Cathay United Bank (CUB, 國泰世華銀行) kick-started the new year with good news from its private banking business. CUB Private Banking has been named “Best Domestic Private Bank (Taiwan)” by Asian Private Banker for the fifth year in a row, the only financial institution in Taiwan to achieve this great feat.
Moreover, the bank also received the green light from the Financial Supervisory Commission to continue rolling out the Wealth Management 2.0 service targeting high-net-worth individuals (HNWIs). These achievements indicate that both the government and the public recognize CUB’s effort to provide comprehensive services to uncover the needs of HNWIs.
CUB Private Banking adopts a “portfolio-based approach” to manage clients’ assets. Last year, the private bank was the first in Taiwan to launch non-securities investment trust offshore funds (non-SIT offshore funds), leading Taiwan’s private banking sector to keep up with the global financial market and giving clients more options for making investments.
Photo courtesy of Cathay United Bank
CUB Private Banking chief executive officer Robert Fuh (傅伯昇) pointed out that, in addition to customized portfolio advisory services, comprehensive investment vehicles are also a must for agile asset allocation because HNWIs who are seeking to grow their wealth in a stable way have clear investment goals.
To this end, in 2019, CUB Private Banking formed an alternatives advisory team by recruiting professionals who have more than 10 years of experience in the financial sector and are familiar with global capital market investments.
Then last year, the private bank took its services to the next level by introducing non-SIT offshore funds, the first trust-based investment vehicle in Taiwan. In the same year, CUB Private Banking established a portfolio advisory team to formulate bespoke portfolio strategies for HNWIs, and provide timely and holistic advisory services to meet their ever-increasing needs.
Fuh underscored that CUB Private Banking is getting the lion’s share in the private banking market as it recorded double-digit growth in assets under management over the past decade. The private bank would not be where it is today without its persistent dedication to advancing portfolio advisory services and the strong lineup of investment and advisory professionals.
In addition to the Taiwan market, CUB Private Banking has expanded its services to Hong Kong and Singapore and, for the years to come, will relentlessly upgrade its private banking services to develop more high-quality, sophisticated financial offerings for clients in these markets.
ASML Holding NV’s new advanced chip machines have a daunting price tag, said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), one of the Dutch company’s biggest clients. “The cost is very high,” TSMC senior vice president Kevin Zhang (張曉強) said at a technology symposium in Amsterdam on Tuesday, referring to ASML’s latest system known as high-NA extreme ultraviolet (EUV). “I like the high-NA EUV’s capability, but I don’t like the sticker price,” Zhang said. ASML’s new chip machine can imprint semiconductors with lines that are just 8 nanometers thick — 1.7 times smaller than the previous generation. The machines cost 350 million euros (US$378 million)
Apple Inc has closed in on an agreement with OpenAI to use the start-up’s technology on the iPhone, part of a broader push to bring artificial intelligence (AI) features to its devices, people familiar with the matter said. The two sides have been finalizing terms for a pact to use ChatGPT features in Apple’s iOS 18, the next iPhone operating system, said the people, who asked not to be identified because the situation is private. Apple also has held talks with Alphabet Inc’s Google about licensing its Gemini chatbot. Those discussions have not led to an agreement, but are ongoing. An OpenAI
INSATIABLE: Almost all AI innovators are working with the chipmaker to address the rapidly growing AI-related demand for energy-efficient computing power, the CEO said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported about 60 percent annual growth in revenue for last month, benefiting from rapidly growing demand for artificial intelligence (AI) and high-performance computing applications. Revenue last month expanded to NT$236.02 billion (US$7.28 billion), compared with NT$147.9 billion in April last year, the second-highest level in company history, TSMC said in a statement. On a monthly basis, revenue surged 20.9 percent, from NT$195.21 billion in March. As AI-related applications continue to show strong growth, TSMC expects revenue to expand about 27.6 percent year-on-year during the current quarter to between US$19.6 billion and US$20.4 billion. That would
‘FULL SUPPORT’: Kumamoto Governor Takashi Kimura said he hopes more companies would settle in the prefecture to create an area similar to Taiwan’s Hsinchu Science Park The newly elected governor of Japan’s Kumamoto Prefecture said he is ready to ensure wide-ranging support to woo Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to build its third Japanese chip factory there. Concerns of groundwater shortages when TSMC’s two plants begin operations in the prefecture’s Kikuyo have spurred discussions about the possibility of tapping unused dam water, Kumamoto Governor Takashi Kimura said in an interview on Saturday. While Kimura said talks about a third plant have yet to occur, Bloomberg had reported TSMC is already considering its third Japanese fab — also in Kumamoto — which would make more advanced chips. “We are