Digital & Technology

UnionBank of the Philippines selects Avaloq to Transform its Wealth Management Platform

UnionBank of the Philippines has selected Avaloq to transform its wealth management platform as part of its ongoing digital transformation efforts.

The adoption of Avaloq's Core Platform will enable UnionBank to stay ahead of the technology curve and enhance its efficiency and innovation in the financial industry's digitalization journey.

Gery Dachlan, Managing Director South Asia and Australia at Avaloq, expressed admiration for UnionBank's commitment to digitalizing wealth management. The Avaloq platform will play a crucial role in UnionBank's ongoing transformation, offering scalability and international expansion capabilities to its wealth management business. Dachlan emphasized Avaloq's excitement in supporting UnionBank to deliver highly personalized wealth management services and superior client experiences.

As a digital pioneer in the Philippines' financial sector, UnionBank will implement Avaloq's core banking system to enhance its wealth management business, catering to a wide range of clients, including business leaders, entrepreneurs, and philanthropists across the country. The implementation will enable UnionBank to offer comprehensive wealth management services such as family wealth structuring, philanthropy and sustainability advice, and professional succession planning. The recent acquisition of Citi's Philippine Consumer Business by UnionBank will also allow for an improved retail offering with investment and insurance brokerage services.

By leveraging Avaloq's Core Platform, UnionBank will streamline and standardize various aspects of its wealth management functions, including client relationship management, compliance, and payment processing. Avaloq's customizable core banking system covers the needs of all client segments in wealth management, offering dedicated modules for client lifecycle management, regulatory reporting, accounting, and other crucial processes.

Jose Emmanuel "Toto" Hilado, SEVP and Treasurer & Center Head - Global Markets Group at UnionBank, explained that the bank chose Avaloq's core banking platform for its efficiency and comprehensive features that align with their wealth management requirements. With Avaloq's strong local presence and reputation in the Philippines, UnionBank is confident that migrating its wealth management platform will keep them at the forefront of digitalization and innovation. The adoption of Avaloq's platform positions UnionBank to compete not only locally but globally, delivering world-class wealth management products and services to its customers.