Avaloq to brings multi asset banking platform to Taiwan: Cathay United Bank

Rick Steves

The go live follows 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.

Cathay United Bank has deployed Avaloq’s core banking system to support its continued growth, namely to cater the increasing demand for private banking services by onshore Taiwanese high-net-worth individuals (HNWIs).

The Avaloq Core Platform 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 system streamlines customers’ back and middle office by efficiently managing key business processes, including trades, corporate actions, and reporting.

From securities and ETFs to forex and lending

Pascal Wengi, Managing Director for North Asia at Avaloq, commented: “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, stated: “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.”

The go-live follows 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 employs more than 2,500 staff comprising more than 70 nationalities and boasts over 150 clients based in more than 30 countries. Its R&D centers are spread across Zurich, Edinburgh, and Manila, with offices in Switzerland, Singapore, and Germany and catering to the world’s most demanding financial and innovation centers – from Berlin and Hong Kong, to London, Luxembourg, Singapore and Sydney.

The firm was founded in 1985 and was fully acquired in 2020 by NEC Corporation, building a joint value proposition based on Avaloq’s innovative digital finance products coupled with NEC’s technologies, global business network, and digital government domain knowledge.

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