Avaloq Group, the international banking software solutions provider, is opening a business process outsourcing centre in Singapore to tap a larger share of the Asian wealth management market.

Avaloq Group, the international banking software solutions provider, is opening a business process outsourcing centre in Singapore to tap a larger share of the Asian wealth management market.

The company has a proven track record in BPO services. In Switzerland, 13 banks rely on Avaloq's B-source subsidiary for its systems; it has another five client banks in Germany.

The new BPO centre in Singapore will provide private banks in the city-state with the support they need to grow in the Asian financial market.

"BPO allows banks to focus on their core business - their customers and their products. The new BPO presence will be built upon a strong partnership with a local financial institution and will leverage the best practices from the European operations," said Martin Frick, general manager, BPO at Avaloq.

Avaloq's existing clients in Singapore include BSI, which has been using BPO via B-Source for the past two years.

In February last year, Avaloq opened a joint software development support centre in Manila with its partner firm, SOFGEN. The facility supports the two main development centres in Switzerland and the UK and concentrates on standardised tasks such as testing, certification and development services.