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Digital Digest: The Latest Tech News – Avaloq, Taiwan
Editorial Staff
26 April 2022
Avaloq, Cathay United Bank “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,” Pascal Wengi, managing director for North Asia at Avaloq, said.
, the Switzerland-based firm providing technology services to the financial sector, has implemented its core banking system at Cathay United Bank in Taiwan, a move that will help the lender to cater to rising demand for private banking services from high net worth clients.
The go-live announcement came after Taiwan loosened restrictions on wealth management in 2020, enabling certain firms to offer a wider range of products and services to domestic clients, Avaloq said in a recent statement.
The core banking system covers financial products from securities and exchange traded funds to foreign exchange and lending. Wealth managers using the system can streamline their back and middle office operations to include trades, corporate actions and reporting, for example.