Global Wallet enables SMEs to make and receive international payments simply and securely from one single global account
by FAYYADH JAAFAR / Pic by MUHD AMIN NAHARUL
HSBC Bank Malaysia Bhd targets to increase its small and medium enterprises (SMEs) customers by 25% with the launch of multicurrency HSBC Global Wallet designed specifically for SMEs.
Global Wallet enables SMEs to make and receive international payments simply and securely from one single global account.
It is fully integrated within HSBC’s existing business banking platform, HSBCnet, and by using the bank’s global payments network, allows SMEs to “pay and receive like a local”.
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 10 currencies, and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
Ten different currencies currently supported by the solution include the US dollar, the Japanese yen, the Chinese renminbi, the Singapore dollar and the euro. More currencies will be made available in a phased manner.
“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,” said HSBC head of global liquidity and cash management Shayan Hazir.
“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,” he added.
Paying and receiving like a local enables these transactions to be completed on the same day or the next day after they occur.
Global Wallet gives customers the confidence to conduct international transactions by providing them with the current exchange rate before they complete a transaction.
This digital wallet is underpinned by the trust and security of HSBC’s global network, which has more than 1.3 million commercial banking business customers in 53 countries and territories, according to the bank.
It has already been launched in Singapore, the UK and the US, and HSBC has plans to expand into additional markets while also adding new currencies and enhancements.
“As the trusted international bank of choice for SMEs, the launch of Global Wallet cements our commitment to scaling up our SME banking capabilities in Malaysia and supporting SMEs as they expand internationally,” said HSBC Malaysia country head of commercial banking Andrew Sill.
“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,” he said.
Additionally, he predicts that HSBC’s SME customer base will grow by 25% in its first year of operation.
In terms of strategic growth plans, HSBC will be launching a suite of solutions for SMEs that will go “beyond banking” complementing the existing innovative digital and analytical solutions products that the bank already offers to customers.