HSBC Launches Multi-Currency Digital Wallet for SMEs

HSBC Bank Malaysia Bhd has developed Malaysia's first multi-currency digital wallet, allowing small and medium-sized businesses (SMEs) to send and receive international payments from a single global account.

Global Wallet: Send & receive money in ten currencies

HSBC Malaysia said that the multi-currency digital wallet Global Wallet is fully integrated within the bank's existing business banking platform (HSBCnet). In conjunction with the bank's global payment networks, the wallet allows SMEs to "pay and receive like a local" – complete transactions the same or the next day.

According to the bank, Global Wallet reduces the time it takes to transmit money to an overseas beneficiary and eliminates the need for businesses to engage third-party suppliers for international transactions.

By establishing a single banking relationship with HSBC Malaysia, SMEs can send and receive money in ten currencies (including the US dollar, Japanese yen, renminbi, Singapore dollar, and euro), as well as store and manage those currencies.

As international borders reopen and global trade recovers, HSBC Malaysia predicts that Malaysian SMEs' enhanced participation in global markets would open up new opportunities for international expansion and growth.

With this e-wallet, SMEs can send and receive money in ten currencies.

Enabling SMEs to branch out internationally

The bank said that the fast digitalization of financial services and the expansion of e-commerce has also enabled SMEs to access a wider audience. However, processing foreign payments can be difficult for SMEs, putting a strain on costs and precious resources.

HSBC Malaysia said the Global Wallet is designed to alleviate these "pain points" for SMEs by allowing them to deal with their suppliers and clients around the globe in the target currency promptly and securely.

According to HSBC Malaysia country head of commercial banking Andrew Sill, the launch of Global Wallet confirms the bank's commitment to ramping up its SME banking capabilities in the country and supporting SMEs as they expand worldwide.

HSBC assists SMEs in building resilience and trust throughout their global supply chains while making everyday banking easier by leveraging its extensive digital experience and broad international network.

"As a result, we predict that with the launch of Global Wallet, we will be able to grow our SME customer base by 25% in the first year," he added.

Global Wallet is supported by the confidence and security of HSBC's global network, which includes more than 1.3 million commercial banking customers in 53 countries and territories.

As the payment landscape evolves, HSBC Malaysia is leveraging real innovation that comes from a mix of human collaboration and new technologies to transform. Sill added that the bank is growing alongside its clients by collaborating and co-creating innovative products, services, and ideas to help them build smarter businesses.\

To learn more about HSBC's Global Wallet, click here.

Source: The Edge Markets