Cathay United Bank Collaborates with Avaloq to Launch Initial Private Bank Within Taiwan's Kaohsiung Asset Management Center's Shores
In a significant move to accelerate the development of onshore private banking in Taiwan, Cathay United Bank, a leading financial institution based in Taipei, has established its private banking operations under the new Kaohsiung Asset Management Hub. This makes Cathay United Bank the first bank to do so in the region.
The Kaohsiung Asset Management Hub, launched by the Taiwanese government, aims to boost the onshore private banking sector and position Kaohsiung as a wealth management hub in the region. To support this initiative, Cathay United Bank has partnered with Avaloq, a Swiss fintech company with over 40 years of experience in wealth management and private banking technology.
Avaloq plays a critical role in the development of onshore private banking in the Kaohsiung Asset Management Hub. The company provides a comprehensive technological platform and end-to-end support for Cathay United Bank's private banking operations there. This partnership enables Cathay United Bank to set up its booking centre and operational base in Kaohsiung to serve high-net-worth individuals (HNWIs) across Taiwan.
Avaloq delivers front, middle, and back office efficiency through high straight-through processing (STP) and data consistency, enhancing operational workflows and client servicing. The Avaloq platform supports front-office automation, including portfolio management, client relationship, and client lifecycle management, seamlessly integrating with Cathay United Bank’s existing systems to empower a more personalized and scalable private banking experience.
Eliza Chang, Regional Director for North Asia at Avaloq, expressed delight in supporting Cathay United Bank as a pioneer in Taiwan's new onshore private banking sector. The partnership builds on Avaloq’s decades of expertise in wealth management technology, local regulatory knowledge, and previous collaboration with Cathay United Bank to develop Taiwan’s onshore and offshore private banking sector.
Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, stated that their partnership with Avaloq has expanded their wealth management capabilities in Taiwan, Hong Kong, and Singapore. Avaloq's capabilities will help Cathay United Bank streamline operations, supporting revenue growth and enabling more personalized client service.
The Financial Supervisory Commission (FSC) has introduced the Asset Management Hub in Kaohsiung to promote onshore wealth management and private banking industry development. With Avaloq's support, Cathay United Bank is set to offer a wide range of banking and investment services, including active ETFs, passive multi-asset ETFs, consultancy for family offices, and high-value insurance products, at the Kaohsiung Asset Management Hub.
In summary, Avaloq acts as the technology backbone and innovation enabler that supports Cathay United Bank’s expansion of onshore private banking services at the Kaohsiung Asset Management Hub, facilitating operational efficiency, regulatory compliance, and a superior client experience in Taiwan’s evolving wealth management landscape.
The partnership between Cathay United Bank and Avaloq, a Swiss fintech company, leverages technology to boost the onshore private banking sector in Taiwan by providing a robust technological platform for Cathay United Bank's operations, thereby supporting the development of banking technology in finance and business. This collaboration enables Cathay United Bank to deliver a more personalized and scalable private banking experience to high-net-worth individuals across Taiwan.
