Bank rolls out digital wealth mgt platform

CHINA Banking Corp. has recently enabled its digital trust and wealth management platform as part of its digital initiatives amid the pandemic.

In a recent statement, the listed bank said it has teamed up with financial technology player Intellect Design Arena Ltd. (IDAL) for the implementation of the said platform.

“The system recently went live and is expected to further improve relationship management and client servicing for the bank’s trust and wealth customers,” China Bank said.

Shares in China Bank ended flat at P24.50 each amid the 0.34-percent uptick for the benchmark index on Wednesday.

The bank currently has over P200-billion worth of assets under management. It offers various investments products and services, including unit investment trust funds, fixed-income securities and equities.

China Bank said that the solution from IDAL will be able to efficiently manage the growing business volume, follow regulatory requirements and provide better end-to-end customer experience.

“A strong digital backbone enhances China Bank’s value proposition as a trusted financial adviser,” China Bank Chief Finance Officer Patrick D. Cheng said. “We will continue to roll-out the right technologies and platforms to better serve our customers and to help them plan and secure their financial future.”

In February, China Bank raised P20 billion—four times the original offer size of P5 billion—from its first issuance of bonds this year. The proceeds were allocated for strategic initiatives and expansion programs.

The bank saw its net income rise by 20 percent to P12.1 billion last year from P10.1 billion in 2019 on the back of higher revenues. While the loan loss buffer surged by 3.5 times to P8.9 billion last year, it was offset by the robust growth in core business and returns from investment and trading.

As of end-december 2020, the bank ’s total assets were at P1.04 trillion. Capital accounts climbed by 9 percent to P105 billion last year, with common equity tier 1 ratio of 13.82 percent and capital adequacy ratio of 14.73 percent.