RBC Wealth Management (RBCWM), part of Royal Bank of Canada, has expanded its collaboration with wealth management platform Avaloq to move its Asia wealth management platform to the cloud.

Avaloq, which first partnered with RBCWM in 2012, offers its core banking software, as well as its web and mobile products to the Toronto-based wealth manager.

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As part of the latest collaboration, Avaloq will offer a Software as a Service (SaaS) model to enable the RBWM to move its Asia wealth management platform to the cloud.

This SaaS solution will leverage cloud computing to scale up ‘agility, scalability and flexibility’ of RBCWM’s Asia business.

The initiative will add two new front-office solutions, namely, RM Workplace and Investment Advisory, to RBCWM’s wealth management platform in Asia.

These products are designed to help relationship managers and investment advisors to offer personalised investment advice their clients by bringing together Avaloq’s core banking software and new digital platforms.

In addition, RBCWM will rollout Avaloq’s web and mobile offerings for clients of its Hong Kong business.

Synpulse, an existing technology partner of both RBCWM and Avaloq, will support the companies in the new initiative.

Commenting on the development, RBC Wealth Management Asia head Terence Chow said: “By aligning our traditional private banking offering with Avaloq’s new digital platforms, we will be able to optimise the experience for our clients, and support relationship managers in delivering on clients’ financial objectives.”

Avaloq South Asia & Australia managing director Gery Dachlan added: “We are excited to open this new chapter in our successful partnership with RBC Wealth Management. Our innovative products like RM Workplace and Investment Advisory are going to boost the efficiency of relationship managers and investment advisors with powerful tools for personalized, real-time investment advice.”

In July last year, RBCWM tapped fintech firm Broadridge to enhance the digital transformation of its US operations.