JPMorgan to Launch A Digital Retail Bank in the UK Next Tuesday

Fazzaco learned that JPMorgan, a leading financial services provider, will launch a digital retail bank in the U.K. next week. This marks the first international expansion of JPMorgan’s consumer bank brand in its 222-year history.

JPMorgan first unveiled plans to launch its Chase brand in the U.K. ​earlier this year. The operation, called Chase, is set to launch on Tuesday with current accounts.

The company's UK arm is likely to offer savings and current accounts, but its open banking services and loan products will be entering a tough market against challengers in the UK.

“This is a very big strategic commitment from the firm’s standpoint. We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush,” commented Sanoke Viswanathan, Head of JPMorgan’s International Consumer division.

The digital bank has already created 400 UK jobs with more hires planned as it grows. Chase will initially offer checking accounts along with a rewards program. It also plans personal loans, investments and mortgages further down the line.

As Fazzaco reported yesterday, JPMorgan will provide Alibaba.com with credit card payments processing services​ under its partnership with Alipay, a third-party mobile and online payment platform owned by Ant Group.