CTBC Bank, Taiwan’s largest privately owned bank, has successfully implemented Avaloq’s core banking platform, marking the end of a three-year project aimed at digitally transforming its private banking operations.
Originally announced in September 2021, CTBC selected Avaloq’s platform to enhance its private banking services in Singapore and Hong Kong. Freddie Chen, head of international private banking at CTBC, highlighted the platform’s role in expanding their private banking offerings and streamlining operations while ensuring regulatory compliance across different markets.
“The successful implementation of the Avaloq Core Platform in our Hong Kong and Singapore operations significantly improves our ability to offer specialized private banking services,” Chen stated.
Avaloq’s technology has enabled CTBC to automate various functions, including client relationship management, accounting, and compliance. Additionally, the platform has streamlined the bank’s front-to-back-office workflows, strengthened risk management with integrated regulatory checks, and facilitated the provision of sophisticated investment products and services across different jurisdictions.
Beyond Avaloq, CTBC has undertaken other significant digital initiatives. In early 2023, the bank implemented Tata Consultancy Services’ (TCS) core banking system to revamp its retail banking, corporate banking, and wealth management services. Furthermore, in May this year, CTBC partnered with Hitachi Asia to redesign its web interface and mobile banking app in the Philippines.
These initiatives collectively signify CTBC’s commitment to leveraging advanced technology to enhance its banking services and operational efficiency.
Source: fintechfutures.com
