Avaloq, a subsidiary of NEC Corporation, has successfully implemented its core banking system at Cathay United Bank to support the bank’s continued growth. The Avaloq Core Platform will cater to the increasing demand for private banking services by onshore Taiwanese high-net-worth individuals (HNWIs).
This go-live marks a key milestone for Avaloq and the bank following a relaxation of Taiwan’s wealth management regulations in 2020, which has permitted select financial institutions to offer a broader range of financial products and services to domestic clients. The new rules aim to increase the competitiveness and scale of Taiwan’s private banking industry.
Avaloq’s 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. The Avaloq Core Platform enables banks and wealth managers to streamline their back and middle office by efficiently managing key business processes, including trades, corporate actions and reporting.
Pascal Wengi, Managing Director for North Asia at Avaloq, 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.”
Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, said: “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 personalized investment advice.”
Avaloq is a global enabler in digital banking solutions. Its core banking platform and wealth management technology are delivered through Software as a Service (SaaS) and on-premises models.
Avaloq’s Business Process as a Service (BPaaS) offers a high degree of automation to boost back-office efficiency. More than 150 banks and wealth managers worldwide trust Avaloq for its innovative products and reliable services.