Cathay United Bank partners Avaloq to establish onshore private bank in Taiwan
0
As the first bank to establish private banking operations under this initiative, Cathay United Bank, in partnership with its longstanding technology provider Avaloq, is helping to shape the future of onshore private banking in Taiwan.
Headquartered in Taipei, Cathay United Bank is a leading financial institution in Taiwan with a strong track record in wealth management. Following the liberalization of local regulations, the bank partnered with Avaloq in 2020 to help establish Taiwan's onshore and offshore private banking sector, leveraging the Avaloq platform's core banking capabilities to enhance operational efficiency and client service.
Building on this foundation, the Financial Supervisory Commission (FSC) has now introduced an Asset Management Hub in Kaohsiung to promote the development of Taiwan's onshore wealth management and private banking industry. The initiative is designed to foster homegrown expertise and allows financial institutions to offer a wide range of banking and investment services, including active ETFs and passive multi-asset ETFs, consultancy for family offices and high-value insurance products.
Cathay United Bank is taking a pioneering role as the first financial institution to establish private banking operations in the new Kaohsiung Asset Management Hub. The bank is working closely with Avaloq to set up a new booking centre and operational base in Kaohsiung, delivering tailored private banking services to high-net-worth individuals across Taiwan.
As a leader in wealth management technology and services, Avaloq has been instrumental in enabling financial institutions across Asia to scale their operations and meet evolving client needs. With over 40 years of experience in wealth management and private banking technology, Avaloq is ideally positioned to support Cathay United Bank's expansion into this new onshore business.
Avaloq will provide end-to-end support for Cathay United Bank's private banking operations in Kaohsiung, enhancing operational efficiency across the front, middle, and back office through high straight-through processing (STP) and data consistency. In addition, the Avaloq platform will provide front-office automation, supporting the bank's portfolio management, client relationship management, and client lifecycle management, while ensuring seamless integration with the bank's existing systems. These capabilities will help Cathay United Bank streamline operations, supporting revenue growth and enabling more personalized client service.
Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, said: 'Our partnership with Avaloq has played a key role in expanding our wealth management capabilities in Taiwan, Hong Kong and Singapore. We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors. We thank the Financial Supervisory Commission (FSC) for this forward-looking initiative, which will help drive growth in Taiwan's financial sector and deliver greater value for investors.'
Eliza Chang, Regional Director for North Asia at Avaloq: 'The establishment of the new Asset Management Hub in Kaohsiung marks a significant milestone for Taiwan, and we are delighted to support Cathay United Bank as a pioneer in Taiwan's new onshore private banking sector. We have a strong track record in enabling and developing Cathay United Bank's wealth management operations both onshore and offshore – and this marks an exciting new chapter in our partnership. Our community of clients can depend on our industry expertise, leading platform and understanding of local regulations to support their growth and help them respond quickly to evolving market demands.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 hours ago
- Reuters
China's July factory-gate prices miss forecast, deflation concerns persist
BEIJING, Aug 9 (Reuters) - China's producer prices fell more than expected in July, while consumer prices were unchanged, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday's data suggest early-stage efforts to tackle price competition have yet to yield significant results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. The producer price index (PPI) fell 3.6% year on year in July, National Bureau of Statistics (NBS) data showed on Saturday, missing economists' forecast of a 3.3% slide and matching the near 2-year low recorded in June. Extreme weather and global trade uncertainties contributed to price declines in some industries, Dong Lijuan, NBS chief statistician, said in a statement. However, on a month-on-month basis, PPI shrank 0.2%, improving from June's 0.4% drop. Despite the headline figures, some analysts see signs of easing deflationary pressure. Xing Zhaopeng, senior China strategist at ANZ, pointed to improvements in month-on-month PPI and year-on-year core CPI. He expects the current "anti-involution" policy measures - aimed at curbing disorderly competition in sectors like autos -to begin lifting year-on-year PPI from August. Still, other analysts remain cautious, noting that without demand-side stimulus or reforms to improve people's welfare, the measures may have limited impact on final demand. A prolonged housing downturn and fragile trade relations with the U.S. also continue to weigh on consumer spending and factory activity. China's consumer price index (CPI) was flat year-on-year in July, compared with a 0.1% rise in June, NBS data showed, beating a Reuters poll forecast of a 0.1% slide. Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, the highest in 17 months. Food prices fell 1.6%, following a 0.3% decline in June. Extreme weather added to the economic strain, with sweltering heat gripping much of China's eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south. On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise. "Nonetheless it is still unclear if this is the end of deflation in China," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The property sector has not stabilized. The economy is still supported more by external demand than domestic consumption. The labour market remains weak," he said.
Reuters
7 hours ago
- Reuters
China's July consumer prices flat, factory-gate prices miss forecast
BEIJING, Aug 9 (Reuters) - China's consumer prices were unchanged in July, while producer prices fell more than expected, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday's data suggest early-stage efforts to tackle price competition have yet to yield results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. The consumer price index (CPI) was flat year-on-year in July, compared with a 0.1% rise in June, National Bureau of Statistics data showed on Saturday, beating a Reuters poll forecast of a 0.1% slide. Food prices fell 1.6%, following a 0.3% decline in June. Extreme weather added to the economic strain, with sweltering heat gripping much of China's eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south. On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise. Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, quickening from June's 0.7%. A prolonged housing downturn and a fragile trade truce with the U.S. are weighing on consumer spending and factory activity. Policymakers are prioritising efforts to curb what they view as disorderly competition in the auto and other key industries, rather than rolling out immediate stimulus measures, but analysts see limited potential for the campaign to significantly boost final demand. The producer price index (PPI) fell 3.6% year on year in July, missing economists' forecast of a 3.3% slide. It fell 3.6% in June too, which was the lowest since July 2023.
Reuters
8 hours ago
- Reuters
China's consumer prices flat in July
BEIJING, Aug 9 (Reuters) - China's consumer prices were unchanged in July while producer deflation persisted, as consumer and business morale took a hit from weak domestic demand and trade uncertainty. The consumer price index was 0.0% last month versus a year earlier, compared with a 0.1% rise in June, National Bureau of Statistics data showed on Saturday, beating a Reuters poll forecast for a 0.1% slide. The CPI edged up 0.4% month-on-month, against a 0.1% drop in June and above an expected 0.3% rise. A 3.6% decline in the producer price index in July on year missed economists' forecast of a 3.3% slide. It fell 3.6% in June too.
