Mega International Commercial Bank (Mega Bank), one of Taiwan’s largest banks by asset size, is launching its onshore private banking business for high-net-worth individuals (HNWIs). This new business offering will run on the Avaloq Core Platform.
Following recent regulatory amendments in Taiwan’s wealth management sector, the local authorities are issuing new regulations to select financial institutions for onshore private banking services. Mega Bank is among the first batch of banks to receive regulatory approval for onshore private banking in Taiwan and will therefore help shape this new market for HNWIs. The bank’s established branch network and early entry put it in a strong position to quickly respond to this market opportunity.
Mega Bank will deploy the Avaloq Core Platform to support comprehensive investment products and digitalize its private banking business, with the capacity to automate processes to increase efficiency. With its unified data model, the Avaloq Core Platform will enable Mega Bank to quickly scale the business and to ensure data integrity across its internal platforms and operations.
Chao-Jung Josephine Chen, Senior Executive Vice President at Mega International Commercial Bank, said: “We are glad to have Avaloq as a technology partner that fully understands the private banking business and the Taiwan market. 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.”
Pascal Wengi, Managing Director for North Asia at Avaloq, said: “Taiwan is a very promising market for financial institutions catering to HNWIs, and we are proud to support our new client Mega International Commercial Bank in developing and digitalizing its onshore private banking business. NEC Taiwan, a subsidiary of our parent company NEC Corporation, will manage this new project and implement the Avaloq Core Platform as we leverage our synergies in the fields of digital banking and cutting-edge technology.”
