JP Morgan Treasury Services (JPM TS) has been approved to offer Internet banking services to India and China. Like many of its competitors, the bank has a strategic focus on China, with more than a third of its employees in Asia based in Greater China.
Linked to this, JPM TS has added Chinese language capabilities to Horizon, and Bank of China, US Branches, is to use the system to manage its operational risk. JPM TS will also be engaged as the bank’s implementation services advisors.
“We concluded that JP Morgan Horizon was the best risk management solution for the Bank of China because of its ease of use and its proven success in the market,” says Kenneth Ge, deputy general manager for the Bank of China, US Branches. “We felt that JP Morgan’s expertise with Horizon, along with their global reputation made them the logical choice to act as our implementation advisors. In addition, we saw tremendous benefit from the ongoing opportunities we will have to share best practices with other Horizon clients, many of whom are industry leaders in operational risk.”
Meanwhile, Refco Capital Markets is to use the group’s third party continuous linked settlement services. Refco will be the first brokerage to adopt CLS and benefit from the risk reduction, straight-through processing and simplification of settlements that the system promises. As a non-bank not on the Swift network, Refco connects to CLS via JP Morgan’s Global Client Access platform. The agreement brings the number of third party mandates won by JP Morgan to 31.
Finally, continuing a string of hires seen in recent months, Astar Saleh joined JPM TS as regional head of network trade, Asia Pacific. He joins from Deutsche Bank where he was Asia Pacific head for structured trade.