HSBC Malaysia has launched the HSBC Global Wallet, Malaysia’s first multi-currency digital wallet that enables SMEs to make and receive international payments with ease and confidence from one single global account.
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. 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.
Global Wallet is fully integrated within HSBC’s existing business banking platform, HSBCnet, and by using the bank’s global payments network, it allows SMEs to ‘pay and receive like a local’.
It also 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. On top of that, it is also cost-saving with reduced correspondence fees incurred by the 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. The solution currently supports 10 currencies including the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro. Making and receiving payment like a local allow for these international 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. Global Wallet 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,” Shayan Hazir, head of global liquidity and cash management, 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,” Andrew Sill MBE, country head of commercial banking said.
“As the payments landscape continues to evolve, we are leveraging on real innovation, that comes from a blend of human collaboration and new technologies to transform. HSBC is transforming alongside our customers as we collaborate and co-create innovative products, services and ideas to build smarter businesses together,” said Andrew.
HSBC said in a statement that the Global Wallet is a further step in the Bank’s strategy to grow its SME business in Malaysia and will be launching a suite of solutions for SMEs that go ‘beyond banking’, complementing the existing innovative digital and analytical solutions products.