Union Bank of Taiwan, the Taiwan headquartered financial services group, has upgraded its offshore fund transaction processing through a partnership with Calastone.

Calastone is a global fund transaction network with some 400 clients across 17 domiciles, including the UK, Germany, Luxembourg, Ireland, Switzerland, Hong Kong, Singapore, Australia and Chile.

To-date, 28 of Union Bank's offshore fund managers and 15 transfer agents have already signed up and connected with the Calastone Taiwan Depository & Clearing Corporation fund service in the country. Calastone's TDCC service is currently being used by the likes of Aberdeen, Alliance Bernstein, Barings, Fidelity, JP Morgan Asia, Schroders, Old Mutual and Threadneedle.

Calastone offers one of the widest offshore fund manager networks over the TDCC service in Taiwan, accounting for 70 per cent of distributors' offshore funds transactions.

"[The company] was an obvious choice," said Hann-Tsau Tsai of Union Bank of Taiwan in a statement. "We look forward to maximizing offshore fund automation rates and enhancing our service levels to our clients."