JPMorgan's fintech deal shows its Asia ambitions
Stake in Global PayEx, a Mumbai-based fintech firm, indicates a growing emphasis on transaction banking
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Mumbai
JPMORGAN Chase & Co's first investment in an Asian financial technology firm is a key plank in the US bank's strategy to boost its cash management services in fast-growing regional markets such as India and China, according to a senior regional executive.
Last month, JPMorgan announced it was taking a stake in Global PayEx, a Mumbai-based fintech firm which helps companies manage their invoicing and payments. The purchase reflects the importance of technology investment in achieving the bank's ambitions in transaction banking, said Kalpana Morparia, JPMorgan's chairman for South and South-east Asia.
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