HSBC Malaysia launches multi-currency digital wallet for SMEs


KUALA LUMPUR: HSBC Malaysia has launched the nation’s first multi-currency digital wallet that permits small-and-medium enterprises (SME) to make worldwide transactions from one single international account.

In an announcement, the financial institution mentioned the HSBC Global Wallet is absolutely built-in inside its current enterprise banking platform, HSBCnet.

By leveraging its international funds community, SMEs will be capable of “pay and obtain like a neighborhood”, which suggests the transactions might be accomplished throughout the identical or subsequent day.

According to HSBC, the Global Wallet considerably reduces the time cash might be delivered to an abroad beneficiary and removes the necessity for third-party suppliers for worldwide transactions.

SMEs will be capable of ship and obtain cash in 10 currencies, together with the US greenback, Japanese yen, renminbi, Singapore greenback and Euro, and maintain and handle these currencies by way of a single banking relationship with 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,” said HSBC Malaysia head of global liquidity and cash management Shayan Hazir.

HSBC Malaysia country head of commercial banking Andrew Sill added that the bank is committed to scaling up its SME banking capabilities in Malaysia and supporting SMEs in their international expansion.

“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,” he mentioned.

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