HSBC unveils multi-currency digital wallet made for Malaysian SMEs
- SMEs can send and receive money in 10 currencies, and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
- With Global Wallet, the bank anticipates growth of 25% in the first year in its SME customer base.
Small and Medium Enterprises in Malaysia can now pay and receive like a local from any country around the world with HSBC’s multi-currency digital wallet. A first of its kind in the country, the wallet enables SMEs to make and receive international payments in a simple and secure format under one single global account.
In a statement to media, HSBC said the Global Wallet is fully integrated within its existing business banking platform, HSBCnet, and uses the bank’s global payments network. The wallet also 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.
HSBC believes that while the rapid digitalization of financial services and the growth of ecommerce has also enabled SMEs to reach a wider base, making international payments can be complex for SMEs, weighing on cost and precious resources.
Hence, this Global Wallet, with which SMEs in the country can send and receive money in 10 different currencies, as well as hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
Among the 10 currencies includes the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro. So, paying and receiving like a local allows for these transactions to be done within the same or next day.
“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,” HSBC Malaysia’s head of global liquidity and cash management Shayan Hazir said.
He also believes that Global Wallet can simplify 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.”
With the introduction of the Global Wallet, the bank anticipates growth of 25% in the first year in its SME customer base. Progressively, HSBC will make more currencies available. HSBC, among other benefits, believes the wallet will allow SMEs in Malaysia to operate 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,” the statement reads.
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