Zurich, July 14, 2025 - Taiwan has launched a new Asset Management Hub in Kaohsiung to accelerate the development of onshore private banking and strengthen its position as a regional wealth management centre. As the first bank to establish private banking operations under this initiative, Cathay United Bank, in partnership with its longstanding technology provider Avaloq, a subsidiary of NEC Corporation, is helping to shape the future of onshore private banking in Taiwan.

Headquartered in Taipei, Cathay United Bank is a leading financial institution in Taiwan with a strong track record in wealth management. Following the liberalization of local regulations, the bank partnered with Avaloq in 2020 to help establish Taiwan’s onshore and offshore private banking sector, leveraging the Avaloq platform’s core banking capabilities to enhance operational efficiency and client service.

Building on this foundation, the Financial Supervisory Commission (FSC) has now introduced an Asset Management Hub in Kaohsiung to promote the development of Taiwan’s onshore wealth management and private banking industry. The initiative is designed to foster homegrown expertise and allows financial institutions to offer a wide range of banking and investment services, including active ETFs and passive multi-asset ETFs, consultancy for family offices and high-value insurance products.

Cathay United Bank is taking a pioneering role as the first financial institution to establish private banking operations in the new Kaohsiung Asset Management Hub. The bank is working closely with Avaloq to set up a new booking centre and operational base in Kaohsiung, delivering tailored private banking services to high-net-worth individuals across Taiwan.

As a leader in wealth management technology and services, Avaloq has been instrumental in enabling financial institutions across Asia to scale their operations and meet evolving client needs. With over 40 years of experience in wealth management and private banking technology, Avaloq is ideally positioned to support Cathay United Bank’s expansion into this new onshore business.

Avaloq will provide end-to-end support for Cathay United Bank’s private banking operations in Kaohsiung, enhancing operational efficiency across the front, middle, and back office through high straight-through processing (STP) and data consistency. In addition, the Avaloq platform will provide front-office automation, supporting the bank’s portfolio management, client relationship management, and client lifecycle management, while ensuring seamless integration with the bank’s existing systems. These capabilities will help Cathay United Bank streamline operations, supporting revenue growth and enabling more personalized client service.

Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, said: "Our partnership with Avaloq has played a key role in expanding our wealth management capabilities in Taiwan, Hong Kong and Singapore. We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors. We thank the Financial Supervisory Commission (FSC) for this forward-looking initiative, which will help drive growth in Taiwan’s financial sector and deliver greater value for investors."

Eliza Chang, Regional Director for North Asia at Avaloq: "The establishment of the new Asset Management Hub in Kaohsiung marks a significant milestone for Taiwan, and we are delighted to support Cathay United Bank as a pioneer in Taiwan’s new onshore private banking sector. We have a strong track record in enabling and developing Cathay United Bank’s wealth management operations both onshore and offshore – and this marks an exciting new chapter in our partnership. Our community of clients can depend on our industry expertise, leading platform and understanding of local regulations to support their growth and help them respond quickly to evolving market demands."

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About Avaloq
Avaloq is a premium provider of front-to-back software and services for over 170 financial institutions around the world. Our clients include private banks, wealth managers and investment managers, as well as retail and neobanks. We develop software that can be deployed flexibly through cloud-based software as a service (SaaS) or on-premises, and we offer Banking Operations outsourcing through our business process as a service (BPaaS) model. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. www.avaloq.com

About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.