According to insiders, JPMorgan Chase is seeking to outsource its local custody business in Hong Kong and Taiwan, with Citigroup, HSBC, and Standard Chartered all seeking to undertake it. According to reports, JPMorgan Chase's goal is to complete the transition by the end of next year, and the company will continue to provide global custody services in the Hong Kong and Taiwan regions. The so-called local custody business refers to when customer funds enter a certain market, the bank will be responsible for processing transactions and providing accounting services to customers. In contrast, global custody manages cross-border investments and maintains relationships with clients through a vast network.