JPMorgan announced the expansion of its operations in the United Arab Emirates (UAE).
The specified financial institution, which is a giant of the American banking sector and one of the largest lenders in the world, on Monday, November 27, announced that wholesale customers of this organization from the Abu Dhabi Global Market (ADGM) will have access to deposit acceptance and payment processing services.
The UAE Financial Services Regulatory Authority will allow JPMorgan to upgrade the license to the first category. This status change will provide the financial institution with the opportunity to offer payment transactions and corporate banking services.
Declan Hegarty, senior executive director of the lender in Abu Dhabi, said that the mentioned decision is an important step in JPMorgan’s efforts to develop its presence in the UAE. He also noted that the financial institution continues to invest in activities in Abu Dhabi. Currently, the bank is expanding its customer support capabilities, which, according to Declan Hegarty, will help stimulate the growth of the lender’s business.
Arvind Ramamurthy, Head of Market Development at ADGM, said that the dynamic ecosystem of this functional space and progressive regulations will allow JPMorgan to realize its vision of activity, supporting the development of the banking giant’s presence in Abu Dhabi and the UAE financial landscape.
The planned expansion of the lender’s presence is a kind of confirmation of the attractiveness of ADGM for leading international financial institutions and its strategic value for global finance.
Experts say that the UAE has established itself as a regional economic superpower with business centers in Dubai and Abu Dhabi. With the growth of activity in the Dubai International Financial Center (DIFC) and ADGM, the interest of many Middle Eastern fintech startups in establishing activities in the said country naturally increases.
JPMorgan’s current product line in the UAE includes corporate banking, securities, and payment services. The creation of JPMorgan Middle East Limited in AGM in 2021 became a kind of natural point in the development of the lender’s activity process in the Emirate.
JPMorgan Payments is an important organization in the global financial market. This lender’s unit offers treasury services and working capital replenishment solutions to consumers to optimize customer liquidity and efficient transfer of funds between countries.
In October of this year, JPMorgan Payments established a partnership with the Trulioo identification platform. This collaboration is aimed at improving global identity verification services. JPMorgan Payments, through this partnership, aims to help its clients fight fraud and other crimes committed in the financial sector. The banking giant’s unit uses Trulioo services for global identity and business verification, which simplifies the payment process internationally.
JPMorgan Payments processes about $10 trillion worth of payment transactions every day. This organization operates in more than 160 countries and more than 120 currencies.
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