Latest news with #Avaloq
Yahoo
17-07-2025
- Business
- Yahoo
Cathay United Bank, Avaloq team up for onshore private banking in Taiwan
Cathay United Bank has collaborated with Avaloq to establish the first onshore private bank within Taiwan's newly launched Asset Management Hub in Kaohsiung. This partnership utilises Avaloq's core banking technology to improve operational efficiency and client service. The Financial Supervisory Commission (FSC) introduced the hub to foster growth in Taiwan's wealth management sector. It will enable financial institutions to offer a diverse range of services, including active and passive ETFs, family office consultancy, and high-value insurance products. As the first bank to operate within the hub, the bank is establishing a new booking centre and operational base in the city, aimed at providing tailored private banking services to high-net-worth individuals throughout Taiwan. Cathay United Bank's Private Banking CEO Robert Fuh said: '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.' Avaloq will deliver comprehensive support for Cathay United Bank's private banking operations, focusing on enhancing efficiency across various areas. The Avaloq platform will facilitate front-office automation, improving portfolio management, client relationship and lifecycle management, while ensuring compatibility with the bank's existing systems. This integration is expected to streamline operations, promote revenue growth, and enable personalised services for clients, according to Avaloq. Avaloq North Asia regional director Eliza Chang said: '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.' Headquartered in Taipei, Cathay United Bank first partnered with Avaloq in 2020 to enhance both onshore and offshore private banking capabilities. In April this year, Avaloq opened its regional office in the Dubai International Financial Centre (DIFC) to drive digital transformation in the GCC financial sector. "Cathay United Bank, Avaloq team up for onshore private banking in Taiwan" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Finextra
15-07-2025
- Business
- Finextra
Cathay United Bank partners Avaloq to establish onshore private bank in Taiwan
Taiwan has launched a new Asset Management Hub in Kaohsiung to accelerate the development of onshore private banking and strengthen its position as a regional wealth management centre. 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.'
Yahoo
11-04-2025
- Business
- Yahoo
Avaloq enters Dubai to hasten the wealth tech revolution in the GCC
Avaloq has officially opened its regional office in the Dubai International Financial Centre (DIFC), signalling a strategic effort to promote digital transformation in the Gulf Cooperation Council (GCC) region's financial sector. After a series of client wins, including InvestGB, the wealth and investment division of Gulf Bank and another vital financial institution in the GCC, the Swiss technology innovator, renowned for its complete solutions in private banking, wealth management, and investment management, is expanding its footprint in the United Arab Emirates. The new office is located at: AVALOQ Innovation Middle East Ltd, Unit P6-02C, Level P6, Park Towers, Dubai International Financial Centre, Dubai, United Arab Emirates. The growth comes at a critical time for the region's finance industry, which is dealing with fast changing investor expectations and an increasing need for digital-first solutions. Its newly opened office in DIFC is expected to play an important role in assisting financial institutions in streamlining operations, increasing efficiency, and building client trust using innovative technology. Akash Anand, Head of Middle East and Africa at Avaloq, stated: 'The GCC is a dynamic and fast-growing market for private banking, wealth management and investment management. We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region's leading financial institutions as the Middle East's wealth and investment management sector continues to mature. Our platform and services will help harmonise their technology ecosystems, enabling them to deliver better value for their clients while driving their long-term success and strengthening their competitive edge.' Avaloq's core banking platform is designed to automate and standardise front-to-back-office activities while allowing for simple integration of third-party services via open architecture. Its technology is intended to increase operational efficiency through high degrees of automation and straight-through processing (STP), while also improving client and adviser engagement via enhanced digital interfaces. Avaloq polled over 3,000 investors and 300 wealth managers from Europe, Asia, and the Middle East as part of its market trend study. The findings demonstrated an important avenue for digital innovation in the GCC. In the UAE, the most common reasons for switching financial advisers were a lack of trust (44%), excessive fees (44%), and a lack of transparency (39%). Meanwhile, 88% of UAE investors favour clear communication, and 84% prioritise good risk management, two areas where digital solutions can have a significant impact. As economic diversification and wealth creation continue to transform the GCC landscape, Avaloq's debut into DIFC demonstrates its commitment to assist regional institutions in adapting to the future of finance. "Avaloq enters Dubai to hasten the wealth tech revolution in the GCC" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
