Taiwan’s CTBC Bank signs core banking deal with Avaloq
Taiwanese financial institution CTBC Bank has selected Avaloq to provide core banking software for its international banking operations.
The Swiss financial services software firm will initially see its Avaloq Core solution rolled out across CTBC’s business units in Hong Kong and Singapore.
CTBC is Taiwan’s largest private bank by consolidated AUM and boasts more than 116 branches across 14 countries – the largest international presence of any Taiwanese bank.
Avaloq claims its digital banking solutions are used by 150 financial institutions across the world.
It says the relationship with CTBC will drive further growth for the firm in the Asia-Pacific market, building on its local presence with offices in Singapore, Hong Kong, Manila, Pune and Sydney.
CTBC claims Avaloq Core will allow the bank to consolidate its wealth management and retail banking offerings while ensuring banking resilience.
The bank’s executive VP Frank Shih adds the firm selected Avaloq as they believe it has the capability “to meet the requirements of our distinguished clients”.