J.P. Morgan plans to open a new office in Athens, Greece, to support the organic growth of its businesses in the country. The office will also house a new payments innovation lab for which the firm will be hiring a payments research and development team locally.

J.P. Morgan intends to initially hire around 50 employees for the payments innovation lab, including payments product and engineering specialists. J.P. Morgan’s employees already based in Athens, who work across the corporate and investment bank and asset and wealth management businesses, will also move to the new office. The firm said it is in active discussions about securing suitable real estate to accommodate this expansion in the country.

The payments innovation lab will provide research and development to J.P. Morgan’s payments business globally, including working with Onyx by J.P. Morgan. Onyx is J.P. Morgan’s business unit that leverages technology, such as blockchain, to develop financial services products, platforms and marketplaces for the firm and its clients. From the outset, the center will concentrate on supporting the development of solutions in distributed ledger technology, artificial intelligence and cryptography-related payments systems.

“We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve center for our cutting-edge payments innovation work,” Takis Georgakopoulos, global head of J.P. Morgan Payments, said. “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.”

J.P. Morgan will begin recruitment for the payments innovation lab immediately, including the recruitment of a head of the division.

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

J.P. Morgan’s presence in Greece dates back to 1968, when it opened offices in Piraeus and Athens.