Taiwan-based CTBC Bank will implement the core banking solution from Avaloq, starting with its businesses in Hong Kong and Singapore.
CTBC is Taiwan’s largest private bank by consolidated assets under management with an international presence of 116 overseas branches across 14 countries.
Avaloq Core was selected by CTBC due to its comprehensive product coverage, strong straight-through processing capabilities and hardware-enforced security policies that ensure banking resilience.
As the firm operates across several Asian markets, the bank will utilise Avaloq Core to provide the potential for the bank to consolidate its wealth management business, retail banking, and other offerings.
Pascal Wengi, managing director for North Asia at Avaloq, said: “We are delighted to partner with one of Taiwan’s premier banking institutions and welcome CTBC Bank to our growing Avaloq Community. CTBC Bank continues to lead the industry in digitalisation, leveraging on new fintech capabilities to drive innovation and create new engaging digital experiences. As Avaloq continues to expand its footprint in North Asia, our work with CTBC Bank will be vital for our future growth.”
Frank Shih, executive vice president at CTBC Bank, said: “We chose Avaloq Core as we were impressed by the flexibility and capability of the product to meet the requirements of our distinguished clients. The platform’s simplicity and seamlessness will also aid us in our day-to-day operations, helping us to enhance and deliver quality private banking services. We look forward to working with Avaloq as we move to consolidate and upgrade our international business on the Avaloq Core platform.”
The Avaloq Wealth platform provides a microservice architecture to allow financial institutions to consistently scale the growth of their wealth management business. Haitong will use Avaloq Wealth and its solutions over the coming months for its private wealth management operations in Hong Kong and Singapore.