Manama: Mahmood Rafique, Editor: J.P. Morgan Payments has announced to hire local 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.
JPMorgan Chase 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.
“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,” said Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said.
“This milestone marks a strong endorsement of the trust international investors place in Bahrain’s first-rate offerings and future-ready workforce. 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.”
J.P. 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. In 2023, J.P. Morgan Payments 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.
“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,” Mike Blandina, Global Head of Payments Technology at J.P. Morgan Payments, added.
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. 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%. In 2023, the sector attracted record foreign direct investment (FDI) flows worth BHD 10.7 billion, accounting for 65.8% of total FDI inflows, marking an impressive increase of 33.4% from 2022.
