Cathay United Bank will be the first financial institution to establish private banking operations in Taiwan’s new Asset Management Hub in Kaohsiung City.
Taipei-headquartered Cathay United Bank has selected longstanding technology partner Avaloq to help establish and power its private banking operations at the new Asset Management Hub in Kaohsiung City, southern Taiwan.
The Financial Supervisory Commission (FSC) in Taiwan recently established the hub to help further the domestic development of onshore wealth management and private banking.
The launch was announced by Premier Cho Jung-tai on 15 July under the national Five Trusted Industry Sectors initiative, enabling participating firms to offer a wide range of banking and investment services, including active and passive multi-asset exchange-traded funds (ETFs), consultancy services for family offices, and high-value insurance products.
Cathay United Bank has been named as the first financial institution to establish private banking operations at the new hub, with the bank set to work closely with Avaloq to set up a new booking centre and operational base. The bank will focus on providing private banking services to high-net-worth individuals across Taiwan.
The Swiss financial services software firm says it will provide “end-to-end support” for these operations in Kaohsiung, covering front, middle, and back office functions through its platform, adding that its tech will help the bank “streamline operations, supporting revenue growth and enabling more personalised client service”.
The selection includes new tools for straight-through processing (STP) and portfolio, data, and client relationship and lifecycle management. The bank has worked with Avaloq since 2020, when it first signed up to use its core banking technology for wealth management in Taiwan, Hong Kong, and Singapore, going live after a two-year implementation.
Source: https://www.fintechfutures.com/
