J.P. Morgan to expand offerings in Abu Dhabi

J.P. Morgan on Monday (27th November) announced that it will be expanding its payments and corporate banking services in the Abu Dhabi Global Market (ADGM). This is after the banking giant got an in-principle approval from the Financial Services Regulatory Authority (FSRA), permitting the company to upgrade its license to Category One. With that approval, the bank can expand its service offerings to include deposit-taking and payment processing for wholesale banking clients.

J.P. Morgan’s current offerings in Abu Dhabi include securities services, corporate banking, and payments. In 2021, JP Morgan Middle East Limited was established in ADGM, a move that further strengthened the firm’s presence in the United Emirates. Granted, it has been in the UAE for over a decade.

As a major player in the global financial industry, J.P. Morgan provides treasury services and working capital solutions. It aims at optimizing client liquidity and streamlining fund movements across the world.

Notably, the expansion of its services in Abu Dhabi is in line with this mission. More specifically, the firm intends to establish advanced payment platforms to the ADGM to allow its clients optimize treasury operations and build efficient in-house banks.

At the same time, its expanded presence in Abu Dhabi aligns with ADGM’s intent of working with major financial institutions to bolster its strategic significance in the global financial industry. The country is striving to be a leader in economic activity as the region gradually steers away from its dependence on oil.

ADGM’s chief of market development, Arvind Ramamurthy stated, “We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable J.P. Morgan’s vision, supporting them in developing their presence across Abu Dhabi and UAE’s vibrant financial landscape.”