Sources close to the pitch indicated the process is now in its second round.
It is believed the winning agency will be tasked with creating a distinct brand positioning for JP Morgan in the region. The bank is also understood to be looking for a unified brand positioning in Asia, while taking into account different cultures and languages.
The business is believed to span China, Hong Kong, India, Japan, Korea, Singapore and Taiwan.
In March, independent creative agency Turn in Hong Kong developed a print and outdoor driven campaign for JP Morgan.
The creative concept looks into 'the children of the future’ who have the potential to grow and prosper. The idea parallels with JP Morgan’s optimism of investing funds in emerging markets like China, Russia and India.
JP Morgan's presence in the region dates back to 1872, when it opened its first office in Sydney. Since then, JP Morgan has expanded its network to 25 offices in 15 countries with regional headquarters in Hong Kong.