Banking giant JP Morgan has recently announced that they will be launching an In-Residence program in a bid to get FinTech startup companies to tackle challenges within the industry.
JP Morgan is aiming to get financial technology startups to come together with its company so that they can brainstorm ideas that will help to change the industry, enabling banks to work faster and safer. The FinTech companies that have the opportunity to take part in the In-Residence program will join forces with JP Morgan for six month periods with access to the American bank’s systems, expertise, and facilities.
Sanoke Viswanathan, Chief Administrative Officer of J.P. Morgan’s Corporate & Investment Bank said:
In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan’s global resources. By giving them unparalleled access to J.P. Morgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry.
With the growth of blockchain to robotics to big data in recent years, JP Morgan is keen to invest more in this technology in the future. On a daily basis, the bank processes and monitors around $5 trillion of payments, trades, and settles $1.5 trillion of securities.
Daniel Pinto, CEO of the Corporate & Investment Bank said:
Our industry is going through a transformational time, driven by competition, regulation and advancements in technology. As a leading global bank, we are committed to driving industry change by investing heavily in internal development, but also by collaborating with the talent of determined, young startups.
Featured image from Shutterstock.