Friday, 28 January 2022

HSBC launches Global Wallet in Singapore, UK and US

5 min read

HSBC Singapore launches HSBC Global Wallet, the Bank’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.

HSBC Global Wallet is fully integrated within the bank’s existing business banking platform, HSBCnet, and removes the need for businesses to use third-party providers for international transactions. Clients can send and receive money in a number of currencies, and hold and manage those currencies in the same Global Wallet account. 

By using the bank’s global payments network, customers can ‘pay and receive like a local’ – significantly reducing the time in which money can be delivered to a beneficiary’s account.

Despite the pandemic, Singapore’s SMEs are doubling down on their international connectivity and prioritizing resilience in their supply chains, with 87% planning to expand their international business.

Alongside multiple destinations and currencies, HSBC Global Wallet enables businesses to pay directly to their Malaysian counterparts in ringgit (MYR). Malaysia is Singapore’s second largest trade partner, with the Republic exporting over US$40 billion during 2019.

Winnie Yap, Head of Global Liquidity and Cash Management, HSBC Singapore: “Making international payments can be complex for SMEs, weighing on cost and precious resources. Global Wallet removes the pain points by enabling our customers to virtually, quickly and securely transact with their suppliers and clients around the world, just as they would within Singapore. A single view enables better control over payment flows, which is critical for efficient cash flow forecasting. The ability to pay in Malaysian ringgit via HSBC Global Wallet will be an efficient way to transact with their closest neighbour on a daily basis.” 

Key highlights:

Li Lian Ng, Head of Business Banking, HSBC Singapore: “The launch of HSBC Global Wallet cements our commitment to scaling up our SME banking capabilities in the Republic. 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.”

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.

Launching initially in Singapore, the UK and the US, the bank has a pipeline of further markets as well as new currencies and enhancements. 

Strategic growth 

HSBC Global Wallet is a further step in the Bank’s strategy to grow its SME business in Singapore, announced in 2018. HSBC Singapore has since launched a number of products and initiatives to support Singapore’s SMEs to scale and reach new heights, domestically and overseas, including:

Re-disseminated by The Asian Banker

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