HSBC Rolls Out Multi-Currency Global Wallet for Malaysian SMEs
by Fintech News Malaysia January 20, 2022HSBC Malaysia has launched a multi-currency digital wallet that enables small-and-medium enterprises (SMEs) to make and receive international payments from one single global account.
The HSBC Global Wallet is fully integrated within the bank’s existing business banking platform, HSBCnet, and taps into the bank’s global payments network.
The bank said that the global wallet 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.
SMEs can send and receive money in 10 currencies including 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.
The HSBC Global Wallet is backed by the trust and security of the bank’s global network, with more than 1.3 million commercial banking business customers in 53 countries and territories.
Global Wallet has been launched in Singapore, the UK and the US, and the bank has a pipeline of further markets as well as new currencies and enhancements.
Andrew Sill
Andrew Sill MBE, Country Head of Commercial Banking, HSBC Malaysia said,
“As the trusted international bank of choice for SMEs, the launch of HSBC Global 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 with the launch of Global Wallet.”
