JPMorgan's new fee policy may severely impact encryption startups, while mature fintech companies will be less affected.

[Coin World] According to a report by Fortune magazine on July 21, last month, JPMorgan Chase notified fintech companies of its plan to charge fees for accessing their clients' bank account data, a move that has sparked strong reactions across many areas of the financial industry. According to four industry executives, this move is a blow to the fintech sector and could have a devastating impact on early-stage startups, including those in the crypto assets industry. However, analysts believe that established fintech companies like PayPal and Block (formerly Square) may not be significantly affected by this fee adjustment.

According to the plan, every time consumers transfer funds from JPMorgan to a Crypto Assets account or to third-party services like trading platforms, the bank may charge fees to data aggregators. Crypto Assets and fintech companies typically use aggregators like Plaid or MX to access customer accounts from major financial institutions like JPMorgan. So far, banks have not charged fintech companies, but this situation may change. It is widely expected that aggregators will pass on new fees to fintech clients, and some may even pass the costs on to consumers.