Unionbank of the Philippines announced that it has partnered with Swiss core banking solution provider Avaloq to transform its wealth management business.
The Avaloq Core Platform aims to support UnionBank in offering its clients access to holistic wealth management services, such as family wealth structuring, philanthropy and sustainability advice as well as professional succession planning.
With the introduction of the Avaloq Core Platform, UnionBank can seamlessly automate and standardise aspects of the front, middle, and back office of its wealth management functions, such as client relationship management, compliance, and payment processing.
Following UnionBank’s recent acquisition of Citi’s Consumer Business in the Philippines, the bank can also provide an enhanced retail offering with investment and insurance brokerage.
Jose Emmanuel “Toto” Hilado, SEVP and Treasurer & Center Head – Global Markets Group at UnionBank said,
“We opted for Avaloq’s core banking platform, as it offers the most efficient and comprehensive features to cover our wealth management needs.
Underpinned by Avaloq’s strong local presence and reputation in the Philippines, we are confident that migrating our wealth management platform to Avaloq will help us remain at the cutting edge of digitalisation and innovation.”
Gery Dachlan, Managing Director South Asia and Australia at Avaloq said,
“We are impressed by UnionBank’s commitment to the digitalisation of wealth management. The Avaloq platform will play a key role in this ongoing transformation, as it is designed to efficiently scale and expand wealth management businesses internationally.
We are excited to support UnionBank in providing highly personalised wealth management services with a superior client experience.”
