DBS and Avaloq Target SGD 1 Trillion Wealth Goal with Expanded Asia Partnership

DBS and Avaloq have signed a memorandum of understanding to deepen their 18-year relationship, focusing on the development of next-generation wealth management technology. This expansion is central to DBS’s goal of reaching SGD 1 trillion in wealth assets by 2030. For the industry, it highlights how legacy institutions are leveraging long-term tech partnerships to solve acute talent shortages.

What was announced

The collaboration focuses on three core pillars: enterprise growth, co-innovation, and capability building exchange. By integrating Avaloq’s technology more deeply across its various markets and business lines, DBS aims to enhance the efficiency of its advisors and specialists. This move is specifically designed to support the firm’s "wealth continuum," which serves clients ranging from retail investors to ultra-high-net-worth individuals.

The partnership comes as the Asian wealth market experiences a significant shift in client expectations. Data indicates that while seven in ten investors in the region already utilize a wealth adviser, more than 40% of those currently without professional guidance are seeking it. However, the industry is simultaneously grappling with a shortage of qualified talent. To bridge this gap, the two firms will explore the joint development of digital platforms, execution tools, and future wealth management models that utilize data and AI to augment human expertise.

Beyond software deployment, the MoU includes a commitment to talent development and knowledge exchange. Potential initiatives include cross-functional exchanges and learning programs designed to equip staff with the skills necessary for an increasingly digital and AI-enabled landscape. This focus on human capital suggests that the partnership is as much about workforce transformation as it is about technical infrastructure, aiming to increase the capacity of advisers to handle a growing volume of assets.

"Avaloq has been a critical enabler for our wealth management operations for the past 18 years. 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. This is how we intend to set the pace as Asia’s wealth market grows."

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

The companies involved

Avaloq is a global leader in wealth management technology, providing core banking software and digital platforms to some of the world’s largest financial institutions. The company has established a significant footprint in the fintech sector, with its solutions frequently utilized to modernize legacy banking operations and enable Software as a Service (SaaS) delivery models. With a focus on the digital transformation of private banking and wealth management, Avaloq has become a staple partner for firms looking to automate complex back-office processes while enhancing front-office client engagement.

DBS is a leading financial services group in Asia, headquartered in Singapore. It operates across 19 markets and has been a frontrunner in digital transformation within the banking sector. Often recognized as one of the "Big Three" banks in Singapore, DBS has consistently integrated emerging technologies such as blockchain and AI into its service offerings. The bank’s "wealth continuum" strategy is a key differentiator, allowing it to transition clients seamlessly through different stages of wealth accumulation. By leveraging its 18-year history with Avaloq, DBS maintains a stable technological foundation while pursuing aggressive growth targets in the retail and private banking sectors across the Asia-Pacific region.

What FF News has reported before

FF News has closely followed the digital evolution of both organizations. Recently, we covered how CA next bank Becomes First in Switzerland to Launch Avaloq’s New SaaS Mobile Banking App, demonstrating Avaloq's continued expansion in the mobile banking space. DBS has also been active in the digital asset and payments sectors. We reported on how Singapore’s Big Three Banks Execute First Live Tokenised Deposit Transactions via Swift, a milestone that included DBS. Additionally, the bank has targeted younger demographics with the launch of the Chromo and TravelLah! Cards to revolutionize rewards. On the infrastructure side, DBS and Citi Complete First Weekend USD Cross-Border Payment via Swift Digital Ledger, showcasing the bank's commitment to 24/7 liquidity.

What this means

This announcement signals that the "arms race" in Asian wealth management has moved beyond simple digital portals toward deep, AI-augmented advisory. By targeting SGD 1 trillion in AUM, DBS is putting immense pressure on regional competitors to prove they can scale without a linear increase in headcount. The focus on "augmenting every individual" suggests the industry is reaching a tipping point where technology is no longer a back-office utility but the primary driver of front-office capacity. The success of this MoU will likely be measured by whether DBS can maintain personalized service levels while dramatically expanding its client base, a challenge that remains the central question for the sector as it faces a talent crunch.