Avaloq, a provider of private banking, wealth management and investment management technology, has inaugurated its new regional office in the Dubai International Financial Centre (DIFC).
This strategic expansion follows the signing of InvestGB, the wealth and investment management arm of Gulf Bank, and the recent addition of “another major client in the Gulf Cooperation Council (GCC) area”.
By strengthening its presence in the UAE, Avaloq aims to support the region’s financial institutions as they adapt to the evolving expectations of investors and address the key trends and challenges highlighted by Avaloq’s industry research, particularly in technology adoption and client trust.
Avaloq has an established presence in the region, supporting their offshore activities in Switzerland while helping global firms establish their onshore wealth management business in the Middle East. With its expanded local presence and new regional partnerships, Avaloq said it aims to accelerate the digital transformation of financial services across the GCC.
The statement further said the specialised core platform automates and standardises processes across front, middle and back-office operations, while its open architecture enables the seamless integration of innovative third-party services. Additionally, Avaloq’s front-office technology, along with its web and mobile banking platforms, supports firms in creating an enhanced experience for both clients and advisers.
The GCC has emerged as a highly attractive region for wealth management, buoyed by ongoing economic diversification and a growing affluent population. Avaloq’s industry research, based on surveys with over 3,000 investors and 300 wealth managers in Europe, Asia and the Middle East, reveals the potential for financial institutions in the region to enhance their service offerings – and the risks of not keeping up with investor expectations.
In the UAE, the top reasons for switching advisers include a lack of trust (44%), high costs (44%) and lack of transparency (39%). At the same time, UAE investors place a lot of value on clear communication (88%) and effective risk management (84%) when it comes to building trust in their adviser. This underscores the necessity for digital tools that not only streamline operations but also empower advisers to provide insightful, transparent and trust-building advisory services.
Pictured above left to right for the opening of the office: Dinesh Babu. Pascal Wengi. Akash Anand. Yao Wang.
Akash Anand, head of Middle East and Africa at Avaloq, said: “The GCC is a dynamic and fast-growing market for private banking, wealth management and investment management.
“We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region’s leading financial institutions as the Middle East’s wealth and investment management sector continues to mature.
“Our platform and services will help harmonize their technology ecosystems, enabling them to deliver better value for their clients while driving their long-term success and strengthening their competitive edge.”
