UnionBank in the Philippines has tapped Avaloq for its core banking technology as it looks to boost the digital transformation of its wealth management business.
The firm will implement the Avaloq Core Platform to offer its clients access to wealth management services such as family wealth structuring, philanthropy, sustainability advice and professional succession planning.
Avaloq says its tech will offer automation and standardisation of front, middle and back-office functions, including client relationship management, compliance and payment processing.
UnionBank will also be able to provide an upgraded retail offering with investment and insurance brokerage following its recent acquisition of Citi’s Philippine Consumer Business.
“We opted for Avaloq’s core banking platform as it offers the most efficient and comprehensive features to cover our wealth management needs,” says Jose Emmanuel Hilado, SEVP and treasurer and centre head – global markets group at UnionBank.
He adds the partnership will enable UnionBank to “compete not only locally but globally”, with Gery Dachlan, managing director South Asia and Australia at Avaloq, adding that his company’s tech is designed to “scale and expand wealth management businesses internationally”.
It is understood the new solution will replace the legacy Prospero system from another Swiss wealth management tech supplier Finartis (formerly Sage).