JPMorgan Chase & Co.'s treasury services business, which provides cash management, trade finance and treasury products and services, announced Monday that it plans to continue to expand its service capabilities in the Asia-Pacific region.
As part of its three-year, $1 billion global investment plan announced last year, the unit is enhancing its cash management and treasury liquidity capabilities, expanding its regional footprint and reinvesting in technology.
The unit, which has branches in 15 countries, plans to add more in the region. It opened two branches in Guangzhou and Chengdu, China, and plans to add more next year in China and southern Asia.
It also is enhancing its treasury services in the region. This includes launching regional clearing, foreign exchange, liquidity, payables and receivables platforms. The unit also has introduced a standard billing platform for all of its Asia-Pacific branches and enhanced its domestic cash management and trade finance service offering in India.
It's also rolling out escrow services in Australia and Singapore. JPMorgan Chase already offers escrow services in China, Hong Kong and India.