KUALA LUMPUR: HSBC Bank Malaysia Bhd today launched the HSBC Global Wallet, Malaysia's first multi-currency digital wallet that enables small and medium enterprises (SME) to make and receive international payments simply and securely from one single global account.
The Global Wallet is fully integrated within HSBC's existing business banking platform, HSBCnet, and by using the bank's global payments network, 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 Malaysia head of global liquidity and cash management Shayan Hazir said the Global Wallet removes these pain points and challenges for SMEs by enabling them to quickly and securely transact with their suppliers and clients worldwide 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," he said in a statement today.
SMEs can send and receive money in 10 currencies and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia.
As international borders open up and global trade rebounds, stronger participation in global markets by Malaysian SMEs will bring new international expansion and growth opportunities.
The rapid digitalisation of financial services and the growth of e-commerce has also enabled SMEs to reach a wider base. However, making international payments can be complex for SMEs, weighing on cost and precious resources.
The solution currently supports 10 currencies, including the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro.
Paying and receiving like a local allows these transactions to be done within the same or the next day.
HSBC Malaysia country head of commercial banking Andrew Sill said as the trusted international bank of choice for SMEs, the launch of HSBC Global Wallet cements the bank's commitment to scaling up 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 more accessible.
"Given this, we anticipate that we will be able to grow our SME customer base by 25 per cent in the first year with the launch of Global Wallet," he said.
Global Wallet has been launched in Singapore, the UK and the US, and the bank has a pipeline of further markets and new currencies and enhancements.
"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.
