J.P. Morgan says it is expanding its presence in the United Arab Emirates (UAE).
The banking giant announced Monday (Nov. 27) that it will begin offering deposit-taking and payment processing to wholesale banking clients from the Abu Dhabi Global Market (ADGM).
According to a news release provided to PYMNTS, the UAE’s Financial Services Regulatory Authority (FSRA) will let the bank upgrade its license to category one, which lets it offer payments and corporate banking services.
“This is an important step for J.P. Morgan to further develop its longstanding UAE footprint by upgrading the license of our ADGM registered entity to category one,” said Declan Hegarty, the bank’s senior executive officer for Abu Dhabi.
“J.P. Morgan continues to invest in its presence in Abu Dhabi and I am delighted we are increasing our capabilities to support clients to drive business growth.”
“We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable J.P. Morgan’s vision, supporting them in developing their presence across Abu Dhabi and UAE’s vibrant financial landscape,” added Arvind Ramamurthy, ADGM’s chief of market development.
“J.P. Morgan’s growing presence across Abu Dhabi reaffirms ADGM’s appeal to leading international financial institutions and its strategic value to global finance.”
As PYMNTS wrote late last year, the UAE has over its half-century of existence established itself as a regional economic superpower, with business hubs in Dubai and Abu Dhabi among two of the most important centers of economic activity for the Middle East and the entire world.
“With increased activity in the Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM), unsurprisingly many of the region’s FinTech startups have gravitated toward the UAE, which some of the most important players in the ecosystem now call home,” that report said.
Meanwhile, PYMNTS spoke last month with Rupa Krishnan, head of global real-time payments at J.P. Morgan Payments, about the bank’s approach to real-time payments following the launch of the Federal Reserve’s Fed Now service.
Krishan told PYMNTS CEO Karen Webster that “the Fed has started increasing participation and adoption of real-time payments,” which means the need for continued outreach to a wider range of financial institutions (FIs).
“Building trust and confidence in real-time payments is crucial for widespread adoption,” Krishnan stressed.
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