JPMorgan is preparing to launch a digital bank under the Chase brand in the first quarter of 2021.
Sky News reported that the US banking giant is looking to take advantage of the shift away from branch-based banking in the UK accelerated by the Coronavirus.
The rumours follow the fact that JPMorgan abandoned its US mobile-only offshoot Finn in June last year.
Although the bank has so far denied the plans, it is understood to have contracted Amazon Web Services for its cloud needs and 10x Future Technologies for the digital infrastructure.
In February, JPMorgan was reported to have tapped up Clive Adamson, the former head of supervision at the Financial Conduct Authority, to chair potentially its neobank venture.
The bank will be following the lead of rival Goldman Sachs, which launched its Marcus brand in the UK in 2018 and now has more than 500,000 customers.
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