UnionBank of the Philippines selects Avaloq to transform its wealth management platform

By Leandra Monteiro

UnionBank continues the digital transformation of its wealth management business with the Avaloq Core Platform. This will help the bank to stay ahead of the technology curve as the financial industry continues to digitalise in the pursuit of greater efficiency and innovation.

Gery Dachlan, Managing Director South Asia and Australia at Avaloq said, “We are impressed by UnionBank’s commitment to the digitalization 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 personalized wealth management services with a superior client experience.”

Avaloq is implementing its core banking system at UnionBank, a digital trailblazer in the Philippines’ financial sector. The bank’s wealth management business serves the entire wealth spectrum, including business leaders, entrepreneurs and philanthropists across the Philippines. Avaloq’s core banking platform will 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. And following UnionBank’s recent acquisition of Citi’s Philippine Consumer Business, the bank can also provide an enhanced retail offering with investment and insurance brokerage.

With the introduction of the Avaloq Core Platform, UnionBank can seamlessly automate and standardize aspects of the front, middle, and back office of its wealth management functions, such as client relationship management, compliance, and payment processing. Avaloq’s comprehensive core banking system covers the needs of all client segments in wealth management and is fully customizable, with dedicated modules for client lifecycle management, regulatory reporting, accounting and other key processes.

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 digitalization and innovation. With the Avaloq platform, UnionBank is positioned to compete not only locally but globally in delivering world-class wealth management products and services to our customers.”