JP Morgan has made a strategic investment in In-Solutions Global (ISG), a payment solutions provider based in Mumbai, India.
ISG, which was established in 2004, is said to facilitate over 17 billion transactions for its customers per year through its proprietary Genius Payments-as-a-Service (PaaS) platform.
The platform has been designed to offer stack and scalable skills that simplify the collection of payment that leads to an improved on-boarding experience.
JP Morgan’s latest investment, whose value has not been disclosed, is part of the company’s plan to explore new opportunities in the Asia Pacific (APAC) payments market.
It comes close on the heels of a Reuters report that stated that JP Morgan agreed to buy a 48.5% stake in payments fintech firm Viva Wallet for over $800m.
JP Morgan global head of fintech and partnerships for payments Jason Tiede said: “ISG is a recognised leader and innovator in the payments ecosystem with a track record of partnering and scaling with banks, fintechs and merchants.
“Combining our forces through this strategic investment will enable J.P. Morgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future.”
Recently, JP Morgan revealed plans to augment its merchant acquiring capabilities in APAC and to go line in seven markets by the year end.
ISG co-founder and managing director Adelia Castelino said: “This partnership is key to our next phase of growth, as we continue to invest in strengthening our products and expand in international markets.
“ISG is committed to providing robust digital payment solutions to our clients and partners, so in turn their customers can receive best in class and seamless payment experiences.”