Industrial Bank of China has deployed Swiss fintech firm Avaloq’s core banking platform for its private banking business in Hong Kong.
The vendor worked with Orbium to deploy the front-to-back banking suite in six months.
Avaloq said that its selection was driven by its “extensive experience” in the region and “successful track record”.
Avaloq regional manager of APAC Chris Beukers said: “It is great to welcome Industrial Bank Co., Ltd Hong Kong Branch to the Avaloq Community and we are honoured to be able to provide the technology infrastructure to grow its private bank in Hong Kong.
“It is another milestone for us in Hong Kong itself and Asia in general, and we are delighted to see our footprint grow in this highly strategic market.”
Industrial Bank deputy CEO of Hong Kong branch Nick Su said: “We look to work with the very best partners to help us meet our aspirations and for our private banking business in Hong Kong, this means working with Avaloq.”
Industrial Bank, set up in 1988, has 119 branches and 1,787 sub-branches in China along with correspondent relationships with over 1,500 banks across the globe. The bank manages CNY6.09 trillion ($870.8bn) in assets.
The bank’s private banking unit tends to more than 20,000 clients in mainland China and oversees CNY300bn ($43.5m) in assets. The bank launched a corporate banking branch in Hong Kong four years ago and later added a private banking unit in the city to offer wealth management services.