J.P. Morgan Announces In-Residence Program for Fintech Startups
June 30 2016 - 8:00AM
Business Wire
J.P. Morgan’s Corporate & Investment Bank today announced
the launch of In-Residence, a program for startup financial
technology companies to conquer some of the industry’s most
pressing challenges.
Unlike a typical lab or accelerator, J.P. Morgan is inviting
startups to sit ‘side by side’ with its businesses in order to
develop innovations that could revolutionize the sector, enabling
banks to operate faster, safer and at a lower cost.
“In-Residence presents a unique opportunity for talented,
ambitious startups to be truly supported by J.P. Morgan’s global
resources,” said Sanoke Viswanathan, Chief Administrative Officer
of J.P. Morgan’s Corporate & Investment Bank. “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.”
Emerging fintech companies that become residents will join the
bank for six month periods and have access to J.P. Morgan’s
facilities, systems and expertise. Residents will retain control of
their innovations and may receive continued support from the bank
even after the residency period in an effort to bring their
solutions to market. Applicants can apply to the program at
www.jpmorgan.com/in-residence, where J.P. Morgan will publicly list
challenges that In-Residence is seeking to tackle. Applicants will
be accepted on a rolling basis and each challenge will have its own
residency timeline.
J.P. Morgan has stressed the importance of technology investment
in recent years, ranging from blockchain to robotics to big data.
The bank spends more than $9 billion a year on technology and in
2015, approximately 30% of that budget went toward new investments.
In the Corporate & Investment Bank, technology plays an
essential role across multiple businesses. Each day, it processes
and monitors approximately $5 trillion of payments, trades and
settles $1.5 trillion of securities and offers leading research and
analytics to thousands of clients on a range of channels from
desktops to mobile devices.
“Our industry is going through a transformational time, driven
by competition, regulation and advancements in technology,” said
Daniel Pinto, CEO of the Corporate & Investment Bank. “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.”
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global
leader across banking, markets and investor services. The world’s
most important corporations, governments and institutions entrust
us with their business in more than 100 countries. With $20.3
trillion of assets under custody and $358.9 billion in deposits,
the Corporate & Investment Bank provides strategic advice,
raises capital, manages risk and extends liquidity in markets
around the world. Further information about J.P. Morgan is
available at www.jpmorgan.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160630005205/en/
Media:J.P. Morgan Chase & Co.Brian Marchiony,
1-212-270-7433brian.j.marchiony@jpmorgan.com
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