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JPMorgan Inspired But Worried About China Fintech

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A recent expedition by JPMorgan Chase & Co executives to China to conduct business reconnaissance of their financial technology (fintech) has resulted in mixed feelings of inspiration and worry, according to the consumer bank’s CEO Jamie Dimon.

In a letter distributed to shareholders last week, Dimon outlined the vast progresses made by Chinese banking firms in fintech, claiming that the evidence had spurred top brass to act even quicker on innovation measures:

“It’s hard not to be both impressed and a little worried about the progress China has made [with artificial intelligence and fintech]… It made our management team even more motivated to move quickly.”

During the China trip, the team paid visits to companies that could open accounts almost immediately with machine learning, and firms that could pay out claims in a few ours with just smartphone images.
Dimon is a long-time advocate of investing in innovation, in 2017 dubbing technology “the greatest thing that has ever happened to mankind”. Bloomberg reported in February that the bank would boost its annual tech budget to USD 11 billion, including to research machine learning.
However, Dimon has not always taken kindly to cryptocurrency and blockchain, criticizing Bitcoin often in past yeas. He has seemingly changed his mind, backing blockchain last year. JPMorgan Chase itself has been stirring in the crypto scene, with its quiet launch of JPM Coin in February targeting institutions.

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