wealth management business.
"Maybank Private Wealth is immensely committed to offering a complete suite of solutions and products for our clients that will address their banking and wealth management needs," said Alvin Lee Han Eng, head of private banking at Maybank, in a statement. "With the Avaloq Banking Suite, we are even better positioned to serve our clients with a greater offering."
The move follows the cooperation agreement between Maybank and Leonteq on the origination and distribution of structured investment products. The partnership model is aimed at helping "regional players launch and expand" their range of investment solutions.
The partnership responds to Maybank's 'ambition to expand its structured investment products capabilities' and expand its international customer base. Under the agreement, Leonteq will provide support to Maybank in the origination and lifecycle management of structured investment products via its automated platform and distribution capabilities in Europe and Asia, including real-time, analytics-based product structuring and pricing.
Maybank is the largest financial services group in Malaysia and one of the leading banks in South-East Asia by market capitalisation and total assets (US$183bn in 2014). With a Standard and Poor's credit rating of A-, Maybank's Islamic banking arm is the third largest in the world by assets and has marketed over 200 products in Malaysia (188) and Singapore (27), of which 18 are live products.
The collaboration will also provide Maybank with an opportunity to expand its distribution channels in Europe, as well accessing new market segments in regions where the Malaysian bank has no physical presence.
"This is a major milestone for Avaloq in the Asia Pacific region," said Peter Scott, general manager Asia Pacific, Avaloq, in a statement. "This achievement supports our ambitious plans for further growth and expansion across the region and is another big step in Avaloq's exciting journey in Asia."
Following the collapse of the partnership with DBS, Avaloq and Numerix to develop and implement an integrated multi-issuer investment products distribution system (known as the Land initiative) "due to diverging interests on some business model and exclusivity discussions", Leonteq stated that it will continue to implement buy-side automation initiatives on its own and with partners such as Avaloq.
Avaloq has been expanding its operation in the Asia-Pacific region over the last few year, and launched a new business process outsourcing (BPO) service capabilities from its new Singapore based BPO subsidiary at the end of 2014. These services include back office administration processes to customers in Singapore and on a cross-border basis throughout the region. Maybank Private Wealth was launched in October 2013 and has offices in Malaysia and Hong Kong.
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