UK digital wealth manager Nutmeg is expanding into Asia by signing a partnership with Taiwanese bank Taipei Fubon.

The deal will open up Nutmeg’s portfolio management and investment apps to Tapei Fubon’s five million customers, making it’s the first European digital wealth manager to access the Asian market.

Nutmeg currently manages portfolios for more than 70,000 UK customers. The deal with Tapei Fubon follows a beta phase which saw over 46,000 customers participate in an investment simulation using artificial intelligence technology to offer custom portfolio recommendations.

It resulted in Taipei Fubon launching Nano Investments, a new online wealth management product to its customers in Taiwan.

Nutmeg has been appointed as investment adviser to provide ongoing advice on strategic asset allocation, investment strategy and exchange traded-fund (ETF) due diligence, and for portfolio management services.

Martin Stead, chief executive of Nutmeg, said: “The UK FinTech market is more developed than many other markets globally, through partnerships like the one with Taipei Fubon Bank, Nutmeg will be leveraging our technology and expertise to bring digital innovation to new markets.

“There’s great potential to work with strategic B2B partners, maximising the strength of both parties, to bring high-quality, low-cost wealth management to many more people.”

In January, Nutmeg concluded a Series E fundraising round led by Convoy and Goldman Sachs Principal Strategic Investments group.

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