HSBC, the multinational investment bank and financial services holding company, recently launched their multi-currency digital wallet to benefit small and medium enterprises (SMEs) in Malaysia.
A first of its kind in the country, the Global Wallet enables SMEs to make and receive money in 10 different currencies, including but not limited to the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro.
On top of that, users may hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
In a statement, 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.
According to HSBC Malaysia’s Head of Global Liquidity and Cash Management Shayan Hazir, “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.”
Hazir also believes that payment processes can be simplified with Global Wallet, enabling SMEs “to 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.”
The introduction of the Global Wallet has allowed the bank to anticipate potential growth of 25% in the first year in its SME customer base. Progressively, HSBC will make more currencies available.
Hazir concluded: “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.”
