Cathay United Bank has collaborated with Avaloq to establish the first onshore private bank within Taiwan’s newly launched Asset Management Hub in Kaohsiung.
This partnership utilises Avaloq’s core banking technology to improve operational efficiency and client service.
The Financial Supervisory Commission (FSC) introduced the hub to foster growth in Taiwan’s wealth management sector.
It will enable financial institutions to offer a diverse range of services, including active and passive ETFs, family office consultancy, and high-value insurance products.
As the first bank to operate within the hub, the bank is establishing a new booking centre and operational base in the city, aimed at providing tailored private banking services to high-net-worth individuals throughout Taiwan.
Cathay United Bank’s Private Banking CEO Robert Fuh said: “We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors.”
Avaloq will deliver comprehensive support for Cathay United Bank’s private banking operations, focusing on enhancing efficiency across various areas.
The Avaloq platform will facilitate front-office automation, improving portfolio management, client relationship and lifecycle management, while ensuring compatibility with the bank’s existing systems.
This integration is expected to streamline operations, promote revenue growth, and enable personalised services for clients, according to Avaloq.
Avaloq North Asia regional director Eliza Chang said: “The establishment of the new Asset Management Hub in Kaohsiung marks a significant milestone for Taiwan, and we are delighted to support Cathay United Bank as a pioneer in Taiwan’s new onshore private banking sector.”
Headquartered in Taipei, Cathay United Bank first partnered with Avaloq in 2020 to enhance both onshore and offshore private banking capabilities.
In April this year, Avaloq opened its regional office in the Dubai International Financial Centre (DIFC) to drive digital transformation in the GCC financial sector.
“Cathay United Bank, Avaloq team up for onshore private banking in Taiwan” was originally created and published by Private Banker International, a GlobalData owned brand.
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