The bank is upgrading its wealth management services by scaling up its wealth management system and improving client engagement. By partnering with Avaloq, BCA wishes to improve its back-office operations and front-office interface for investment services. According to the managing director for South Asia and Australia at Avaloq, the company’s ‘core banking software is designed to help banks and wealth managers digitalise and future-proof their business with a flexible platform. The Avaloq Core Platform will improve the user experience for BCA’s wealth management business,’ as reported by The Asset.
Avaloq, a subsidiary of Japan-based information technology and electronics major NEC Corporation, provides services to reportedly more than 150 banks and wealth managers worldwide. Its core banking platform and wealth management technology are delivered through Software-as-a-Service (SaaS) and on-premises models, while its Business Process-as-a-Service (BPaaS) reportedly improves back-office efficiency with a high degree of automation.
A transaction banking specialist, Jakarta-headquartered BCA offers various financial services in consumer, small and medium-scale enterprises, and commercial and corporate segments. It serves around 31 million customer accounts, processing around 62 million daily transactions through a network of 1,242 branches, 18,065 automated teller machines, and 24-hour internet and mobile banking systems, The Asset concludes.
Fintech is reportedly booming in Southeast Asia (SEA). Investments in the region more than tripled to hit USD 3.5 billion in the first nine months of 2021, compared to USD 1.1 billion for all of 2020. The trending fintech categories are digital payments and digital lending. In 2021, the digital payments segment received funding of USD 1.9 billion, a 244% compound annual growth rate (CAGR) from USD 562 million in 2020. Digital lending also noticed a 78% CAGR to USD 314 million. In 2022, while tech companies all over the world grapple with a funding winter, fintech companies in SEA are continuing to raise huge capital, as reported by KrAsia.
Among the important names on the fintech scene are: AyoConnect, Brick, and Finantier. The latter was featured in the Open Banking Report 2021 and you can read its contribution on our site, if you wish to learn more about ‘The case for Open Finance in Southeast Asia’ or how Open Finance transforms payments in Indonesia.
Avaloq, AyoConnect, Brick, Finantier and many other key Open Banking players have been featured in our global mapping and infographic, which can be found inside our Open Banking Report 2021.
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