J.P. Morgan’s corporate and investment bank has announced the launch of In-Residence, a programme for FinTech startups seeking to overcome issues facing the banking industry. J.P. Morgan is inviting startup firms to sit ‘side by side’ with its US business to develop innovations that will enable banks to operate faster, safer and at a lower cost.

Sanoke Viswanathan, chief administrative officer at J.P. Morgan’s corporate and investment bank, said: “In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan’s global resources. By giving them unparalleled access to J.P. Morgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry.”

The FinTechs selected will join the bank for six-month periods and have access to J.P. Morgan’s facilities, systems and expertise. Applicants will be accepted on a rolling basis and each challenge will have its own residency timeline.

Daniel Pinto, CEO of JP Morgan, added: “Our industry is going through a transformational time, driven by competition, regulation and advancements in technology. As a leading global bank, we are committed to driving industry change by investing heavily in internal development, but also by collaborating with the talent of determined, young startups.”

The bank spends more than $9 billion a year on technology, and in 2015, approximately 30 per cent of that budget went towards new investments.

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