Looking to support financial institutions in Dubai as they adapt to the evolving expectations of investors and address challenges associated with tech adoption and client trust, Avaloq, the private banking, wealth management and investment management tech provider, has opened a new office in the Dubai International Financial Centre (DIFC).
The expansion into the region follows the company’s recent signing of InvestGB, the wealth and investment management arm of Gulf Bank, and the recent addition of another major client in the Gulf Cooperation Council (GCC) area. Avaloq has had a presence in the region for years, supporting financial institutions with offshore activities in Switzerland while helping global firms establish their onshore wealth management business in the Middle East.
The expansion into Dubai marks the company’s latest milestone. It builds on its already presence and aims to accelerate the digital transformation of financial services across the GCC.
Akash Anand, head of Middle East and Africa at Avaloq
Akash Anand, head of Middle East and Africa at Avaloq, said: “The GCC is a dynamic and fast-growing market for private banking, wealth management and investment management. We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region’s leading financial institutions as the Middle East’s wealth and investment management sector continues to mature.
“Our platform and services will help harmonise their technology ecosystems, enabling them to deliver better value for their clients while driving their long-term success and strengthening their competitive edge.”
Avaloq’s specialised core platform automates and standardises processes across front, middle and back-office operations, while its open architecture enables the seamless integration of innovative third-party services.
Thanks to the platform’s built-in automation, financial institutions can achieve high service accuracy and straight-through processing (STP) rates, resulting in greater operational efficiency. Additionally, Avaloq’s front-office technology, along with its web and mobile banking platforms, supports firms in creating an enhanced experience for both clients and advisers.
Capitalising on GCC growth
The GCC has emerged as a highly attractive region for wealth management, buoyed by ongoing economic diversification and a growing affluent population. Avaloq’s industry research, based on surveys with over 3,000 investors and 300 wealth managers in Europe, Asia and the Middle East, reveals the potential for financial institutions in the region to enhance their service offerings – and the risks of not keeping up with investor expectations.
In the UAE, the top reasons for switching advisers include a lack of trust (44 per cent), high costs (44 per cent) and lack of transparency (39 per cent). At the same time, UAE investors place a lot of value on clear communication (88 per cent) and effective risk management (84 per cent) when it comes to building trust in their adviser. This underscores the necessity for digital tools that not only streamline operations but also empower advisers to provide insightful, transparent and trust-building advisory services.
With the GCC on a strong growth path, the opening of Avaloq’s Dubai office reflects the company’s confidence in the region’s potential and its commitment to driving innovation and digital transformation in financial services. Avaloq’s solutions will play a key role in enabling the region’s financial institutions to maximise the benefits of digitalisation, better serve their clients in the long term and strengthen the GCC’s standing as a hub for wealth management and investment management.
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