We used ultra-deep observations obtained with the NIRCam aboard the James Webb Space Telescope to explore the stellar population of NGC 6440: a typical massive, obscured, and contaminated globular cluster formed and orbiting within the Galactic bulge. Leveraging the exceptional capabilities of this camera, we sampled the cluster down to about five magnitudes below the main sequence turn-off in the (mF115W, mF115W − mF200W) colour–magnitude diagram. After carefully accounting for differential extinction and contamination by field interlopers, we find that the main sequence splits into two branches, each above and below the characteristic knee. By comparing the morphology of the colour–magnitude diagram with a suitable set of isochrones, we argue that the upper main sequence bi-modality is likely due to the presence of a He-enriched stellar population with a helium spread of ΔY = 0.04. The lower main sequence bi-modality can be attributed to variations in the abundance of water (i.e., oxygen) with Δ[O/Fe] ∼ −0.4. This is the first evidence of both helium and oxygen abundance variations in a globular cluster purely based on JWST observations. These results open the window for future in-depth investigations of the multiple population phenomenon in clusters located in the Galactic bulge, which were previously unfeasible with near-UV observations, due to prohibitive reddening and crowding conditions.