Taipei Fubon Bank revamps private banking tech with Avaloq
Taipei Fubon Bank is implementing new core banking software, provided by Avaloq, for its private banking business.
The roll-out will start in Hong Kong and Singapore, followed by the onshore market of Taiwan.
According to the vendor, “the key considerations of the selection process were effectiveness and adherence to regulatory requirements”. In addition to ticking these boxes, Avaloq says its wealth management platform also “enables quicker time to market with comprehensive investment solutions, for onshore as well as offshore private banking offerings”.
The initial deployment will focus on customer relationship management (CRM), know your customer (KYC), regulatory compliance and product management.
The platform will support equities, currencies, mutual funds, dual currency investment and structured products like equity-linked notes.
James Wang, senior executive vice president of Taipei Fubon Bank, says the bank plans “to scale and serve clients in other key markets” and “looks forward to a fruitful partnership” with Avaloq.