ATHENS – Adding to the list of foreign investors keen on making or increasing a stake in Greece, US investment banking giant J.P Morgan said it will have an office in the capital for a Payments Innovation Lab.

The firm will be hiring a payments research and development team locally of some 50 people, said Business Wire,  including payments product and engineering specialists, expanding its presence.

J.P. Morgan’s employees already based in Athens, who work across the Corporate & Investment Bank and Asset & Wealth Management businesses, will also move to the new office, the site not selected.

The Payments Innovation Lab will provide research and development to the Payments business globally, including working with Onyx by J.P. Morgan. Onyx  is J.P. Morgan’s business unit that leverages cutting-edge technologies such as blockchain to develop innovative financial services products, platforms and marketplaces for the firm and its clients.

The office will focus on supporting the development of solutions around distributed ledger technology, artificial intelligence and cryptography related to payments systems, the report said.

Takis Georgakopoulos, Global Head of J.P. Morgan Payments, said: “We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve centre for our cutting edge payments innovation work. The firm has a track record of establishing successful tech centers that benefit from the renowned technology and engineering skills of people locally, and this exciting expansion brings that strategy to Greece in the payments space.”

Stelios Papadopoulos, Senior Country Officer for J.P. Morgan in Greece, said:

“Our investment in a new office and local, highly skilled talent is a testament to J.P. Morgan’s long-term commitment to Greece. We are looking forward to growing our franchise in this market and to continue serving local and international clients from this new home.”

The firm opened offices in the country in 1968 in Piraeus and Athens and offers clients products and services from including investment banking, payments and asset & wealth management businesses.