The founder and chairman of Bank of Asia, Carson Wen, started to establish a new bank in early 2015. According to a statement, the bank – which is licensed in the British Virgin Islands – will offer financial services to companies that have ties to Asia.
“We also want to build a world-class wealth management platform which will provide our customers with round the clock securities and foreign exchange trading, margin financing and wealth management services, leveraging future-proof technology and innovative delivery methods,” said Wen.
The new digital platform will use “cutting-edge technology” and carry out processes more efficiently and at a lower cost. To achieve this, it has decided to use the Avaloq Banking Suite in a Software as a Service (SaaS) model.
“After a very thorough study of the leading players in this space, we are very glad to be working with Avaloq to build our digital banking platform,” added Wen. The Zurich-based fintech company stood out for its “professionalism and efficiency”.
“The business model adopted by the bank leverages digital innovation, and remote delivery methods which perfectly encapsulate our joint vision for the future of wealth management,” said Anantha Ayer, CEO of Avaloq Sourcing for the Asia-Pacific region.
Thanks to Avaloq’s solution, Bank of Asia will be able to launch its digital bank by the end of the year.