Bank of Asia has said it plans to build “a world-class wealth management platform” which will provide customers with round-the-clock securities and foreign exchange trading, margin financing and wealth management services.
The announcement comes as Bank of Asia said it decided to build its digital bank using the Avaloq banking suite in a Software as a Service (SaaS) model.
Avaloq will provide the digital banking through its Singapore-based service centre, Avaloq Sourcing (Asia Pacific). The new bank is expected to be fully operational by the end of the year.
Licenced in the British Virgin Islands (BVI), Bank of Asia will facilitate and accelerate the launch of a new digital banking platform which will offer financial service to companies that have ties to Asia.
Bank of Asia’s founder and chairman, Hong Kong based businessman and lawyer Carson Wen, said: “We want to start a bank that has cutting-edge technology as its foundation. We aim to utilise fintech and regulatory technology to enable us to undertake these processes with a much higher degree of efficiency and lower costs that will give us a huge competitive advantage over legacy banks.”
Anantha Ayer, CEO of Avaloq Sourcing (Asia Pacific) said: “Avaloq is delighted to be working with Bank of Asia. The business model adopted by the bank leverages digital innovation, and remote delivery methods which perfectly encapsulate our joint vision for the future of wealth management.”