HSBC launches first multi-currency digital wallet for SMEs in Malaysia

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Shayan Hazir

KUCHING (January 21): HSBC Malaysia launched the HSBC Global Wallet, Malaysia’s first multi-currency digital wallet that enables small-and-medium enterprises (SMEs) to make and receive international payments simply and securely from one single global account.

Global Wallet 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 a 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.

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.

Shayan Hazir, head of global liquidity and cash management st HSBC Malaysia: “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.”

The solution currently supports 10 currencies including the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro. Paying and receiving like a local allows for these transactions to be done within the same or next day.

Andrew Sill

Andrew Sill, country head of commercial banking at HSBC Malaysia: “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 per cent in the first year with the launch of Global Wallet.”

HSBC Global Wallet is backed by the trust and security of HSBC’s global network, with more than 1.3 million commercial banking business customers in 53 countries and territories.

Global Wallet has been launched in Singapore, the UK and the US, and the bank has a pipeline of further markets as well as 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 Sill.