Treasury services enhancements at J.P. Morgan in Malaysia
J.P. Morgan Treasury Services strengthened its domestic offering in Malaysia with the addition of new staff and expanded the availability of Access, its global internet banking platform, in the country as part of its ongoing $1 billion global investment strategy.
According to Abdul Raof Latiff, managing director and Asia head of treasury services clearing and foreign exchange at J.P. Morgan, the bank will expand its Malaysia-based treasury staff by 30% over the next three years; it currently has 75 people in the country. "As Malaysia's economy grows and trade flows increase, corporate requirements will become increasingly complex, driving the demand for efficiency and for integrated solutions," he said. "We are delighted to be able to strengthen our treasury management service offering in Malaysia."
"We are looking to expand our equities derivatives and credit and rates businesses and plan to set up a new corporate banking business onshore," added Clement Chew, J.P. Morgan's senior country officer for Malaysia. Both enhancements of the bank's local treasury services were made in February.
Azlina Mahmad, chief executive of J.P. Morgan's commercial banking entity in Malaysia, currently manages treasury services in the country along with the institution's regional management.
3M selects SAP as its standard software provider
Scotch tape maker 3M decided to implement enterprise resource planning (ERP) software provider SAP's Business Suite 7 in Asia-Pacific and throughout its global operations.
In the region, the company plans to replace its legacy ERP system with SAP during the next several years. A representative of the company would not comment on a more precise timeframe.
"SAP business solutions will play an important enabling role in unifying core processes globally and supporting our ongoing strategy of meeting customer needs wherever they are," said Ernie Park, vice-president and chief information officer at 3M. "We expect the SAP deployment to provide significant value to 3M in the coming years."
According to the software provider, Business Suite 7 will boost confidence in financial reporting, improve control of cash flow and help 3M manage financial risk.
MoneyGram International adds Sacombank to its Vietnam network
MoneyGram International announced that it has extended its money transfer service to Vietnam-based Sacombank's 253 branches. "Our latest expansion will provide highly convenient money transfer services and more choices for consumers to collect MoneyGram money transfers from a leading remittance organisation, including their current trusted bank location" said John Hempsey, executive vice-president of Europe, the Middle East, Africa and Asia-Pacific at MoneyGram.
"Many Vietnamese are sending funds home to invest with preferred financial institutions as well as to support family," said Nick Cunnew, senior regional director of Asia-Pacific and South Asia at MoneyGram. While traditional providers, including MoneyGram and Western Union, continue to dominate the market, financial institutions, including BNY Mellon, Citi and Deutsche Bank, have all expanded their remittance solutions in the region and are looking at mobile payments for future remittance transactions.
Vietnam's DongA bank began accepting MoneyGram payments in 2008 that includes a home delivery option.