RBC Wealth Management in Asia is moving its platform to the cloud by implementing a software as a service (SaaS) model and modernising the platform with “innovative” front-office services, the firm said in a statement.
Avaloq’s SaaS service is “going to significantly increase the agility, scalability and flexibility of RBC WM’s Asia business by leveraging the power of cloud computing,” it said.
The project will be implemented with the support of Synpulse – an existing technology partner for both RBC WM and Avaloq.
“By moving our wealth management platform to the cloud, we are paving the way for further growth in the region. Avaloq’s SaaS solution will provide us with the necessary flexibility and scale to deliver our proven value proposition to the market,” Terence Chow, head of RBC WM in Asia, said in a statement.
As part of the project, RBC’s wealth management platform in Asia will be modernised with two new front-office services – relationship managers workplace and investment advisory. RBC WM is also
adopting Avaloq’s web and mobile products for clients of its Hong Kong business.
“By modernising the entire platform, RBC WM Asia is strengthening its digital capabilities which will have a positive impact on the client experience,” Gery Dachlan, managing director for South Asia & Australia at Avaloq, said in the statement.
RBC WM is part of Royal Bank of Canada, and it has offices in Hong Kong, Singapore, Malaysia in Asia.
Avaloq has been serving RBC WM’s Asia operations since 2012 through its core banking software, and later also with its web and mobile products.
