Wall Street giant J.P. Morgan Chase & Co. is taking the financial technology (fintech) incubator idea to the next level with the introduction of a program that will allow startups to work alongside the bank on addressing industry challenges through innovation.
J.P. Morgan's corporate and investment bank announced that it's launching an "In-Residence" program for fintech startups that will allow fledgling firms to sit "side by side" with its businesses to develop innovations that could enable banks to operate more quickly, safely, and efficiently.
Under the program, fintech companies will join the bank for six-month stints that will give them access to its facilities, systems and expertise. The startups will retain control of their innovations and may receive ongoing support from the bank after the residency period expires to bring their solutions to market.
"In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan's global resources," said Sanoke Viswanathan, chief administrative officer of the firm's investment bank. "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."
J.P. Morgan will list the challenges that it's seeking to address publicly through the program and it will accept participants on a rolling basis.
"Our industry is going through a transformational time, driven by competition, regulation and advancements in technology," says Daniel Pinto, CEO of the investment bank, in a statement. "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."