Mega International Commercial Bank has chosen Avaloq’s core banking platform to launch its latest offering of onshore private banking for high-net-worth individuals (HNWIs).
Mega Bank will deploy Avaloq’s core platform to support investment products and digitalise its private banking business, while automating processes to increase efficiency.
Avaloq says its platform will enable Mega Bank to “quickly scale the business and ensure data integrity” across its internal platforms and operations.
Following recent regulatory amendments in Taiwan’s wealth management sector, local authorities are issuing new regulations to select financial institutions for onshore private banking services.
Mega Bank claims to be among the first batch of banks to receive regulatory approval for onshore private banking in Taiwan and says it will “help shape this new market for HNWIs”.
Chao-Jung Josephine Chen, senior executive vice president, Mega Bank, says: “Avaloq’s core banking platform will help us to quickly establish our private banking platform and expand our onshore business for HNWIs with a short time to market and in compliance with Taiwan’s new regulatory landscape.”