Mega International Commercial Bank has chosen Avaloq’s core banking platform to launch its latest onshore private banking offering for high net worth individuals (HNWI).
Mega Bank will deploy Avaloq’s core platform to support investment products and digitize its private banking business, while automating processes to increase efficiency.
Avaloq says its platform will enable Mega Bank to “rapidly scale the business and ensure data integrity” across all of its internal platforms and operations.
Following recent regulatory changes in the wealth management industry in Taiwan, local authorities are issuing new regulations to select financial institutions for onshore private banking services.
Mega Bank claims to be among the first group 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 of Mega Bank, said, “Avaloq’s core banking platform will help us quickly establish our private banking platform and expand our onshore business for HNWIs with a short time to market and in accordance with the new Taiwanese regulations. regulatory landscape.