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Mega International Commercial BankHas made the choice Avaloq’s core banking platform to launch its latest offering of onshore private banking for high-net-worth individuals (HNWIs).
Mega BankTaps AvaloqCore banking platform
Mega BankWill be deployed Avaloq’s core platform to support investment products and digitalise its private banking business, while automating processes to increase efficiency.
AvaloqIts platform will enable, according to the company. Mega Bank to “quickly scale the business and ensure data integrity” across its internal platforms and operations.
FollowingRecent regulatory amendments Taiwan’s wealth management sector, local authorities are issuing new regulations to select financial institutions for onshore private banking services.
Mega BankBank claims to be amongst the first to receive regulatory approval for private onshore banking 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.”