Digital wealth manager Nutmeg will offer portfolio management and investment services to Taiwanese customers in its first move outside the European market.
Five million customers of Taipei Fubon Bank will have access to Nutmeg’s wealth management services, making it the first digital manager in Europe to expand to Asia.
The new online product in Taiwan, Nano Investments, sees Nutmeg appointed as investment adviser to the bank’s customers.
In this role, Nutmeg will hold responsibility for ongoing advice on strategic asset allocation, exchange traded funds, due diligence, investment strategy and general management services.
Nano will use artificial intelligence technology to customise portfolio recommendations while Nutmeg will also undertake ongoing risk monitoring of the service.
Nutmeg chief executive Martin Stead says Nutmeg was drawn to the market as financial technology has yet to take off in Taiwan.
“It’s an exciting market for expansion with a large population currently underserved in the fintech revolution. Working in partnership with Taipei Fubon Bank, we’re ale to help reach a majority of customers who don’t currently have a private wealth management option.”
Nutmeg secured £45m in its latest funding round led by Goldman Sachs and Convoy in January.
The Schroders-backed digital manager said then that the funds would be used for its expansion into the international market.
Other overseas partnerships for Nutmeg may also be in the works moving forward.
Stead says: “There’s great potential to work with strategic business-to-business partners maximising the strength of both parties, to bring high-quality low-cost wealth management to many more people.”