Avaloq, a well-established player in private banking, wealth management, and investment management technology, has officially opened its new regional office in the Dubai International Financial Centre (DIFC).

This move comes after the company signed a partnership with InvestGB, the wealth and investment management arm of Gulf Bank, and secured another major client in the Gulf Cooperation Council (GCC) area. By establishing a stronger presence in the UAE, Avaloq aims to assist regional financial institutions in adapting to the changing expectations of investors while addressing key challenges related to technology adoption and client trust.

The inauguration of Avaloq’s Dubai office signifies a critical step in the company’s international expansion. For years, Avaloq has been a reliable partner for major financial institutions in the region, facilitating their offshore operations in Switzerland and aiding global firms in launching their onshore wealth management services in the Middle East. With the new office and additional regional partnerships, Avaloq plans to expedite the digital transformation of financial services throughout the GCC.

Avaloq’s core platform is designed to automate and standardize processes across front, middle, and back-office operations. Its open architecture allows for 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, enhancing operational efficiency. Furthermore, Avaloq’s front-office technology, along with its web and mobile banking solutions, enables firms to provide improved experiences for both clients and advisers.

The GCC is becoming an increasingly attractive region for wealth management, driven by ongoing economic diversification and a rising affluent population. Avaloq’s industry research, which surveyed over 3 000 investors and 300 wealth managers across Europe, Asia, and the Middle East, indicates significant potential for regional financial institutions to enhance their services. The research also highlights the risks of failing to meet investor expectations. In the UAE, 44% of investors cite a lack of trust as a reason for switching advisers, with the same percentage pointing to high costs, and 39% mentioning a lack of transparency. Notably, UAE investors place a high value on clear communication (88%) and effective risk management (84%), which are crucial for building trust with their advisers.

Avaloq’s new office is located at: AVALOQ Innovation Middle East Ltd Unit P6-02C, Level P6, Park Towers, Dubai International Financial Centre Dubai, United Arab Emirates