PETALING JAYA: HSBC Malaysia has launched the country’s first multi-currency digital wallet – HSBC Global Wallet – which allows small and medium enterprises (SME) to make and receive international payments simply and securely from one single global account.
The wallet is fully integrated with its existing business banking platform, HSBCnet, utilising the bank’s global payments network.
The feature significantly reduces the time in which money can be delivered to a overseas beneficiary and removes the need for businesses to use third-party providers for international transactions.
SME can send and receive money in 10 currencies, and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
HSBC believes the opening of borders and global trade rebound will see a stronger participation in global markets by Malaysian SME, which will translate into new opportunities for international expansion and growth.
Furthermore, the digitalisation of financial services and ecommerce growth has enabled SMEs to reach a wider base but international payments can weight on their cost and resources.
HSBC Malaysia head of global liquidity and cash management Shayan Hazir pointed out the Global Wallet removes the pain points and challenges enabling SMEs to securely transact with their suppliers and clients around the world in the destination currency.
“Global Wallet simplifies payment processes so that SME can grow their business internationally, be able to transact with their suppliers and clients around the world seamlessly and have better control over payment flows which is critical for efficient cash flow management,” he said in a statement.
The bank’s country head of commercial banking, Andrew Sill, stated the wallet cements its commitment to scale up Malaysian SMEs’ banking capabilities and supporting their international expansion.
“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,” he said.
“Given this, we anticipate that we will be able to grow our SME customer base by 25% in the first year with the launch of Global Wallet.”
HSBC’s Global Wallet has been launched in Singapore, the UK and the US and it has a pipeline of further markets as well as new currencies and enhancements in store for the feature.
With the wallet, users can transact in 10 currencies – Hongkong dollar, US dollar, Japanese yen, Chinese yuan, Swiss franc, Australian dollar, Canadian dollar, pound sterling, euro and Singapore dollar – within the same or next day. This feature also leverages HSBC’s global payment network, minimising correspondence fees for SME.