The agreement will see CTBC Bank implement Avaloq’s core banking solution internationally, starting from its business units in Hong Kong and Singapore.
Avaloq’s new client, CTBC Bank, is Taiwan’s largest private bank by consolidated assets under management, with a proud history in the region. CTBC Bank has the most extensive international presence of any Taiwanese bank, with over 116 overseas branches across 14 countries. The bank has a strong foundation in supporting regional businesses, providing international enterprises with comprehensive transnational financial services.
CTBC Bank selected Avaloq Core due to its comprehensive product coverage, strong straight-through processing capabilities and hardware-enforced security policies that ensure banking resilience. As CTBC Bank operates across several Asian markets, Avaloq Core will also provide the potential for the bank to consolidate its wealth management business, retail banking and other offerings within a single secure space, boosting the bank’s operational efficiency across the region.
Over 150 financial institutions globally, managing approximately USD 5 trillion in assets, rely on Avaloq’s award-winning digital banking solutions. This latest client win underscores Avaloq’s strong growth momentum in the Asia-Pacific market, building on its strong local presence with offices in Singapore, Hong Kong, Manila, Pune and Sydney.
Pascal Wengi, Managing Director for North Asia at Avaloq, said: “We are delighted to partner with one of Taiwan’s premier banking institutions and welcome CTBC Bank to our growing Avaloq Community. CTBC Bank continues to lead the industry in digitalization, leveraging on new fintech capabilities to drive innovation and create new engaging digital experiences. As Avaloq continues to expand its footprint in North Asia, our work with CTBC Bank will be vital for our future growth.”
Frank Shih, Executive Vice President at CTBC Bank, said: “We chose Avaloq Core as we were impressed by the flexibility and capability of the product to meet the requirements of our distinguished clients. The platform’s simplicity and seamlessness will also aid us in our day-to-day operations, helping us to enhance and deliver quality private banking services. We look forward to working with Avaloq as we move to consolidate and upgrade our international business on the Avaloq Core platform.”