Avaloq has successfully implemented its core banking system at Cathay United Bank to support the bank’s continued growth.
The Avaloq Core Platform will cater to increasing demand for private banking services from onshore Taiwanese high-net-worth individuals.
This go-live marks a key milestone for Avaloq, a provider of core banking software, digital banking and digital wealth management, and Cathay United Bank following a relaxation of Taiwan’s wealth management regulations in 2020.
That relaxation permitted select financial institutions to offer a broader range of financial products and services to domestic clients, according to Avaloq, in a bid to increase the competitiveness and scale of Taiwan’s private banking industry.
Avaloq’s core banking system covers a comprehensive set of financial products, from securities and exchange-traded funds to foreign exchange and lending, while ensuring regulatory compliance across multiple jurisdictions through a single application.
The Avaloq Core Platform enables banks such as Cathay United Bank and wealth managers to streamline their back and middle office by efficiently managing key business processes, including trades, corporate actions and reporting.
Pascal Wengi, managing director for North Asia at Avaloq, said: “The successful go-live of the Avaloq Core Platform creates a solid foundation for Cathay United Bank to transform its private banking business.”
“And as Taiwan’s onshore private banking market continues to mature, we look forward to supporting banks and wealth managers in catering to this growing client segment.”
Robert Fuh, chief executive officer of private banking at Cathay United Bank, added: “Avaloq’s core banking system will support our continued growth by efficiently processing sophisticated financial products and monitoring compliance in our various growth markets.”
“This will help us to create a one-stop service for our clients in Taiwan and allow us to focus even more on providing highly personalised investment advice.”