Emirates Investment Bank, a Dubai-based private bank, has announced a partnership with Avaloq to digitally transform its private banking, wealth, and investment management operations.
The collaboration involves adopting Avaloq’s platform to enhance core wealth systems, front-office capabilities, and digital banking channels, aiming to deliver a personalised, data-driven wealth management experience.
Established in 1976, Emirates Investment Bank is regulated by the Central Bank of the UAE and the Emirates Securities and Commodities Authority.
It is listed on the Dubai Financial Market and is a subsidiary of Al-Futtaim Private Company.
The bank offers wealth management, investment advisory, and daily banking services to high-net-worth individuals and institutions globally.
Avaloq’s platform will unify Emirates Investment Bank’s front, middle, and back-office systems, enabling straight-through processing (STP) to minimise manual tasks and enhance operational efficiency.
The platform’s compliance features will support the bank in meeting regulatory requirements, ensuring robust risk management and creating an optimal foundation for delivering exceptional wealth management services.
The open architecture of Avaloq’s platform will allow Emirates Investment Bank to connect seamlessly with third-party services and applications via Community APIs.
This flexibility will foster innovation and reduce the time to market for new products, benefiting clients with enhanced risk management capabilities and digital banking solutions.
Emirates Investment Bank chief operating officer Anthony Jaganathan said: “Joining forces with Avaloq reflects our commitment to staying at the forefront of innovation in wealth and investment management in a growing and dynamic industry in UAE. By harmonising our operations into a unified, future-ready platform, we are building a strong foundation for sustainable growth and enhanced value for investors.”
Avaloq head of the Middle East & Africa and regional director Akash Anand said: “We are proud to support Emirates Investment Bank as it digitally transforms its wealth and investment management operations.
“With the Avaloq platform, the bank will streamline its operations with an enhanced core wealth platform, empower its front office staff through RM Workplace and enhance client experience with our Web and Mobile Banking solution.
“This partnership will enable greater flexibility to expand services in line with evolving investor needs, marking a key milestone with the UAE’s only central bank-regulated, independent private bank.”
