Avaloq, a leading provider of technology solutions for private banking, wealth management, and investment management, has inaugurated its new regional office in the Dubai International Financial Centre (DIFC). This strategic expansion aims to bolster Avaloq’s presence in the UAE, as it supports the digital transformation of financial institutions across the Gulf Cooperation Council (GCC).
The opening follows Avaloq’s successful partnerships in the region, including the recent signing of InvestGB, the wealth and investment management arm of Gulf Bank, and another major client in the GCC. The move reflects Avaloq’s commitment to helping regional financial institutions adapt to the evolving demands of investors, especially in terms of technology adoption and client trust.
Avaloq’s core platform automates and standardizes front, middle, and back-office operations, while its open architecture facilitates seamless integration with third-party services. This results in enhanced operational efficiency and high service accuracy. Furthermore, Avaloq’s front-office technology, including web and mobile banking platforms, enables firms to provide a superior client and adviser experience, driving greater value and trust.
The GCC has seen robust growth in wealth management, driven by economic diversification and an expanding affluent population. Avaloq’s research, based on surveys with over 3,000 investors and 300 wealth managers in Europe, Asia, and the Middle East, highlights the region’s potential for enhancing financial services. In the UAE, issues like lack of trust, high costs, and lack of transparency are key reasons investors switch advisers. Conversely, clear communication and effective risk management are highly valued.
Avaloq’s new office positions the company to better serve regional financial institutions, enabling them to embrace digital tools that streamline operations, foster transparency, and build trust with clients. The company is confident that its solutions will contribute to the GCC’s growing reputation as a hub for wealth and investment management.
Akash Anand, Head of Middle East and Africa at Avaloq, stated: “The GCC is a dynamic and fast-growing market for private banking and wealth management. We are excited to establish a strong local presence in Dubai, enabling us to work more closely with the region’s financial institutions as the sector matures. Our platform and services will harmonize technology ecosystems, delivering greater value to clients and strengthening the competitive edge of financial firms in the region.”
