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UnionBank of the Philippines has adopted Avaloq for its core banking technology to accelerate the digital transformation of its wealth management business.
UnionBank implements Avaloq core platform
The company implements the Avaloq Core Platform to provide clients with access to wealth management services such as family wealth structures, philanthropy, sustainability advice, and professional succession planning.
Avaloq says its technology offers automation and standardization of front, middle and back office functions such as customer relationship management, compliance and payment processing.
Union Bank’s recent acquisition of Citi’s Philippine consumer business will also enable it to offer upgraded retail services through investment and insurance brokerage.
“We chose Avaloq’s core banking platform as it offers the most efficient and comprehensive capabilities to cover our wealth management needs,” said Jose Emmanuel Hilado, SEVP, Treasurer and Head of Center for Union Bank’s Global Markets Group. said Mr.
He added that the partnership will allow UnionBank to “compete globally as well as locally,” Gery Dachlan, Avaloq’s managing director of South Asia and Australia, said his company’s technology It added that it is designed to expand and grow our wealth management business internationally.
The new solution is understood to replace the legacy Prospero system from Finartis (formerly Sage), another Swiss wealth management technology supplier.
