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JP Morgan Expands Treasury Services Offerings In South Korea

As part of its ongoing plan to continually invest in systems, innovation and services for client benefits

JP Morgan has launched a new Korean language internet banking platform enabling clients to access a localised and flexible funds transfer facility. Reportedly, payment instructions, approvals, confirmations and information reporting can be undertaken using a platform that will facilitate cash management of the bank’s clients. It has been reported that the bank has also launched a multi-bank sweep capability enabling disaggregated balance positions held at multiple banks, to be consolidated and reported through its local language internet banking platform.

Margaret Yao, managing director, head of APAC liquidity solutions, JP Morgan Treasury & Securities Services, said: 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.

Sang Don Ji, executive director and head of Treasury & Securities Services, Korea, said: The enhancement of our capabilities and the expansion of our local language and local currency capabilities are important milestones for JP 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.

Simon Jones, Regional Treasury Services executive, Asia Pacific, said: “These enhancements further demonstrate JP 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 JP 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.