CTBC Bank will implement Avaloq’s core banking solution internationally, starting from its business units in Hong Kong and Singapore.
CTBC is consolidating and upgrade its international business on the Avaloq Core platform, in a bid to improve day-to-day operations, and enhance and deliver quality private banking services, according to an announcement on Tuesday.
Avaloq Core will also provide the potential for the bank to consolidate its wealth management business, retail banking and other offerings within a single secure space, boosting the bank’s operational efficiency across the region, the announcement said. Avaloq has been building momentum in Asia-Pacific since the Swiss firm’s acquisition by Japanese corporation NEC in December 2020. The fintech previously announced a deal with Hong Kong’s Haitong International to accelerate the digitalization of its private wealth management business.
CTBC Bank is Taiwan’s largest private bank by consolidated assets under management, and has the most extensive international presence of any Taiwanese bank, with over 116 overseas branches across 14 countries. CTBC Singapore and its private banking service was established in 2009, and is the bank’s regional hub covering Southeast Asia, while its Northeast Asia headquarters is in Hong Kong.