J . P . MORGAN
payments daily in more than 120 currencies and over 160 + countries across the world , and we ’ re only getting started on this journey .”
A Singaporean native , Jang takes inspiration from the country ’ s late founding father and first prime minister , Lee Kuan Yew , as well . “ Mr . Lee put Singapore on the map , and the financial services industry thrived under his leadership ,” Jang says . “ It ' s been growing as a key financial hub globally so I ’ m really inspired by his journey running the country .”
J . P . Morgan ’ s ‘ three Cs ’ approach to payments Within its payments business in APAC , J . P . Morgan takes an approach that Jang calls the ‘ three Cs ’: client , collaborator and competitor .
On a client side , the firm is obsessively focused on innovating to support its clients with the rollout of new features and functionality . J . P . Morgan is a co-founder – alongside Singaporean bank DBS and sovereign fund Temasek – of an entity called Partior . The vision for Partior is to facilitate multi-bank settlement on the blockchain in multiple currencies . The firm has facilitated live transactions settling Singapore and US Dollars , and is in the process of adding settlement banks to facilitate additional currencies – including Euros , Japanese Yen and Chinese Renminbi .
For J . P . Morgan , collaboration is key to growth in the Payment business . A prime example is the partnership with European car manufacturer Volkswagen to create Mobility Payments Solutions , focused on the future of cars and how payments can drive innovation
“ WE BELIEVE THAT SEAMLESS AND SECURE
PAYMENT SOLUTIONS CAN HELP OUR CLIENTS AND
THEIR BUSINESS … TO GROW , DIVERSIFY , AND THRIVE ”
CHRISTINE ( JANG ) TAN HEAD OF FIG SALES APAC , J . P . MORGAN PAYMENTS
through the auto segment . The company continues to look at additional partnerships that it might leverage in Asia – whether that ’ s with fintechs , aggregators , financial institutions , nonbanks or corporates . The firm also conducted strategic acquisition and alliances with Cleareye . AI , and the latest in-region partnership was with In-Solutions Global ( ISG ), a leading payment solutions provider .
“ Those are collaboration aspects where we would look at whether we want to partner with them , invest in them , and then leverage their technology to support our solutions at the end of the day ,” Jang explains .
Finally , on competition , J . P . Morgan does not allow its size or scale to cloud its judgement of rivals in the market . “ Clearly we do face competition , with fintechs these days becoming more prevalent ,” Jang elaborates . “ But I do think having competition is healthy . Ultimately , it ’ s about benefitting the consumers who have the ability to choose their payment
28 fintechmagazine . com | June 2023