WealthTech Avaloq enters Taiwan with first client launch

Avaloq has successfully implemented its core banking system with Cathay United Bank to help support the latter’s continued growth.

According to Avaloq, its Core Platform product will cater to the increasing demand for private banking services by onshore Taiwanese high-net-worth individuals.

The company added that the new rules aim to increase the competitiveness and scale of Taiwan’s private banking industry.

Avaloq noted that its ‘modern and flexible’ core banking system covers a comprehensive set of financial products from securities and ETFs to forex and lending, while ensuring regulatory compliance across multiple jurisdictions through a single application.

Avaloq managing director for North Asia Pascal Wengi 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.”

Cathay CEO of private banking Robert Fuh 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.”

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