The Austrian unit of LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has gone live with the Avaloq Banking Suite, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The roll-out complements similar activation projects for LGT with Avaloq in Liechtenstein, Switzerland, Singapore and Hong Kong, meaning that all of the group’s core markets now use the same banking system.

The LGT deal with Avaloq dates back to 2006 – the company has been rolling out the core banking system across LGT locations over the years, and Austria is the last site to join. The project in Austria started in 2016.

Jürg Hunziker, CEO of Avaloq, said: “Avaloq is now able to support Austrian banks as the sector increasingly looks to digitise its infrastructure.”

Dietmar Baumgartner, co-CEO of LGT in Austria, added: “The integration of Austria into LGT’s group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes.”

LGT is a financial services group that has been controlled by the Liechtenstein Princely Family for over 80 years. With Avaloq’s adoption, it aims to strengthen its client-centric sales and service model.

The solution addresses market needs specific to Austria, such as the local tax system and current and future financial regulations. This means that the bank’s advisers automatically meet regulatory requirements.

The going live marks the market entry of Avaloq in Austria. Its scalable solution is now also available to other private as well as retail banks.

Back in 2017, FinTech Futures reported that LGT was implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.

Avaloq demonstrated its “double marketplace” that brings the app store concept to banking, at FinovateAsia 2018, winning Best of Show. The Zurich, Switzerland based firm was founded in 1985.