/the fintech firm is to implement its banking suite at a Hong Kong-based firm looking to expand its wealth and private banking operations.

Switzerland-headquartered Avaloq, the fintech firm working in areas such as private banking, announced it will implement its banking suite at Hong Kong-based China CITIC Bank International.

The Avaloq Banking Suite was chosen to provide the bank with a more comprehensive service as it grows the number of retail wealth and private banking clients, Avaloq said in a statement yesterday. The firm did not disclose the financial size of the transaction with the Asian banking group.
 
CNCBI is an indirect wholly-owned subsidiary of China CITIC Bank Corporation, which is listed on both the Hong Kong and Shanghai stock exchanges. CNCB has a mainland Chinese network of 1,254 outlets.

“This partnership with China CITIC Bank International is highly strategic and important in supporting Avaloq’s expansion plans into the ‘on-shore’ wealth segment in the region,” Peter Scott, Avaloq’s general manager in Asia-Pacific, said.

Among other recent developments, Avaloq earlier in September said it had teamed up with other institutions to create a network to boost innovation. The Avaloq Software Exchange will “connect providers of innovative software for digital banking with financial institutions that intend to create new digital experience based on the Avaloq Front.” (The Avaloq Front is the name of the open portal platform.)

All offerings in the exchange will be integrated with the existing Avaloq Front, so banks and wealth managers can shorten implementation projects and achieve faster time to market for new digital offerings, Avaloq said.

In its 2015 interim results, the bank logged a net profit after tax was HK$1.236 billion ($866 million), down 19.6 per cent year-on-year, but similar to the level achieved in H2 2014.