CTBC Bank goes live with Avaloq core in Hong Kong and Singapore after three-year implementation
CTBC Bank, the largest privately owned bank in Taiwan, has gone live with the core banking platform of Swiss financial services software firm Avaloq, concluding a three-year implementation project to digitally transform its private banking operations.
CTBC Bank goes live with Avaloq core to power private banking operations
The bank first announced its selection of the platform to power its private banking businesses in Singapore and Hong Kong in September 2021.
With the implementation now complete, Freddie Chen, head of international private banking at CTBC, claims the platform “supports us in further expanding our private banking offering and streamlining operations while ensuring compliance with regulations across different markets”.
“The successful implementation of the Avaloq Core Platform in our Hong Kong and Singapore operations significantly improves our ability to offer specialised private banking services,” Chen continues.
The use of Avaloq’s core tech has enabled the bank to automate a number of functions relating to client relationship management, accounting and compliance.
The platform has also been applied to streamline the bank’s front-to-back-office workflows, to bolster its risk management capabilities with “fully integrated” regulatory checks, and to facilitate “more sophisticated investment products and services across jurisdictions”, according to a statement.
Aside from Avaloq, CTBC also tapped the core banking system of Tata Consultancy Services (TCS) in early 2023 to power a digital revamp of its retail banking, corporate banking and wealth management services, before later partnering with Hitachi Asia in May this year to action a redesign of its web interface and mobile banking app in the Philippines.
