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Asia-based bank sets up wealth management platform

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Taipei Fubon Bank is building a wealth management platform for its private banking business in Hong Kong, Singapore and Taiwan.

In order to do so, it has teamed up with wealthtech firm Avaloq.

The offering will be first made available to clients in Hong Kong and Singapore, and then expanded to the Taiwan-based customers.

Clients will be able to access a range of financial instruments including equities, currencies, mutual funds, dual-currency investments, and structured products, the bank said.

Serve clients in a range of markets

James Wang, senior executive vice president of Taipei Fubon Bank, said: “By adopting Avaloq’s core banking system, we’re looking to reduce our time to market and better serve different client segments in an efficient manner.

“Avaloq’s innovative solutions will help us abide by regulatory requirements across different jurisdictions as Taipei Fubon Bank looks to scale and serve clients in other key markets. We look forward to a fruitful partnership.”

Pascal Wengi, Managing director for north Asia at Avaloq, added: “We are excited to announce our partnership with Taipei Fubon Bank. Our core banking system will augment the bank’s digital capabilities as we help transform its private banking systems to better serve its growing clientele in Hong Kong, Singapore and of course, Taiwan.

“Taipei Fubon Bank has ambitions to scale to other markets, and we are excited to support them in those endeavours.”