Taiwan has launched a new Asset Management Hub in Kaohsiung, aimed at accelerating the development of onshore private banking.
Cathay United Bank has become the first financial institution to establish private banking operations under this initiative, working in partnership with its longstanding technology provider, Avaloq.
Cathay United Bank, headquartered in Taipei, is one of Taiwan’s leading financial institutions with a well-established wealth management business.
The bank partnered with Avaloq in 2020 following regulatory liberalisation, adopting the Avaloq platform to support the development of both onshore and offshore private banking services.
The platform’s core banking capabilities have been used to enhance operational efficiency and improve client service.
The Financial Supervisory Commission (FSC) has introduced the Kaohsiung-based Asset Management Hub to further develop the onshore wealth management and private banking industry.
The initiative seeks to strengthen domestic expertise and provides a framework for financial institutions to offer a broad range of services.
These include active and passive multi-asset ETFs, consultancy for family offices, and high-value insurance products.
Cathay United Bank is taking a leading role in the new hub by establishing a booking centre and operational base in Kaohsiung.
The bank will deliver private banking services tailored to high-net-worth individuals across Taiwan, with Avaloq providing technology and operational support.
Avaloq, a provider of wealth management technology and services, will offer end-to-end support for the bank’s private banking operations in Kaohsiung.
This includes enhancing operational efficiency across front, middle, and back office functions, with a focus on automation, straight-through processing, and data consistency.
The Avaloq platform will also support portfolio management, client relationship management, and client lifecycle management, and integrate with Cathay United Bank’s existing systems.
Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, stated:
“We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors. We thank the Financial Supervisory Commission (FSC) for this forward-looking initiative, which will help drive growth in Taiwan’s financial sector and deliver greater value for investors.”
Eliza Chang, Regional Director for North Asia at Avaloq, commented:
“We have a strong track record in enabling and developing Cathay United Bank’s wealth management operations both onshore and offshore, and this marks an exciting new chapter in our partnership. Our community of clients can depend on our industry expertise, leading platform and understanding of local regulations to support their growth and help them respond quickly to evolving market demands.”
Featured image credit: Edited by Fintech News Hong Kong, based on image by Creativestudioart via Freepik