14 January 2014
Avaloq goes live with first Chinese bank
Avaloq Banking Suite successfully implemented at the Hong Kong branch of Agricultural Bank of China
The Avaloq group, an international leader in integrated and comprehensive banking solutions, has successfully put the Avaloq Banking Suite into operation at Agricultural Bank of China’s Hong Kong branch. Agricultural Bank of China, one of the biggest banks in China, chose the Avaloq Banking Suite on account of the system’s comprehensive suite of functionalities to support the launch of its private banking business at its Hong Kong branch. The bank is Avaloq’s first Chinese customer.
Going live with the first Chinese bank marks a further important milestone in Avaloq’s expansion into the Asia Pacific market and its development as an international supplier of banking solutions. Avaloq has been present in Asia Pacific with regional headquarters in Singapore since 2007 and already serves 14 clients in the region including DBS, Nomura, Barclays and Coutts. Agricultural Bank of China has implemented the Avaloq Banking Suite in its Hong Kong branch to launch its private banking business, a market the bank sees great potential in.
“Going live with the Agricultural Bank of China in Hong Kong is an important milestone in Avaloq’s expansion plans for the region. Avaloq has invested in specialised product features for the Asian market that include support of specific structured investment products and credit related management capabilities,” notes Peter Scott, General Manager Asia Pacific of Avaloq. “I am very happy to welcome Agricultural Bank of China Hong Kong branch to our international community of financial institutions,” Scott continues.
Agricultural Bank of China Hong Kong branch is operating Avaloq’s “Model Bank Asia”, which includes a series of local features including payment advices and bank statements in Chinese language.
Agricultural Bank of China Hong Kong branch selected the Avaloq Banking Suite because of its functional richness, unique architecture and quick implementation time. “In order to start up our private banking business in Hong Kong we looked for a partner that excels through long lasting experience and a market-proven solution. The comprehensive functional coverage of the Avaloq Banking Suite, and the fact that it offers advice and statements in Chinese were crucial factors in our decision making process,” says Betty Ng, Head of Personal Banking and Product Development, at Agricultural Bank of China Hong Kong branch.