HSBC has announced the Singapore launch of HSBC Thrive Benefits, an innovative employee benefits platform designed to simplify benefits management for SMEs.
The platform offers SMEs a one-stop shop for their employees to access their benefits as well as offers relating to HSBC financial products, financial fitness, wellbeing, and lifestyle from curated third-party partners.
Singapore is the first market to introduce Thrive Benefits, part of HSBC’s Employee Banking Solutions proposition. Thrive Benefit’s analytics provides SMEs insight into benefit utilisation, enabling them to tailor their offerings to meet the specific needs of their workforce. Furthermore, the solutions’ intuitive design helps employees quickly navigate and use their benefits.
Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore said: “We’re focused on uplifting our customers’ experience and building a differentiated proposition and Thrive Benefits is a proof point of this commitment. Through the HSBC Thrive Benefits integrated platform, we’re making employee benefits management for SMEs easier, quicker and at better value while offering employees easier access to more comprehensive benefits including tailored banking solutions.”
Rudra Basu, Global Head of Employee Banking Solutions, HSBC said: “Our research has revealed that SMEs source workplace benefits from numerous providers due to the fragmented landscape of the benefits market, resulting in higher cost and more time spent, and often lower engagement from employees.
“To create better outcomes for SMEs and their employees, we created Thrive Benefits – an integrated ‘benefits in a box’ solution that enables SMEs to deliver flexible employee benefits, while simultaneously improving both SME and employee experience.”
The launch of Thrive Benefits underscores HSBC’s commitment to bolstering its proposition to meet client needs. The platform recently completed a 6-month pilot phase in Singapore, offering a select number of existing HSBC customers access. Thrive Benefits currently has 500 active platform users across 30 companies in Singapore.
