Cathay United Bank Collaborates with Avaloq to Launch Initial Private Bank within Kaohsiung Asset Management Hub of Taiwan
In a significant move for Taiwan's financial sector, Cathay United Bank, a leading financial institution in the country, has partnered with Avaloq to establish private banking operations within the newly launched Asset Management Hub in Kaohsiung. This makes Cathay United Bank the first financial institution to venture into onshore private banking in this hub.
Avaloq, a Swiss-based fintech company with over 40 years of experience in wealth management and private banking technology, will provide end-to-end support for Cathay United Bank's private banking operations in Kaohsiung. This partnership marks an exciting new chapter in the relationship between the two entities.
Cathay United Bank will leverage Avaloq's platform to set up a new booking centre and operational base in Kaohsiung. This will enable the bank to deliver tailored private banking services to high-net-worth individuals across Taiwan, supported by front-office automation for portfolio management, client relationship management, and client lifecycle management.
The partnership is expected to enhance operational efficiency across front, middle, and back-office functions via high straight-through processing (STP) and data consistency. Avaloq's technology will also seamlessly integrate with the bank’s existing IT systems to streamline operations and support revenue growth.
Eliza Chang, Regional Director for North Asia at Avaloq, expressed delight in supporting Cathay United Bank as a pioneer in Taiwan's new onshore private banking sector. She highlighted Avaloq's strong track record in enabling and developing Cathay United Bank's wealth management operations both onshore and offshore.
The Financial Supervisory Commission (FSC) introduced the Asset Management Hub in Kaohsiung to promote the development of Taiwan's onshore wealth management and private banking industry. The hub 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.
Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, stated that the partnership with Avaloq has expanded their wealth management capabilities in Taiwan, Hong Kong, and Singapore. He emphasised that this collaboration is a significant step towards positioning Kaohsiung as a regional wealth management centre and accelerating the growth of Taiwan’s financial sector.
In conclusion, Avaloq's advanced banking platform plays a critical role in the development of onshore private banking in Taiwan's new Asset Management Hub in Kaohsiung. By delivering comprehensive, efficient, and scalable wealth management technology solutions, Avaloq is enabling and accelerating Taiwan’s onshore private banking development, aligning with the government-backed initiative to position Kaohsiung as a regional wealth management centre.
Visit ffnews.com to learn more about the collaboration between Cathay United Bank and Avaloq, which is revolutionizing the business sector in Taiwan. This partnership, focused on finance and technology, will strengthen Cathay United Bank's capacity for private banking, particularly in the technology-driven wealth management sector.
