Wealth management technology specialist to build a private banking platform for one of Taiwan's largest commercial banks.
Taipei Fubon Bank will partner with Avaloq to build a integrated technology platform for its private banking business, an announcement sent by Avaloq indicated.
Avaloq will initially build its core banking system for clients in Hong Kong and Singapore , with plans for it to be subsequently scaled up for clients in the onshore Taiwan business.
According to Taipei Fubon, the Avaloq system was chosen due to both its effectiveness and ability to adhere to local regulatory requirements.
The platform will incorporate equities, currencies, dual currency investments and structured products, with Avaloq's customer relationship management, know-your-customer (KYC), regulatory compliance and product management modules part of the initial deployment.
Taipei Fubon Bank senior executive vice president James Wang said Avaloq will help the bank «reduce our time to market and better serve different client segments in an efficient manner».
Avaloq managing director for North Asia Pascal Wengi also said in the announcement that Avaloq will «augment the bank’s digital capabilities as we help transform its private banking systems to better serve its growing clientele», adding that the bank «has ambitions to scale to other markets, and we are excited to support them in those endeavors.»
