JPMorgan Chase & Co. has been involved in several remarkable initiatives and accomplishments in recent years. It’s not surprising, considering that we’re talking about the American multinational financial services that also play the role of the largest bank in the country and the world’s largest bank when it comes to market capitalization.
JPMorgan, the multinational banking giant, has begun investing in Cleareye.ai, a company that focuses on trade finance, according to Reuters. They started working together last year in September, but they didn’t reveal the exact amount of money involved in the investment.
Cleareye.ai announces through its official website and by also quoting Business Wire:
Cleareye.ai announces a new global strategic alliance with J.P. Morgan’s Trade and Working Capital group. The alliance leverages an industry-leading digital solution, ClearTrade, to solve both the challenges Trade Finance operations face today and tomorrow. Through significant advances in technology, the ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents that are still prevalent in the industry today.
Less than two weeks ago, we shared the news about Bob Michele, the Bond Chief of JPMorgan, warning that the financial crisis from 2008 brings its echoes to the present world.
Michele drew a comparison to a calm period during the 2008 financial crisis, which proved to be misleading. Michele points out that in the past, when the Federal Reserve raised interest rates, it often led to recessions about 13 months after the last rate hike. He predicts that for the current period, the effects will be most pronounced in three areas: regional banks, commercial real estate, as well as companies with low credit ratings.
Trade finance is all about banks and other institutions offering financial services to make international trade safer by reducing risks for both buyers and sellers.
