CTBC Bank is the largest privately owned bank in Taiwan. By working with Avaloq, it aims to galvanise its private banking offerings for the Singapore and Hong Kong markets.

Taiwan-based CTBC Bank has implemented the Avaloq Core Platform for its private banking arm, enabling it to offer products and services in Hong Kong and Singapore.

The lender, Taiwan’s largest privately-owned bank, can use the Avaloq Core Platform to automate tasks such as client relationship management, accounting and compliance. It also streamlines the bank’s workflows across the front, middle and back office, Avaloq said in a statement yesterday. 

“Our new core platform supports us in further expanding our private banking offering and streamlining operations while ensuring compliance with regulations across different markets,” Freddie Chen, head of international private banking at CTBC Bank, said.

Headquartered in Switzerland, Avaloq is a subsidiary of Japan’s NEC.

Research from Avaloq, issued in February and based on findings from several jurisdictions around the world, found that most wealth managers are either dissatisfied with or indifferent to their technology systems, viewing them as outdated, not suited to their needs and difficult to use.