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.
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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.