New Chapter for Taiwanese Wealth Management
Taiwan’s ambition to become a top-tier wealth management hub is taking shape in the south: Cathay United Bank, together with fintech powerhouse Avaloq, has launched the first private banking operations in Kaohsiung’s new Asset Management Hub – ushering in a new era for onshore wealth services.
The Financial Supervisory Commission (FSC) has launched an Asset Management Hub in Kaohsiung, aimed at accelerating the development of Taiwan’s onshore private banking capabilities. The initiative is part of a broader strategy to enhance Taiwan’s global standing as a regional wealth management center and to nurture homegrown financial expertise.
Cathay United Bank has emerged as the first mover in this high-profile initiative. Teaming up with Avaloq, the bank is poised to deliver tailored private banking services from Kaohsiung, setting a benchmark for future entrants into the Hub.
Proven Partnership, Now Onshore
Headquartered in Taipei, Cathay United Bank has long been a key player in the wealth management space. The bank’s partnership with Avaloq began in 2020 when Taiwan opened the door for onshore and offshore private banking. Since then, Avaloq’s advanced core banking platform has helped Cathay United boost efficiency and elevate its client service.
With the Kaohsiung initiative now in full swing, the collaboration is entering a new and exciting phase. A state-of-the-art booking center and operations base are being established in the city to serve high-net-worth individuals (HNWIs) across Taiwan.
Full-Spectrum Private Banking, Powered by Tech
The Asset Management Hub empowers banks to offer a full suite of services, ranging from active and passive ETFs to high-value insurance products and family office consultancy. Cathay United Bank is embracing this opportunity by deploying Avaloq’s cutting-edge technology across its front, middle, and back offices.
Avaloq will deliver seamless integration with existing systems, along with automation tools for portfolio management, client relationship handling, and lifecycle tracking. The goal: smarter operations, enhanced scalability, and more personalized wealth strategies for clients.
Driving Growth, Delivering Value
Robert Fuh, CEO of Private Banking at Cathay United Bank, underscored the importance of the initiative: «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.»
He credited Avaloq’s long-standing support in Cathay’s expansion across Taiwan, Hong Kong, and Singapore, and praised the FSC for its visionary efforts to spur sectoral growth and investor value.
Avaloq: A Strategic Enabler in North Asia
Eliza Chang, Regional Director for North Asia at Avaloq, emphasized the strategic relevance of this milestone. «This marks an exciting new chapter in our partnership with Cathay United Bank. Our proven expertise and deep understanding of the local regulatory environment are critical in enabling our clients to scale effectively and stay ahead of market dynamics.»
With this move, both institutions are not only shaping the future of private banking in Taiwan – they are redefining the playbook for regional financial innovation.
