HSBC Singapore has launched a multi-currency digital wallet to enable SMEs make international transactions through a single account.
HSBC Global Wallet details:
The offering, HSBC Global Wallet, will enable users to send and receive business payments in several currencies.
Initially, the customers can send and hold payments in MYR, HKD, USD, AUD, CAD, GBP and EUR. However, they can receive payments in three currencies (HKD, USD and GBP) for now.
The lender plans to add new currencies to the wallet progressively.
Benefits:
Available within the business banking platform, HSBC Global Wallet eliminates the need for SMEs to tap third-party apps to make international transactions.
Additionally, it removes correspondence fees and beneficiary bank charges making such transactions cheaper.
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By GlobalDataThe wallet also shows the exchange rate before executing a payment to increase transparency.
Availability:
Besides Singapore, HSBC Global Wallet is being launched in the US and UK. The lender plans to introduce the offering in additional markets soon as well as add new enhancements.
Quotes:
HSBC Singapore Business Banking head Li Lian Ng said: “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 Singapore Global Liquidity and Cash Management head Winnie Yap said: “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.”
