Union Bank of Taiwan, a financial services provider and fund distributor, is the second distributor to sign up with fund transaction network Calastone through the new Taiwan Depository & Clearing Corporation (TDCC) fund service. Union Bank of Taiwan has connected the TDCC service with 28 offshore fund managers and 15 transfer agents.
The first to sign up for Calastone’s TDCC service was Far Eastern International Bank, with 10 of its largest offshore fund houses distributing in Taiwan, including Aberdeen, Alliance Bernstein, Barings, Fidelity, J.P. Morgan Asia, Pinebridge, Schroders, Old Mutual and Threadneedle.
Hann-Tsau Tsai from Union Bank of Taiwan said, “Calastone was the obvious choice for us, given their outstanding offshore fund manager and transfer agent coverage and their proven track record in automating fund transactions globally. We have been impressed with the way they have smoothly handled the implementation and rollout of Far Eastern International Bank with ten fund managers on the TDCC network.”
Calastone offers the widest live offshore fund manager coverage over the TDCC service in Taiwan, covering approximately 70% of distributors’ offshore funds transactions. Union Bank of Taiwan has also selected Calastone for their highly sophisticated real-time order management system (EMS), as well as their Mandarin-speaking production and client servicing team based in Hong-Kong and London.
Low Hon Yu, COO at Aberdeen Asia, said, “Automating our first distributor via the TDCC service in Taiwan is another step in our strategy to increase our automation rates in the region, following a similar rollout for funds we manage in Australia and Singapore. The response to Calastone’s initiative has been very positive, and we expect with Union Bank and Far Eastern’s lead other distributors will soon join the TDCC service.”
Sebastien Chaker, head of Asia for Calastone said, “With several million manual orders being processed annually, Taiwan is the top automation priority for our global fund manager clients and in response Calastone has made significant investments in technology and human resources to tailor our service for the Taiwan market.”
Union Bank of Taiwan Automates Offshore Fund Transactions With Calastone
Union Bank of Taiwan, a financial services provider and fund distributor, is the second distributor to sign up with fund transaction network Calastone through the new Taiwan Depository & Clearing Corporation (TDCC) fund service.