Robo-adviser expands into Asia in partnership with Taiwan bank

Pedro Gonçalves
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Robo-adviser expands into Asia in partnership with Taiwan bank

Robo-adviser Nutmeg has inked a partnership with Taipei Fubon Bank, allowing the Tawainese bank's five million customers to leverage the digital service.

After a successful testing phase, which saw more than 46,000 customers participate in an investment simulation, Taipei Fubon Bank has launched an online wealth management product called Nano Investments. 

Nutmeg has been appointed as investment adviser to provide ongoing advice on strategic asset allocation, investment strategy and ETF due diligence, as well as portfolio management services, making it the first digital manager in Europe to expand to Asia.

Taiwan is an exciting market for expansion, with a large population that is currently under-served by the fintech revolution"

Customers can invest from $100 (£77).

"Taiwan is an exciting market for expansion, with a large population that is currently under-served by the fintech revolution. Working in partnership with Taipei Fubon Bank, using Nutmeg's proprietary technology and investment expertise, we're able to help them reach the majority of their customers who don't currently have a private wealth management option," CEO Martin Stead said.

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.

Since launch in 2012, Nutmeg has amassed more than 70,000 UK customers and its assets-under-management have reached the £1.5bn mark.

Despite this, Nutmeg has not yet reached the point of profitability, registering losses of £12.3m in 2017.