8.6 C
New York
Saturday, July 13, 2024
Home Challanger banks JPMorgan Chase is set to launch a digital bank in the UK...

JPMorgan Chase is set to launch a digital bank in the UK during 2021

US-based bank JP Morgan is finalising plans to open its UK challenger bank in the first quarter of 2021, according to Sky News.

Sky has also revealed that the launch is considered as JPMorgan’s bet to capitalize on the transition of bank customers acceleration from branch-based activity to digital services during the COVID-19 pandemic.

It has already made a deal with suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services and 10x Future Technologies.

Read also: Hyperjar’s CEO Mat Megens: “Getting people into debt is an unhealthy model, we provide them with a sustainable savings option instead”

JP Morgan declined to comment. The bank has not yet officially confirmed the existence of the UK personal banking project.  

The bank is most likely going to launch under Chase brand and is expected to be chaired by former Financial Conduct Authority executive Clive Adamson. He is former head of supervision at the City watchdog and a non-executive director at JPMorgan Securities

This information about JPMorgan’s upcoming challenger bank comes within a month after the banking group reportedly acquired a minority stake in FitBank, a Brazilian Fintech firm.

In 2018 JP Morgan launched digital bank called Finn. This was already an attempt to enter the consumer banking market, however it did not have much success, as seen on the image below.

Estimate based on a Q2 2019 survey of 2,506 US consumers. Source: Cornerstone Advisors

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.