JP Morgan receives approval from ADGM to upgrade licence, plots UAE expansion
JP Morgan has received in-principle approval from the Financial Services Regulatory Authority (FSRA) based in Abu Dhabi Global Market (ADGM) to upgrade its licence to category one.
With this, the US banking giant will expand its presence in the UAE, allowing it to now provide payments and corporate banking services in the region, including taking deposits and offering payment processing to wholesale banking clients from the ADGM.
“This is an important step for JP Morgan to develop further its longstanding UAE footprint by upgrading the licence of our ADGM registered entity to category one,” comments Declan Hegarty, senior executive officer for Abu Dhabi, JP Morgan, adding that it will continue to invest in its presence in the UAE capital.
Sara Castelhano, co-head of EMEA payments and commerce solutions, JP Morgan Payments adds that by bringing its payment platforms to ADGM, the bank’s clients will be able to “build efficient in-house banks and optimise their treasury operations”.
While JP Morgan has been present in the ADGM since 2021, it has been operating in the UAE for more than a decade.