Archive for the ‘Banking’ Category

Bank of Asia (BVI) Limited chooses Avaloq digital solutions

Monday, October 30th, 2017

Bank of Asia, licensed in the British Virgin Islands, is planning to build its digital bank with the Avaloq Banking Suite, which will provide complete digital banking solutions through its Singapore based service centre Avaloq Sourcing (Asia Pacific).

The new bank, which was established in 2015 by its Founder and Chairman, Hong Kong based businessman and lawyer Carson Wen, is expected to start full operations by the end of 2017. It is primarily a digital bank focusing on lowering operational costs.

The Founder and Chairman of the bank Mr. Wen commented: “We want to start a bank that has cutting-edge technology as its foundation. We aim to utilise fintech and regulatory technology to enable us to undertake these processes with a much higher degree of efficiency and lower costs that will give us a huge competitive advantage over legacy banks.”

New Avaloq banking software successfully tested in he British Virgin Islands, Liechtenstein and Switzerland

Friday, January 16th, 2009

VP Bank Group has successfully switched its IT platform to the new Avaloq banking software system. The operations of the new banking system started during the New Year holidays, and starting with January 5, 2009 all of the Bank’s transactions are being processed via the new platform.

The migration took place without any problems, following a development phase of 18 months. The switch to the Avaloq banking system is an important milestone in the evolution and development of VP Bank, which enhances Bank’s efficiency, supports the implementation of its strategy and underscores the competitiveness of the entire VP Bank Group.

In the next months, it will be a matter of gaining experience with the new system and, if necessary, implementing optimization measures to ensure a maximum of client orientation. The implementation of the banking system in the British Virgin Islands, Liechtenstein, Switzerland and Singapore has provided know-how that will be of great importance for the introduction of Avaloq at VP Bank (Luxembourg) S.A., during the course of 2009.