HSBC launches first multi-currency digital wallet for SMEs

• SMEs can send, receive money in ten currencies 
• Make, receive payment from one single global account

HSBC Malaysia has launched the HSBC Global Wallet, a product it claims is Malaysia’s first multi-currency digital wallet that enables small-and-medium enterprises (SMEs) to make and receive international payments simply and securely from one single global account.

In a statement, the bank said the Global Wallet is fully integrated within its existing business banking platform, HSBCnet, and by using the bank’s global payments network, allows SMEs to "pay and receive like a local."

HSBC said the Global Wallet significantly reduces the time in which money can be delivered to an overseas beneficiary and removes the need for businesses to use third-party providers for international transactions.

SMEs can send and receive money in ten currencies, and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia, it added.

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, it said.

The rapid digitalisation of financial services and the growth of ecommerce has also enabled SMEs to reach a wider base, however, making international payments can be complex for SMEs, weighing on cost and precious resources, it added.

Shayan Hazir (pic, left), head of global liquidity and cash management, HSBC Malaysia said “Global Wallet removes these pain points and challenges for SMEs by enabling them to quickly and securely transact with their suppliers and clients around the world in the destination currency.

“It simplifies payment processes so that SMEs 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,” said Hazir.

The solution currently supports ten 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.

Key highlights of HSBC’s Global Wallet include:

• 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 made available progressively;
• Cost savings: Minimising correspondence fees means that SMEs can make cheaper and faster payments by leveraging on HSBC’s global payment network; and
• Operating internationally with confidence: By showing customers the exchange rate before they execute a payment, and by fixing it to ensure the right amount settles in the beneficiary’s account, HSBC Global Wallet allows customers to operate internationally with confidence.

Andrew Sill MBE (pic, left), country head of commercial banking, HSBC Malaysia said, “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,” he said.

HSBC Global Wallet is backed by the trust and security of HSBC’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.