Digital Digest: The Latest Tech News

The latest technology news in the wealth management sector from around the world.

Bank SinoPac, Avaloq Bank SinoPac, the banking subsidiary of Taiwan-based SinoPac Financial Holdings, has completed its move onto the platform of Avaloq, which now runs as the core system for its offshore wealth management business in Hong Kong.

The bank said the switch is meant to automate operations, support continued growth among its high net worth and ultra-high net worth clients and cut the time needed to bring new wealth products to market.

Neither firm disclosed the cost of the project or the size of the Hong Kong client book.

SinoPac Financial Holdings provides banking, securities, asset management, leasing and venture capital services through its subsidiaries.

“We selected Avaloq because we needed a proven, specialised platform that could support this next stage of development with greater efficiency, consistency and scalability,” Angus Lin, head of the overseas business division at Bank SinoPac, said in a statement. Lin said Avaloq’s standing among financial institutions in Taiwan and across Asia was a key factor in the decision.

Avaloq, a Swiss wealth management software provider owned by Japan’s NEC Corporation, competes for core banking mandates in Asia with vendors including Temenos.