KUALA LUMPUR: HSBC Malaysia has launched the country's first multi-currency digital wallet that enables small-and-medium enterprises (SME) to make international transactions from one single global account.
In a statement, the bank said the HSBC Global Wallet is fully integrated within its existing business banking platform, HSBCnet.
By leveraging its global payments network, SMEs will be able to "pay and receive like a local", which means the transactions can be completed within the same or next day.
According to HSBC, the Global Wallet significantly reduces the time money can be delivered to an overseas beneficiary and removes the need for third-party providers for international transactions.
SMEs will be able to send and receive money in 10 currencies, including the US dollar, Japanese yen, renminbi, Singapore dollar and Euro, and hold and manage these currencies via 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 said.