Industrial Bank goes live on Avaloq core banking system
Fuzhou-headquartered Industrial Bank has gone live with Avaloq’s core banking system for its Hong Kong branch’s private banking business.
In conjunction with Avaloq’s implementation partner Orbium, the Avaloq Banking Suite was implemented in six months.
Founded in 1988, Industrial Bank has 119 branches and 1,787 sub branches across China as well as “correspondent relationships with over 1,500 banks worldwide”. It has total assets of CNY 6 trillion ($870 billion).
Industrial Bank’s private banking arm is headquartered in Shanghai and currently provides services to 20,000 clients in mainland China, managing assets in the range of CNY 300 billion ($43.5 million). It set up its first Hong Kong branch for corporate banking in 2014.
Following this launch, the bank made the decision to add a private banking arm in Hong Kong to provide wealth management services to its clients.
Selections and shows
Elsewhere, Avaloq has been staying busy as usual.
In an exclusive, Smith & Williamson, a UK-based investment, tax and accountancy services firm, was believed to have concluded its system selection.
The contract was awarded to Avaloq, FinTech Futures understands. Avaloq declined to comment on the deal.
Also in June, FinTech Futures was in Zurich for the Avaloq Community Conference 2018. The vendor came out fighting over the delayed project for the Raiffeisen Group.