Taiwan’s Cathay United Bank has implemented Avaloq’s core banking solution.
The Swiss provider says its Avaloq core platform will support the bank’s continued growth as it seeks to meet growing demand for private banking from high net worth individuals in Taiwan.
Avaloq’s managing director for North Asia, Pascal Wengi, said the platform “creates a solid foundation for Cathay Bank” as Taiwan’s onshore private banking market “continues to mature”.
Avaloq’s core banking system supports a range of financial products, including securities, exchange-traded funds (ETFs), currencies and loans. The platform also ensures that all financial products comply with regulations in multiple jurisdictions.
The implementation follows a recent relaxation of Taiwanese wealth management regulations.
Since 2020, some financial institutions have been given the green light to offer a wider range of financial products and services to domestic customers, designed to increase competitiveness and scale within the private bakery industry in Taiwan.
Robert Fuh, CEO of Cathay United Bank Private Banking, said, “Avaloq’s core banking system will support our continued growth by efficiently processing sophisticated financial products and monitoring compliance in our various growing markets.
“This will help us create a one-stop service for our clients in Taiwan and allow us to focus even more on providing highly personalized investment advice.”
In January, Taipei Fubon Bank chose Avaloq’s core banking software to revamp its private banking business.