Royal Bank of Canada is moving its wealth management platform in Asia to a cloud-based software as a service (SaaS) model through its technology partnership with Avaloq.

Avaloq says the SaaS solution will increase the agility, scalability and flexibility of RBC Wealth Management’s Asia business by leveraging the power of cloud computing. The project is being implemented with the support of Synpulse.

As part of the project, RBC’s wealth management platform in Asia will be modernized with two new front-office solutions – RM Workplace and Investment Advisory. The products are designed to support relationship managers and investment advisers in providing their clients with efficient and highly personalized investment advice by combining the high data integrity of Avaloq’s core banking software with state-of-the-art digital platforms. Also, RBC Wealth Management is introducing Avaloq’s web and mobile products to clients in Hong Kong.

Avaloq has been serving RBC Wealth Management’s growing Asia operations since 2012 through its core banking software, and later also with its web and mobile products, providing a fully digital end-to-end solution. RBC Wealth Management has offices in Hong Kong, Singapore, Malaysia, North America as well as the United Kingdom and the Channel Islands.