Strategic Investment in Technology Talent to Enhance Global Operations
JP Morgan Payments, a leading provider of commerce, receivables, cross-border payments, trade and working capital, blockchain, and liquidity optimization services, has announced plans to expand its workforce in Bahrain by hiring software engineers and technologists to support its global payments business.
This initiative is part of a broader strategic investment aimed at enhancing technology talent worldwide, according to a statement from the Bahrain Economic Development Board.
As one of the world’s largest technology-driven enterprises, JPMorgan Chase is committed to enhancing the design, analytics, development, coding, and application programming processes that contribute to the creation of high-quality software and products.
Noor bint Ali Alkhulaif, Minister of Sustainable Development and CEO of the Bahrain Economic Development Board, expressed enthusiasm for JP Morgan’s announcement. She stated, “Bahrain is renowned for its ease of doing business and has established itself as a rapidly growing financial and technology hub for the region. This growth is fueled by a digitally empowered financial services sector that continues to support Bahrain’s economic diversification.”
“This milestone signifies strong international investor confidence in Bahrain’s superior offerings and a future-ready workforce,” added Ali Alkhulaif.
JP Morgan Payments is a global financial powerhouse that integrates treasury services, trade and working capital, card, and merchant services to facilitate client transactions in various currencies across the globe. The firm processes nearly $10 trillion in payments daily, operating in over 160 countries and handling more than 120 currencies.
In 2023, JP Morgan Payments reported $18.3 billion in revenue, up from approximately $14 billion in 2022, reflecting a 31 percent increase when excluding the impact of equity investments.
Mike Blandina, Global Head of Payments Technology at JP Morgan Payments, noted, “We view Bahrain as a strategic partner in growing our pool of technology talent and continuing to drive business value both regionally and globally.”
Blandina highlighted the significant progress made by Bahrain’s financial services sector, which has established itself as the Middle East’s most prominent financial center, supported by a diversified portfolio of local, regional, and international financial services institutions.
The sector, which comprises 365 financial institutions and employs over 14,300 individuals, contributed 17% to Bahrain’s GDP in 2023, demonstrating a year-on-year growth of 2.4%. Last year, the financial sector attracted record foreign direct investment (FDI) inflows totaling BD10.7 billion ($26.3 billion), representing 65.8% of total FDI, an impressive increase of 33.4% from 2022.
