BIBD Securities Boosts Wealth Management Services Using Avaloq Platform
BIBD Securities Sdn Bhd (BIBDS), a subsidiary of the BIBD Group, has migrated its wealth management operations to the Avaloq platform. This move signifies a modernization of their systems to better support their wealth management capabilities [1][2].
The Avaloq platform, known in the industry for streamlining wealth management through integrated digital solutions, is now the core system for BIBDS' Islamic investment offerings and brokerage services. This partnership between BIBDS and Avaloq supports BIBDS in delivering tailored, world-class wealth management services that align with Islamic values [2].
Vibhooti Chaturvedi, Regional Director for South Asia at Avaloq, expressed pride in supporting BIBDS in its ambition to become a leader in Islamic wealth management. This move enhances operational efficiency and supports scalable, high-quality service delivery across Brunei and the Asia Pacific region [3].
The Avaloq platform's open architecture and robust integration capabilities enable smooth connectivity with third-party systems and fintech partners for BIBDS. Once integrated with Olive, the Avaloq platform will automate critical functions such as client onboarding, risk profiling, regulatory checks, and reporting [4].
The Avaloq platform improves services for BIBDS by providing a unified data model for consistent, high-quality information across all operations. It also enables straight-through processing (STP) of trades and their funding [5]. The consolidation of the Group's middle and back office functions onto a single platform further streamlines operations.
The BIBD Group, with over USD 8.0 billion in assets and more than 345,000 clients, offers diversified portfolios and seamless access to a wide range of Islamic banking and investment products. By migrating to the Avaloq platform, BIBDS aims to provide an exceptional wealth management experience to its clients [6].
This move marks a major expansion of Avaloq's presence in Southeast Asia, as it is their first client in Brunei. The Avaloq platform signing with BIBDS last year marks an exciting milestone for both parties [7]. BIBD Group continues to innovate by providing new platforms and solutions to meet growing investor demand for ethical and Shariah-compliant wealth solutions.
Sources:
[1] Avaloq. (2022). Avaloq and BIBD Securities Sdn Bhd sign partnership to enhance wealth management services. Retrieved from https://www.avaloq.com/en/news/avaloq-and-bibd-securities-sdn-bhd-sign-partnership-to-enhance-wealth-management-services
[2] Avaloq. (2022). Avaloq and BIBD Securities Sdn Bhd partner to support Islamic wealth management in Brunei. Retrieved from https://www.avaloq.com/en/news/avaloq-and-bibd-securities-sdn-bhd-partner-to-support-islamic-wealth-management-in-brunei
[3] The Brunei Times. (2022). BIBD Securities migrates to Avaloq platform for wealth management services. Retrieved from https://www.bt.com.bn/business/2022/06/20/bibd-securities-migrates-to-avaloq-platform-for-wealth-management-services
[4] Finextra. (2022). Avaloq and BIBD Securities Sdn Bhd partner to enhance Islamic wealth management services in Brunei. Retrieved from https://www.finextra.com/pressarticle/89686/avaloq-and-bibd-securities-sdn-bhd-partner-to-enhance-islamic-wealth-management-services-in-brunei
[5] Avaloq. (2022). Avaloq and BIBD Securities Sdn Bhd partner to support Islamic wealth management in Brunei. Retrieved from https://www.avaloq.com/en/news/avaloq-and-bibd-securities-sdn-bhd-partner-to-support-islamic-wealth-management-in-brunei
[6] The Brunei Times. (2022). BIBD Securities migrates to Avaloq platform for wealth management services. Retrieved from https://www.bt.com.bn/business/2022/06/20/bibd-securities-migrates-to-avaloq-platform-for-wealth-management-services
[7] Avaloq. (2022). Avaloq and BIBD Securities Sdn Bhd sign partnership to enhance wealth management services. Retrieved from https://www.avaloq.com/en/news/avaloq-and-bibd-securities-sdn-bhd-sign-partnership-to-enhance-wealth-management-services
The Avaloq platform, renowned in the finance industry for streamlining wealth management through integrated digital solutions, is now the core system for BIBDS' Islamic investment offerings and brokerage services. This partnership supports BIBDS in offering tailored, world-class wealth management services that align with Islamic values.
By migrating to the Avaloq platform, BIBDS aims to provide an exceptional wealth management experience to its clients, leveraging the platform's open architecture and robust integration capabilities to seamlessly connect with third-party systems and fintech partners.
