Singapore's largest bank is deepening its technology partnership with Swiss wealthtech firm Avaloq, aiming to extend institutional-grade wealth capabilities to a broader client base, including family offices and UHNW clients, by 2030.

TL;DR

  • DBS and Avaloq announced an expanded strategic partnership on 25 September 2026, building on 18 years of collaboration, aiming to help DBS grow retail and wealth assets under management to S$1 trillion (about US$783 billion) by 2030.
  • The deal covers wider deployment of Avaloq's front-to-back wealth management platform across DBS markets, joint development of AI-enabled wealth technology, and shared skills and knowledge-exchange programmes.
  • It follows HSBC's own family office and UHNW platform expansion into Singapore earlier this month, underscoring intensifying competition among banks for Asia's growing family office wealth pool.

What exactly are DBS and Avaloq doing?

DBS and Avaloq have signed a memorandum of understanding extending a technology relationship that already spans 18 years, according to DBS's own newsroom announcement. The expanded partnership covers three areas: enterprise growth, co-innovation, and capability building. In practice, that means a wider rollout of Avaloq's front-to-back wealth management platform across DBS's markets, joint development of digital platforms and AI-enabled wealth technology, and structured skills development and knowledge-exchange programmes between the two organisations. Shee Tse Koon, DBS Group Head of Consumer Banking and Wealth Management, said Avaloq has been "a critical enabler for our wealth management operations for the past 18 years." Avaloq chief executive Martin Greweldinger said the two firms plan to "expand into new markets, deepen coverage across business lines, co-create the next generation of wealth technology."

Why does a S$1 trillion target matter?

DBS wants to grow its retail and wealth assets under management to S$1 trillion by 2030. Neither DBS nor Avaloq disclosed the current AUM base the target is measured against in this announcement, so the scale of growth implied is not yet quantifiable from the release itself. What is clear is the direction: DBS is betting that deeper technology integration, rather than headcount alone, is how it scales wealth management across a region where client numbers and expectations are both rising quickly.

How does this affect family offices and UHNW clients specifically?

Neither company's public materials name family offices or UHNW clients specifically; the stated focus is DBS's broader retail and wealth franchise and its professional advisers. That said, the platform DBS is investing in, including AI-enabled advisory tools and a more integrated front-to-back wealth system, is infrastructure that also underpins DBS Private Bank and DBS's family office coverage, since large banks typically run a single core wealth platform across segments. Family offices and UHNW principals banking with DBS should expect this to show up gradually as better digital reporting, faster onboarding and more consistent service across DBS's private banking and consumer wealth arms, rather than as a distinct new family-office product launch.

Why it matters

This is the latest sign that Singapore and Hong Kong's major banks see the region's family office and UHNW wealth pool as worth fighting for on technology, not just tax incentives. Asia Family Office Hub reported earlier this month that HSBC Access, its family office and UHNW platform, was expanding into Singapore; DBS's expanded Avaloq deal is effectively the incumbent's answer, using its longest-running technology partnership to defend and grow its home-market share. For principals and family office executives choosing or reviewing a banking relationship, the practical takeaway is to ask each bank concretely what its technology roadmap means for reporting, consolidated portfolio views and turnaround times, rather than treating a partnership announcement like this one as a finished product. DBS and Avaloq have set a 2030 target and a broad workstream; specific new tools and their rollout dates have not yet been detailed publicly.

Frequently Asked Questions

Is this a new product for family offices?

No. DBS and Avaloq have announced an expanded technology and platform partnership, not a specific new family-office product. Any resulting tools would likely reach family office and UHNW clients indirectly, through DBS's broader wealth and private banking infrastructure.

How much does DBS currently manage in wealth assets?

DBS and Avaloq's announcement did not disclose a current baseline figure alongside the S$1 trillion 2030 target, so Asia Family Office Hub cannot state the implied growth rate. We will update this piece if DBS publishes a current wealth AUM figure alongside this target.

Why is Avaloq relevant to Asian family offices?

Avaloq is a Swiss wealth management software provider whose platform underpins core banking and advisory functions at a number of private banks operating in Asia. Its technology choices, and how well banks like DBS integrate them, directly shape the reporting, onboarding and portfolio tools that family offices experience day to day.

Sources and Method

This article is based on DBS's newsroom announcement "DBS and Avaloq expand strategic partnership to accelerate wealth growth across Asia" (25 September 2026, dbs.com) and independent reporting by Fintech News Singapore, "DBS, Avaloq Expand Partnership as Wealth Business Targets S$1 Trillion in Assets" (25 September 2026, fintechnews.sg). Executive titles were independently confirmed via public DBS leadership pages. No Google Alert emails were found in Hsu's inbox relevant to this publication at the time of writing.