Nucoro, the London based fintech company providing bespoke white-labelled technology focused on delivering digital investment solutions to third parties, has announced it plans to start targeting financial institutions in Ireland, claiming the country has one of the fastest growing wealth management sectors in Europe.
Nucoro says there are several factors fuelling strong growth in Ireland’s wealth management sector. These include a rapid increase in the country’s population of mass affluent and wealthy citizens – the country has one of the fastest rates of growth in Europe; one of the toughest inheritance tax regimes in the world; a rapidly increasing pool of inter-generational wealth being transferred; and a growing pool of young investors fuelled by the increasing number of tech and financial companies based in Ireland – partly due to Brexit.
Ireland’s wealth management sector will also get a further boost from the country’s new auto-enrolment defined contribution pension savings system scheduled to go live by 2022.
In addition, Ireland’s financial services companies are experiencing increased competition and growing demands from customers and more are considering offering digital investment solutions so they can engage with customers better, create greater brand loyalty, differentiate their propositions and develop new income streams. It also says the growth of digital wealth management means it’s now easier for companies to offer this service than ever before.
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