JP Morgan Treasury Services has developed a solution to facilitate a new currency clearing service for its Indonesian bank clients using Hong Kong’s cross-border payment-versus-payment (PvP) settlement system. By having access to this system, JP Morgan’s clients are able to better mitigate foreign exchange (FX) settlement risk and increase operational efficiency.
The PvP infrastructure established by Bank Indonesia and the Hong Kong Monetary Authority links the real time gross settlement (RTGS) systems in both economies to provide simultaneous delivery of Indonesian rupiah and US dollar currencies within the Asia business day. This innovative infrastructure represents a new clearing standard between these two currencies. JP Morgan also provides clearing services using PvP settlement in Malaysia.
“Beyond the role banks normally play in payment clearing and foreign exchange settlement, we are committed to fostering innovation in the industry and are proud to be part of this initiative led by Bank Indonesia and supported by the Hong Kong Monetary Authority. Our client banks in Indonesia value our successful experience with PvP settlement in Malaysia, where we continue to see a high demand for these services and future developments in this area,” said Raof Latiff, managing director and Asia head of treasury services clearing and FX at JP Morgan.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.