JP Morgan will provide a multitude of services on the Abu Dhabi Global Market (ADGM) to enable the financial firm to expand its presence in the country and the rest of the United Arab Emirates.
The international asset company will look to offer deposit taking and payment processing to wholesale banking clients as a part of the ADGM for the first time, having been cleared by the Financial Services Regulatory Authority (FSRA).
The in-principle approval in the ADGM enables JP Morgan Middle East Ltd. to upgrade its licence to category one, allowing the firm to offer a wider breadth of services, covering payments and corporate banking businesses
Declan Hegarty, Senior Executive Officer for Abu Dhabi, JP Morgan said: “This is an important step for JP Morgan to further develop its longstanding UAE footprint by upgrading the licence of our ADGM registered entity to category one.
“JP 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.”
JP Morgan provides a range of product offerings to clients in Abu Dhabi, such as corporate banking, securities services, and payments, including treasury services and trade.
The firm established JP Morgan Middle East Ltd. in the ADGM in 2021 having been present in the Emirate for over 10 years and servicing clients there for over four decades.
JP Morgan Payments brings treasury services and working capital solutions to help clients optimise their liquidity and move funds efficiently around the world. It processes nearly $10trn payments daily, operating in over 160 countries and over 120 currencies.
Arvind Ramamurthy, Chief of Market Development at ADGM, added: “We are delighted to welcome JP Morgan to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable JP Morgan’s vision, supporting them in developing their presence across Abu Dhabi and UAE’s vibrant financial landscape.
“JP Morgan’s growing presence across Abu Dhabi reaffirms ADGM’s appeal to leading international financial institutions and its strategic value to global finance. We look forward to witnessing the positive impact of JP Morgan on Abu Dhabi’s financial ecosystem and beyond.”