Bank SinoPac, the Taiwanese lender owned by SinoPac Financial Holdings Company, has completed its rollout of the Avaloq platform, which will now underpin its offshore wealth management operations in Hong Kong.
The Avaloq system has become the central technology backbone for the bank’s Hong Kong offshore wealth unit. It gives the business a foundation that can grow with it, and it is designed to improve how the bank serves clients and to shorten the time it takes to launch new wealth products. The bank sees the deployment as a significant step in widening the services it offers to a rising number of affluent customers in the region.
In recent years, demand for the bank’s wealth services in Hong Kong has risen consistently. The growth has been strongest among high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, whose requirements are varied. Cross-border wealth management continues to grow, and client wealth arrangements are becoming more intricate. In response, Bank SinoPac chose Avaloq to replace its core system for the offshore business, so that it can keep pace with further expansion.
Through Avaloq’s integrated WealthTech platform, the bank expects higher levels of automation, simpler processes and greater capacity to scale across its operations. The bank says the system will allow it to handle clients more efficiently and to react swiftly as market demands shift. It will also support longer-term development of the offshore wealth division.
Parent group SinoPac Financial Holdings provides a broad mix of financial services through its various subsidiaries. These cover banking, securities, asset management, leasing and venture capital.
Bank SinoPac head of overseas business division Angus Lin said, “Our wealth management business in Hong Kong has expanded significantly, particularly among high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients with increasingly diverse needs.
“We selected Avaloq because we needed a proven, specialized platform that could support this next stage of development with greater efficiency, consistency and scalability. Avaloq’s strong reputation among leading financial institutions in Taiwan and across Asia, together with its proven track record in wealth management, was a key factor in our selection. With Avaloq, we are better positioned to broaden our offering and continue delivering the high level of service our clients expect.”
Avaloq managing director for region Asia Pacific Vibhooti Chaturvedi said, “We are pleased to support Bank SinoPac as it strengthens its offshore wealth management business in Hong Kong. The market continues to play an important role for clients with cross-border needs, and financial institutions require technology that can help them operate more efficiently, respond faster and scale with confidence. Bank SinoPac’s successful go-live reflects our shared commitment to building a robust, future-ready platform for long-term growth.”
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