J.P. Morgan Enhances Its Domestic Treasury Management Offering In South Korea
Hong Kong - J.P. Morgan today announced that it has continued the expansion of its Treasury Services offerings in Asia Pacific by launching its liquidity management services and enhanced domestic cash management capabilities in South Korea.
J.P. Morgan has launched a new Korean language internet banking platform enabling clients to access a localised, highly flexible and reliable funds transfer facility. Payment instructions, approvals, confirmations and information reporting can be undertaken using a secure, fast, and convenient platform that will help make cash management more efficient for J.P. Morgan clients.
J.P. Morgan is a direct clearer of payments and receivables through its membership in several South Korean clearing systems, thereby enhancing its range of Korean won services.
J.P. Morgan has also launched a multi-bank sweep capability enabling disaggregated balance positions held at multiple banks to be consolidated and reported through J.P. Morgan’s local language internet banking platform. “This multi-bank sweep capability enables simplified management of fragmented cash positions and supports liquidity optimisation. The concentration of Korean won into a single account also provides better control, visibility and settlement convenience to clients,” said Margaret Yao, managing director, head of APAC liquidity solutions, J.P. Morgan Treasury & Securities Services.
“The enhancement of our capabilities and the expansion of our local language and local currency capabilities are important milestones for J.P. Morgan and we are pleased to be able to help companies operating in South Korea maximise their working capital, increase their efficiency ratios, and mitigate counterparty risk, which is paramount in today’s environment. We will continue to enhance our capabilities to meet our clients’ needs”, added Sang Don Ji, executive director, J.P. Morgan’s head of Treasury & Securities Services - Korea and Bank Seoul branch manager.
“These enhancements further demonstrate J.P. Morgan’s commitment to South Korea and we will continue to invest in key markets in Asia. By developing close relationships and a good understanding of the issues facing our clients we have been able to quickly respond to their changing needs. Adding these sophisticated treasury management solutions to J.P. Morgan’s existing domestic capabilities matches South Korea’s highly electronic environment; and will help clients to navigate the challenges brought about by the global financial crisis,” said Simon Jones, J.P. Morgan’s regional Treasury Services executive - Asia Pacific.
The expansion of its Treasury Services offerings in Asia Pacific is part of J.P. Morgan’s ongoing plan to continually invest in systems, innovation and services to benefit its clients throughout the world. J.P. Morgan is the world’s largest U.S. dollar clearing and commercial bank. With over 100 years of experience in operating in Asia, the firm is linked to clearing systems in 14 countries throughout the region. J.P. Morgan Treasury Services also provides market-leading classical trade, structured trade finance, and supply chain management solutions to clients worldwide.
J.P. Morgan’s best-in-class customer service, market-leading technology and robust risk management practices have enabled the firm to become a trusted global advisor.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 39 countries, J.P. Morgan Treasury Services is one of the world’s largest provider of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. In Asia Pacific, J.P. Morgan operates through 25 offices in 15 countries and has developed its wholesale banking franchise during a history of almost 160 years in the region. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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