All 129 domestic branches in Taiwan, serving three million customers and processing up to two million transactions per day, went live simultaneously with the Temenos system, it said. Bank SinPac’s chief investment officer, Robert Tsai, said the new system will save 50 per cent on annual hardware maintenance fees and 50 per cent of software maintenance fees over a five-year investment.

The other locations in Hong Kong, Macau, mainland China, Vietnam and the US will be added to the central hub in Taipei in a second phase, Temenos continued.

"SinoPac has taken a leadership position in undertaking a core transformation of its technology architecture. Recent events have shown that banks would do well to sit up, take notice, and take action to migrate their aging legacy systems, in a risk controlled way,” said Mark Cullinane, chief operating officer of Temenos.