Avaloq Wins Taiwan Client
Hot off the heels of its acquisition by NEC Corporation, Avaloq is building on its strong momentum in the Asia-Pacific market by inking a deal with one of Taiwan’s largest commercial banks.
Avaloq is growing its regional presence with a deal to provide its wealth management solution to a major Taiwanese bank's private banking division in Taiwan, Hong Kong and Singapore, the banking software provider announced on Thursday, without naming the new client.
However, Avaloq noted that the bank has more than 150 branches across Taiwan and offers private banking services in Hong Kong and Singapore. Under the deal, it will provide the client with a «robust and scalable digital banking solution that will enable it to grow its private banking business in the different locations,» Avaloq said in the statement.
NEC Acquisition
Earlier this month, Avaloq announced that Japanese tech giant NEC Corporation would acquire 100 percent of Avaloq’s shares – 45 percent from Warburg Pincus and the balance from Avaloq’s employees and founder Francisco Fernandez, for 2.05 billion Swiss francs ($2.24 billion).
Earlier this year, the company announced the Bank of the Philippine Islands – one of the country’s biggest banks in terms of capitalization – as a new software-as-a-service client.
It also recently launched a new application – «Engage» – which is designed to help banks deal with the compliance issues arising from the use of chat tools such as WhatsApp.
