Neobank will be headed by the former head of FCA Clive Adamson. The project could be made public within the first few weeks of 2021.
Investment bank JPMorgan intends to launch a neobank in the UK under the Chase brand in the first quarter of 2021. This was reported by the Sky News TV channel, citing sources from the technology industry.
Sky News interlocutors said the investment bank has already signed agreements with various cloud and digital service providers. In particular, agreements were signed with the commercial cloud Amazon Web Services and the technology platform of the former head of Barclays bank Anthony Jenkins - 10x Future Technologies.
There was no official confirmation of this information from JPMorgan. One of the channel's sources believes that the project may be made public within the first few weeks of 2021, but specific dates have not yet been approved.
JPMorgan's consumer banking division operates primarily in the United States, with more than 50 million customers. Launched in the UK, neobank is likely to offer its clients savings and checking accounts, as well as a range of standard banking and credit products.
The British Chase is expected to be headed by the former head of the Financial Conduct Authority (FCA) Clive Adamson. JPMorgan's entry into the market could provoke a price war among existing lenders who are already struggling to cope with a prolonged period of ultra-low interest rates.
This shows that the first quarter of 2020 is gonna be really great, launching a digital bank is the first if its kind in the UK. JP Morgan has taken another bold step.