J.P. Morgan grows treasury services in local currencies

J.P. Morgan yesterday highlighted its expanding local currency cross-border payments capabilities and trade finance activities in the region as part of a $1 billion global investment in its transaction banking business. The US bank made the comments at Sibos, an annual transaction banking conference organised by The Society for Worldwide Interbank Financial Telecommunication Swift, that is being held in Hong Kong this week. 

Simon Jones, Asia-Pacific executive of J.P. Morgan Treasury Services, said the bank is especially focusing on expanding its capabilities in Chinese renminbi, Indian rupee, Japanese yen and Korean won to meet client demand. These enhancements to current product offerings benefit both the bank's cash management and trade finance businesses....