Taipei Fubon Bank, one of Taiwan’s largest commercial banks, has partnered with Avaloq to build a state-of-the-art wealth management platform for its private banking business in Hong Kong, Singapore as well as onshore, in Taiwan.
In order to develop a scalable and integrated solution for its growing private banking business, the bank is partnering with Avaloq, a global leader in wealth management technology. Powered by Avaloq’s core banking system, the wealth management platform will initially be used to serve private banking clients in Hong Kong and Singapore, before scaling to serve onshore Taiwan clientele.
For Taipei Fubon Bank, the key considerations of the selection process were effectiveness and adherence to regulatory requirements. Avaloq’s platform ticks both these boxes as it is compliant with key financial regulations. Also, it enables quicker time to market with comprehensive investment solutions, for onshore as well as offshore private banking offerings.
The initial deployment will focus on Customer Relationship Management (CRM), Know-Your-Customer (KYC), regulatory compliance and product management. The platform will incorporate a broad range of financial instruments and products such as equities, currencies, mutual funds, dual currency investment and structured products like equity-linked notes.
James Wang, Senior Executive Vice President of Taipei Fubon Bank, said: “By adopting Avaloq’s core banking system, we’re looking to reduce our time to market and better serve different client segments in an efficient manner. Avaloq’s innovative solutions will help us abide by regulatory requirements across different jurisdictions as Taipei Fubon Bank looks to scale and serve clients in other key markets. We look forward to a fruitful partnership.”
Pascal Wengi, Managing Director for North Asia at Avaloq, said: “We are excited to announce our partnership with Taipei Fubon Bank. Our core banking system will augment the bank’s digital capabilities as we help transform its private banking systems to better serve its growing clientele in Hong Kong, Singapore and of course, Taiwan. Taipei Fubon Bank has ambitions to scale to other markets, and we are excited to support them in those endeavours.”
Re-disseminated by The Asian Banker