JP Morgan launches In-Residence start-up programme
JP Morgan has launched In-Residence, a new programme for fintech start-ups to use its facilities, systems and expertise.
The company says it is inviting start-ups to sit “side by side” with its businesses to develop innovations that could “revolutionise” the sector.
Sanoke Viswanathan, chief administrative officer of JP Morgan’s Corporate & Investment Bank, says this provides “unparalleled access to JP Morgan’s people and network” and it is looking for solutions that offer “practical use for our industry”.
JP Morgan says “emerging” fintech firms that become residents will join the bank for six-month periods.
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 programme at www.jpmorgan.com/in-residence, where JP 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.
JP Morgan says it has been involved in a number of technology investment in recent years, ranging from blockchain to robotics to big data.
The bank says it 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, it says each day it processes and monitors approximately $5 trillion of payments, trades and settles $1.5 trillion of securities.