JP Morgan is opening a virtual business branch in Indonesia, using technology to expand its geographic reach without having to buy real estate.
The virtual branch promises a comprehensive suite of banking services that can be securely accessed from desktops and mobile devices, enabling clients to submit documents digitally, initiate and approve transactions online as well as have complete visibility of all cross-border and statutory payment transactions.
The Indonesian virtual outpost comes after a similar offering was introduced in India last year. JP Morgan says that the Indian branch has been growing rapidly and that it plans to expand the idea to Thailand and China soon.
Manoj Dugar, head, core cash management product, treasury services, Asia Pacific, JPMorgan, says: "Along with improvements in technology, regulatory changes have also allowed banks and corporates to make virtual branches a reality. JP Morgan has taken a highly innovative approach in this rapidly changing environment and will continue to invest to simplify and improve the banking experience for our clients."