DBS, Avaloq Expand Partnership as Wealth Business Targets S$1 Trillion in Assets
DBS and Avaloq expanded their 18-year partnership to develop new wealth management capabilities. The collaboration aims to help DBS reach S$1 trillion in retail and wealth assets by 2030. They will co-innovate across digital platforms, products, and execution models. This expansion addresses Asia's growing demand for investment advice and a shortage of wealth management talent. The partnership will also focus on skills development and knowledge exchange for DBS advisers.
DBS's target of S$1 trillion in assets by 2030 is ambitious, but the partnership with Avaloq reflects a strategic necessity. Wealth management talent remains scarce across Asia. Automating parts of the advisory process allows DBS to scale without over-relying on human capital. This is a clear response to market conditions, not just an incremental platform upgrade.
The expanded partnership directly benefits DBS's regional expansion. By tailoring Avaloq's platform to local requirements, DBS can deepen its presence in diverse Asian markets. This approach mitigates the risk of a one-size-fits-all technology rollout. It also positions DBS to capture a larger share of Asia's growing affluent segment.
The thing to watch is how quickly DBS integrates AI into these new capabilities. Avaloq CEO Martin Greweldinger mentioned an "increasingly AI-enabled industry." The real test for DBS will be delivering tangible AI-driven improvements to customer experience and adviser efficiency by 2028. Without clear AI integration, the partnership risks being just another IT overhaul.
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