JP Morgan Payments, a leading provider of commerce, receivables, cross-border payments, trade & working capital as well as blockchain and liquidity optimization services, has announced plans to hire software engineers and other technologists in Bahrain to serve its global payments business.
This news is the next step in the continued strategic investment the business is making in technology talent globally, said a statement from Bahrain Economic Development Board.
JPMorganChase is one of the world’s largest technology-driven companies with a demonstrated dedication to improving the design, analytics, development, coding, and application programming that goes into creating high-quality software and products.
Expressing delight at the JP Morgan announcement, Noor bint Ali Alkhulaif, the Minister of Sustainable Development and CEO of Bahrain Economic Development Board, said: "Known for its ease of doing business, Bahrain has cemented its reputation as a fast-growing financial and technology center for the region, driven by a digitally empowered financial services sector that continues to underpin Bahrain’s growth and diversification story."
"This milestone marks a strong endorsement of the trust international investors place in Bahrain’s first-rate offerings and future-ready workforce," stated Ali Alkhulaif.
"We take pride in the fact that as an island nation, we have one of the highest ratios of FDI stock to GDP globally - almost double the global average - a stamp of approval of our recognised global competitiveness and the depth and diversity of services we can offer the world," she added.
A global financial giant, JP Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world.
It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies.
Last year, JP Morgan Payments had reported $18.3 billion in revenue across the firm, up from approximately $14 billion in 2022, representing a 31 percent increase, excluding the impact of equity investments.
Mike Blandina, Global Head of Payments Technology at JP Morgan Payments, said: "We are looking to Bahrain as a strategic partner to grow the pool of technology talent and continue to drive business value both for the region and globally."
"Bahrain's financial services sector has shown remarkable progress earning its position as the Middle East's most established financial centre with a diversified portfolio of local, regional and international financial services institutions," stated Blandina.
The sector, comprising 365 financial institutions and employing over 14,300 people, contributed 17% to GDP in 2023, with a year-on-year growth of 2.4%.
Last year, the sector attracted record foreign direct investment (FDI) flows worth BD10.7 billion ($26.3 billion), accounting for 65.8% of total FDI inflows, marking an impressive increase of 33.4% from 2022.
-TradeArabia News Service
