Avaloq has officially opened its regional office in the Dubai International Financial Centre (DIFC), signalling a strategic effort to promote digital transformation in the Gulf Cooperation Council (GCC) region’s financial sector.
After a series of client wins, including InvestGB, the wealth and investment division of Gulf Bank and another vital financial institution in the GCC, the Swiss technology innovator, renowned for its complete solutions in private banking, wealth management, and investment management, is expanding its footprint in the United Arab Emirates.
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The 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.
The growth comes at a critical time for the region’s finance industry, which is dealing with fast changing investor expectations and an increasing need for digital-first solutions. Its newly opened office in DIFC is expected to play an important role in assisting financial institutions in streamlining operations, increasing efficiency, and building client trust using innovative technology.
Akash Anand, Head of Middle East and Africa at Avaloq, stated: “The GCC is a dynamic and fast-growing market for private banking, wealth management and investment management. We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region’s leading financial institutions as the Middle East’s wealth and investment management sector continues to mature. Our platform and services will help harmonise their technology ecosystems, enabling them to deliver better value for their clients while driving their long-term success and strengthening their competitive edge.”
Avaloq’s core banking platform is designed to automate and standardise front-to-back-office activities while allowing for simple integration of third-party services via open architecture. Its technology is intended to increase operational efficiency through high degrees of automation and straight-through processing (STP), while also improving client and adviser engagement via enhanced digital interfaces.
Avaloq polled over 3,000 investors and 300 wealth managers from Europe, Asia, and the Middle East as part of its market trend study. The findings demonstrated an important avenue for digital innovation in the GCC. In the UAE, the most common reasons for switching financial advisers were a lack of trust (44%), excessive fees (44%), and a lack of transparency (39%).
Meanwhile, 88% of UAE investors favour clear communication, and 84% prioritise good risk management, two areas where digital solutions can have a significant impact.
As economic diversification and wealth creation continue to transform the GCC landscape, Avaloq’s debut into DIFC demonstrates its commitment to assist regional institutions in adapting to the future of finance.
