Taipei Fubon Bank, one of Taiwan’s largest commercial banks, has partnered with Avaloq to create a state-of-the-art wealth management platform for its private banking business in Hong Kong, Singapore, as well as on land, in Taiwan.
In order to develop a scalable and integrated solution for its growing private banking business, the bank is partnering with Avaloq, a world leader in wealth management technology. Powered by Avaloq’s central banking system, the wealth management platform will initially be used to serve private banking clients in Hong Kong and Singapore, before evolving to serve Taiwan’s onshore clientele.
For Taipei Fubon Bank, the main considerations in the selection process were efficiency and compliance with regulatory requirements. Avaloq’s platform ticks both boxes because it complies with major financial regulations. In addition, it enables faster time to market with comprehensive investment solutions, for both onshore and offshore private banking offerings.
The initial deployment will focus on customer relationship management (CRM), Know-Your-Customer (KYC), regulatory compliance and product management. The platform will integrate a wide range of financial instruments and products such as stocks, currencies, mutual funds, dual currency investments and structured products such as equity linked notes.
James Wang, Senior Executive Vice President of Taipei Fubon Bank, said, “By adopting Avaloq’s core banking system, we seek to reduce our time to market and better serve different customer segments efficiently. Avaloq’s innovative solutions will help us meet regulatory requirements in different jurisdictions as Taipei Fubon Bank seeks to grow and serve clients in other key markets. We hope for a fruitful partnership.
Pascal Wengi, Managing Director North Asia at Avaloq, said: “We are delighted to announce our partnership with Taipei Fubon Bank. Our core banking system will augment the digital capabilities of the bank as we help transform its private banking systems to better serve its growing customer base in Hong Kong, Singapore and, of course, Taiwan. Taipei Fubon Bank has ambitions to expand into other markets, and we are delighted to support them in these efforts. ”