“So while the Philippine economy continues to grow, we expect the wealth management proposition to outpace that. What we need from here is not just a scale of adding more people. We have an advantage now to create ourselves an opportunity where we use technology to face those demands of the clients,” Security Bank financial markets head Arnold Bengco told reporters in an interview during their recent signing of agreement in Makati City.
This holds true also for the wealth management here compared to those abroad, like in Singapore and Hong Kong—now the two main booking centers in Asia for many multinational banks—since they have been offering such service for a number of years already and, regulatory-wise, have also gone through those cycles in terms of understanding what are the right risk controls in place, according to Avaloq commercial head for Asia Pacific, the Middle East and Africa Gery Dachlan.
Part of this plan is the new partnership aimed at helping the digitalization of its wealth management business with the Avaloq Core Platform that is also capable to standardize workflows and enable the offering of a full spectrum of bespoke investment advisory services and products to high net worth and affluent clients.