CTBC Bank Goes Live with Avaloq Core Platform: Key Points
- Completion of Project:
- CTBC Bank has completed a three-year implementation project to transform its private banking operations using Avaloq’s core banking platform.
- The bank first announced its selection of Avaloq in September 2021 for its private banking businesses in Singapore and Hong Kong.
- Benefits of Implementation:
- The platform supports the expansion of CTBC’s private banking services and streamlines operations.
- Ensures compliance with regulations across different markets.
- Automates functions related to client relationship management, accounting, and compliance.
- Streamlines front-to-back-office workflows.
- Enhances risk management capabilities with integrated regulatory checks.
- Facilitates offering more sophisticated investment products and services across jurisdictions.
- Statements from Leadership:
- Freddie Chen, head of international private banking at CTBC, highlights the platform’s role in improving their private banking services and operational efficiency.
- Additional Digital Transformations:
- In early 2023, CTBC Bank implemented Tata Consultancy Services (TCS) core banking system for a digital revamp of its retail banking, corporate banking, and wealth management services.
- In May 2023, the bank partnered with Hitachi Asia to redesign its web interface and mobile banking app in the Philippines.
