DBS and Avaloq will jointly develop new wealth management capabilities as the bank targets S$1 trillion in retail and wealth assets by 2030.

The two firms have signed a MoU to expand their 18-year partnership across business growth, co-innovation and capability building.

DBS will explore wider use of Avaloq’s wealth management platform across its markets and business lines, with deployments tailored to local requirements.

The firms will also look at jointly developing capabilities across digital platforms, products, execution and future wealth management models.

The expanded partnership comes as demand for professional investment advice grows across Asia while the industry faces a shortage of wealth management talent.

The partnership is intended to strengthen the capability and capacity of DBS advisers and specialists as its wealth business grows.

It will also cover skills development and knowledge exchange through learning programmes, knowledge-sharing sessions and cross-functional exchanges.

Shee Tse Koon, Group Executive and Head of Consumer Banking and Wealth Management, DBS, said,

“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.”

“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.

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