Bank SinoPac, a subsidiary of Taiwan's SinoPac Financial Holdings, has gone live on the Avaloq platform as the core system for its offshore wealth management business in Hong Kong.
The bank said its Hong Kong wealth business has grown steadily, particularly among high-net-worth and ultra-high-net-worth clients with cross-border needs. It chose Avaloq to get more automation, streamlined operations and room to scale, and to bring new wealth offerings to market more efficiently.
Angus Lin, Head of Overseas Business Division at Bank SinoPac, said: “Our wealth management business in Hong Kong has expanded significantly, particularly among high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients with increasingly diverse needs. We selected Avaloq because we needed a proven, specialized platform that could support this next stage of development with greater efficiency, consistency and scalability.” He also cited Avaloq's reputation among leading financial institutions in Taiwan and across Asia.
Vibhooti Chaturvedi, Managing Director for Region Asia Pacific at Avaloq, said the go-live reflects a shared commitment to building a platform for long-term growth. Avaloq, a subsidiary of NEC Corporation, supplies front-to-back software and services to more than 170 financial institutions and offers cloud-based SaaS, on-premises and business-process-as-a-service options.
The announcement did not give a project timeline, cost or client migration figures.
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