The Swiss vendor says its Avaloq Core Platform will support the bank’s continued growth as it looks to cater to increasing demand for private banking from Taiwan’s high-net-worth individuals (HNWIs).
Avaloq managing director for North Asia Pascal Wengi says 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), foreign exchange and lending. The platform also ensures all financial products comply with regulations across multiple jurisdictions.
The implementation follows a recent relaxation of Taiwan’s wealth management regulations. Since 2020, certain financial institutions have been given the go-ahead to offer a broader range of financial products and services to domestic clients, designed to increase competitiveness and scale within Taiwan’s private banking industry.
Cathay United Bank CEO of private banking Robert Fuh says: “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.” In January, Taipei Fubon Bank picked Avaloq’s core banking software to revamp its private banking business.