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The Silicon Review Asia

Avaloq's Core Banking System Goes Live at Cathay United Bank, Taiwan

Avaloq's Core Banking System Goes Live at Cathay United Bank, Taiwan

The core banking platform will help the bank cater to the increasing demand for private banking services by onshore Taiwanese high net worth individuals

Avaloq has succeeded in implementing its core banking system at Cathay United Bank in Taiwan. The core banking platform will help the bank cater to the increasing demand for private banking services by onshore Taiwanese high net worth individuals.

This development has come following the relaxation of Taiwan’s wealth management regulations in 2020, which has permitted select financial institutions to offer a broader range of financial products and services to domestic clients. This is expected to allow Taiwanese private banking industry to thrive and scale.

“The successful go-live of the Avaloq Core Platform creates a solid foundation for Cathay United Bank to transform its private banking business. And 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,” said Pascal Wengi, Managing Director for North Asia at Avaloq.

Avaloq's core banking system includes a set of financial products, from securities and ETFs to forex and lending. The Avaloq Core Platform will allow banks and wealth managers streamline their back and middle office by efficiently managing key business processes.

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