JP Morgan wants to provide payments and digital currency services to the largest e-commerce platforms in the world. Speaking today at the Singapore Fintech Festival, the bank’s Head of Wholesale Payments, Takis Georgakopoulos, said this is the area that gets him most excited. That’s apart from the Project Ubin multi-currency payment system which JP Morgan is commercializing with DBS Bank and Temasek in Singapore.
Georgakopoulos said that JP Morgan has the components to serve the very large marketplaces around the world. These platforms have complex payment requirements, including accepting money, their own outbound payments and enabling buyers and sellers to interact, including using digital currency.
“How do you bring money in? Not just credit cards but also wallets and crypto and everything else,” he asked. “And how do you get money out and connect to all the real time payment systems and CBDCs in the future that are created around the world? And then how do you allow the sellers and the buyers in those marketplaces to interact with each other with the currency that the marketplace wants to have, and do that in an efficient way and a real-time way, while allowing the marketplace to bring in all the value-added services that they want.”
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