Union Bank of Taiwan, a leading provider of financial services and Fund distributor in Taiwan, is the second distributor to sign up with Calastone through the new Taiwan Depository & Clearing Corporation (TDCC) fund service.
This announcement follows last month's successful implementation of Far Eastern International Bank on Calastone's TDCC service with 10 of the largest offshore fund houses distributing in Taiwan including Aberdeen, Alliance Bernstein, Barings, Fidelity, JP Morgan Asia, Pinebridge, Schroders, Old Mutual and Threadneedle.
Union Bank of Taiwan recognises the benefits of choosing Calastone alongside twenty-eight offshore Fund managers and fifteen transfer agents already signed up and connected with Calastone TDCC service in Taiwan.
Mr. Hann-Tsau Tsai from Union Bank of Taiwan said, "We pride ourselves in constantly making sure we find the most efficient and cost effective systems for our clients and we are pleased to choose Calastone for their award winning global fund transaction network. 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 roll-out of Far Eastern International Bank with ten Fund managers on the TDCC network and we look forward to working with Calastone and all our Fund manager partners to maximize offshore fund automation rates and enhance our service levels to our clients."
Calastone offers the widest live offshore Fund manager coverage over the TDCC service inTaiwan, covering approximately seventy percent of distributors' offshore funds transactions. Union Bank of Taiwan has also selected Calastone for their highly sophisticated real-time order management system (EMS) delivered in Mandarin and providing full transparency over fund order statuses and confirmations, as well as their dedicated Mandarin speaking production and client servicing team based in Hong-Kong and London and covering the entire Asian and European business hours.
Low Hon Yu, Chief Operating Officer at Aberdeen Asia said, "Automatining 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 roll-out 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. Our Asian and European based client service and implementation teams have been coordinating and working hand in hand with Taiwan distributors, the TDCC, Fund managers and their respective transfer agents to ensure a smooth transition to a fully electronic dealing environment in Taiwan. We are now looking forward to enabling the Union Bank of Taiwan on our global fund transaction network, while at the same time adding additional offshore Fund managers to remain ahead of the game in Taiwan and deliver one hundred percent offshore funds coverage for distributors selecting our service."