HSBC Malaysia has launched an enhanced version of its FX on Mobile capability, with brand new features to help customers manage their foreign exchange needs digitally.

Through the newly enhanced FX on Mobile, customers can manage their foreign exchange needs conveniently and seamlessly. They can monitor their preferred currencies using the FX Watchlist, explore historical rate movements through the FX Chart and set target rates and notifications through FX Rate Alerts.

Customers can also convert currencies through the app 24 hours a day, seven days a week, with access to live exchange rates. In addition, HSBC Premier customers can send money internationally to over 50 countries and territories through Global Money Transfers – ‘Send like a local’, with no transfer fees.

Demand for FX tools is growing in Malaysia. Industry data shows that, over the past five years, Malaysia’s spot FX turnover across retail and corporate transactions increased at a compound annual growth rate of 12.6%¹ from 2021 to 2026 (annualised). Cross border payments are also expected to increase by 8% between 2026 and 2029.²

Jon Chivers, Head of Wealth and Premier Solutions, International Wealth and Premier Banking, HSBC Malaysia said: “FX on Mobile brings together two pillars of our HSBC Premier proposition, Wealth and International. FX services are gaining popularity as a wealth management tool because they help customers make more informed decisions about currency conversion and help customers monitor rates and choose when to convert while supporting their international needs– from travel and overseas spending to paying for education and supporting family members abroad.

“As these needs become increasingly digital, customers expect a convenient way to manage FX wherever and whenever they need it. With FX on Mobile, we’re making FX simpler and more connected for our HSBC Premier customers. Through the HSBC Malaysia Mobile Banking App, they can monitor currency movements, convert currencies and send money internationally, all in one convenient experience.”

USD-MYR expected to remain driven mainly by external factors

In an HSBC Malaysia hosted FX outlook session, Joey Chew, Head of Asia FX Research at HSBC Global Investment Research, said that wider US–Malaysia interest-rate differentials and a firmer US dollar remain the key drivers of the USD-MYR exchange rate.

“We expect the US dollar to remain broadly supported in the near term, underpinned by higher US yields, a hawkish Fed, a resilient US economy and challenges elsewhere. For the ringgit, USD-MYR is likely to remain driven mainly by external factors, including the broader dollar trend, interest-rate differentials and portfolio flows.

“While this creates some upside bias in USD-MYR, Malaysia’s relatively firm growth, trade and investment backdrop should help limit the pace of any MYR weakness.”

Re-disseminated by The Asian Banker