JPMorgan Chase expands into Dubai

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According to Reuters, the American banking giant is strengthening its presence in Turkey, after pushing for more resources to be poured into developments in Austria and Poland.

As part of the move, JPMorgan has relocated banker Tushar Arora from London to Dubai to focus on VC-backed businesses.

There has been increased banking competition in the UAE, which is growing as a global financial hub, as both Citi and JPMorgan are focused on building on their on-site resources.

JPMorgan recently announced its collaboration with Singapore’s DBS Bank to explore interoperability with tokenised deposits. 

The US bank also was hit by a €45 million fine by German regulator BaFin last week due to inadequate prevention of money laundering.