Avic Trust’s maiden win of the Asiamoney China wealth management award for best for digital and technology is well deserved. The firm has long backed innovation and technology, even before the Covid-19 pandemic forced businesses globally to go digital.
Avic, under vice general manager Fan Hua, has adopted a core system called “1+3+N”, meaning its services are tailored for customers using due diligence, risk management and data platforms, as well as multiple professional business management systems.
The Avic Trust App, core to the trust firm’s digital ambitions, was launched in late 2019. It has since been updated many times, including 300 functions that received an upgrade in 2022. The platform is rich with offerings, including standardized bond products, fixed income products and private equity funds. The app also provides artificial intelligence and big data services, such as face recognition, speech recognition, and semantic recognition.
Equally impressive is the growth in Avic’s online transaction volumes. In 2020, it was less than Rmb40 billion ($5.8 billion), jumping to Rmb61 billion in 2021 and roughly Rmb80 billion in 2022. About 23,000 wealth clients use Avic’s digital services, up 25% from 2021.
To cater to the growing demand more effectively, the trust group has added staff to its technology teams.