Avaloq, a Zurich-based digital banking solutions provider, has set up its core banking system at Cathay United Bank to support the bank’s wealth management activities.
The Avaloq Core platform, which went live this week with its first customer in Taiwan, aims to help the Taipei-based bank seize opportunities from growing demand for private banking services from onshore Taiwanese high net worth individuals.
It comes after local regulators relaxed wealth management rules in 2020, allowing some financial institutions to offer a wider range of financial products and services to onshore customers. The new regulations aim to increase the competitiveness and scale of Taiwan’s private banking sector.
The fintech company says its core banking system covers a wide range of financial products, from securities and exchange-traded funds to forex and loans, while ensuring regulatory compliance in multiple jurisdictions through a single application.
Its system enables banks and wealth managers to streamline their back and middle office by efficiently managing key business processes, including transactions, corporate actions and reporting.
Robert Fuh, Managing Director of Private Banking at Cathay United Bank, said, “Avaloq’s core banking system will help us create a one-stop service for our customers in Taiwan and allow us to focus even more on providing highly personalized investment advice. ”