Avaloq’s First Brunei Client Goes Live
Avaloq's first client in Brunei – Bank Islam Brunei Darussalam Berhad – has gone live on its wealth management platform.
BIBD Securities Sdn Bhd (BIBDS), a wholly owned subsidiary of Bank Islam Brunei Darussalam Berhad (BIBD) – Brunei’s largest bank – has migrated its wealth management operations to banking software provider Avaloq's platform, according to a statement. This will allow BIBDS to offer personalized, Shariah-compliant investment services to its base of more than 345,000 clients with $8 billion in assets under management.
The firm, which is Avaloq's first client in Brunei, will benefit from straight-through processing of trades and their funding, improved services and a unified data model. They will also further automate functions like client onboarding, risk profiling, regulatory checks and reporting while consolidating its middle and back office group functions.
«Our partnership with Avaloq supports us in delivering tailored, world-class wealth management services that align with Islamic values. By leveraging on the Avaloq platform, we are able to serve our clients with personalized investment solutions while supporting Brunei’s Vision 2035 to build a dynamic and sustainable digital economy,» commented BIBDS managing director Jason Wong.
