ZURICH, June 27, 2024 /PRNewswire/ -- Taiwan-based CTBC Bank has successfully implemented the Avaloq Core Platform to digitally transform its private banking business. The new platform enables CTBC Bank to offer specialized private banking products and services in Hong Kong and Singapore.
CTBC Bank is the largest privately owned bank in Taiwan and commands a strong international presence, with 219 banking service outlets in 14 countries across Asia and North America. Ranked as the most valuable brand in Taiwan's financial industry in the Brand Finance Banking 500 report, CTBC Bank continues to aim for further growth by enhancing its offering, expanding in overseas markets and investing in digital capabilities.
The Avaloq Core Platform supports the expansion of CTBC Bank's private banking business by optimizing and automating functions such as client relationship management, accounting and compliance. It streamlines the bank's workflows across the front, middle and back office, while consolidating its systems into a single platform. Regulatory checks are fully integrated into the new core platform, which further strengthens CTBC Bank's risk management capabilities as it moves to offer more sophisticated investment products and services across jurisdictions.
Freddie Chen, Head of International Private Banking at CTBC Bank, said: "The successful implementation of the Avaloq's core platform in our Hong Kong and Singapore operations significantly improves our ability to offer specialized private banking services. Our new core platform supports us in further expanding our private banking offering and streamlining operations while ensuring compliance with regulations across different markets. We are glad we can rely on the expertise and support of Avaloq as we continue to enhance our private banking business globally. Looking ahead, our clients can depend on our steadfast commitment to technological innovation, service quality and to building their wealth over generations."
Eliza Chang, Regional Director for North Asia at Avaloq, said: "The private banking sector in Singapore and Hong Kong is currently undergoing a remarkable transformation, and we are proud to work closely with CTBC Bank to drive this change. Thanks to our specialized core platform, we empower CTBC Bank to further extend its digital capabilities, optimize its processes, and create an exceptional banking experience for its private banking clients. We take pride in the role Avaloq plays in helping CTBC Bank to grow its private banking business in Asia, and we look forward to further strengthening our partnership over the long term."
About Avaloq
Avaloq is a premium provider of front-to-back software and services for over 160 financial institutions around the world. Our clients include private banks, wealth managers and investment managers, as well as retail and neobanks. We develop software that can be deployed flexibly through cloud-based software as a service (SaaS) or on-premises, and we offer Banking Operations outsourcing through our business process as a service (BPaaS) model. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. www.avaloq.com
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