SMEs to Gain with HSBC's New Multi-currency Digital Wallet
HSBC Malaysia today launched the HSBC Global Wallet, Malaysia’s first multi-currency digital wallet that enables small-and-medium enterprises to make and receive international payments simply and securely from one single global account.
Global Wallet’s full integration within HSBC’s existing business banking platform, HSBCnet, and by using the bank’s global payments network, allows SMEs to ‘pay and receive like a local’. Global Wallet significantly reduces the time in which money can be delivered to overseas beneficiaries.
It removes the need for businesses to use third-party providers for international transactions. SMEs can send and receive money in 10 currencies. They can hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
Stronger engagement in global markets by Malaysian SMEs opens up new chances for worldwide expansion and growth. This is possible as international borders open up and global commerce recovers.
As international borders open up and global trade rebounds, stronger participation in global markets by Malaysian SMEs will bring new opportunities for international expansion and growth. The fast digitalization of financial services and the expansion of ecommerce have also enabled SMEs to reach a wider audience. However, international payments can be complicated for SMEs, putting a strain on costs and valuable resources.
SME GROWTH
Shayan Hazir, Head of Global Liquidity and Cash Management, HSBC Malaysia says the global wallet simplifies payment processes.
“Global Wallet removes these pain points and challenges for SMEs. It enables them to quickly and securely transact with their suppliers and clients around the world in the destination currency. Global Wallet simplifies payment processes so that SMEs can grow their business internationally.
“They will be able to transact with their suppliers and clients around the world seamlessly. They have better control over payment flows which is critical for efficient cash flow management.”
The solution currently supports 10 currencies. They include the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro. Paying and receiving like a local allows for these transactions to be done within the same or next day.
Key highlights
Multiple currencies, all in one place. View, hold and manage a range of currencies in one place, saving you time and effort
Transact faster with ‘pay and receive like a local’. HSBC Global Wallet lets you pay and receive like a local in 10 currencies: HKD, USD, JPY, CNY, CHF, AUD, CAD, GBP, EUR and SGD within the same or next day. More currencies will be available progressively
Cost savings. Minimising correspondence fees means SMEs can make cheaper and faster payments with HSBC’s global payment network
Operating internationally with confidence. By showing customers the exchange rate before they execute a payment. Fixing it to ensure the right amount settles in the beneficiary’s account. HSBC Global Wallet allows customers to operate internationally with confidence.
Digital Expertise
Andrew Sill MBE, Country Head of Commercial Banking, HSBC Malaysia says SMEs can build resilience building on HSBC’s digital expertise.
“As the trusted international bank of choice for SMEs, the wallet cements our commitment to scaling up our SME banking capabilities in Malaysia and supporting SMEs as they expand internationally. Drawing on HSBC’s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier. Given this, we anticipate that we will be able to grow our SME customer base by 25% in the first year.”
Nevertheless, the wallet is backed by the trust and security of HSBC’s global network. It has more than 1.3 million commercial banking business customers in 53 countries and territories. Global Wallet is available in Singapore, the UK and the US. The Bank has a pipeline of further markets as well as new currencies and enhancements.
“As the payments landscape continues to evolve, we are leveraging on real innovation, that comes from a blend of human collaboration and new technologies to transform. HSBC is transforming alongside our customers as we collaborate and co-create innovative products, services and ideas to build smarter businesses together,” says Andrew.
Strategic growth
HSBC Global Wallet is a further step in the Bank’s strategy to grow its SME business in Malaysia. It will be launching a suite of solutions for SMEs that go ‘beyond banking’, complementing the existing innovative digital and analytical solutions products.