(19 May 2021 – Singapore) HSBC has launched a multi-currency digital wallet for small and medium enterprises (SMEs) in Singapore, enabling businesses to send and receive money in a number of currencies internationally, as well as to hold and manage those currencies.
The HSBC Global Wallet is fully integrated into HSBCnet, the bank's existing business platform. It is also being launched in the UK and US, with a pipeline of further markets as well as new currencies and enhancements.
This offering removes the need for third-party providers, cutting correspondence fees and beneficiary bank charges. Currencies currently available include Singapore dollar, Malaysian ringgit, Hong Kong dollar, US dollar, Australian dollar, Canadian dollar, British pound and euro.
“Making international payments can be complex for SMEs, weighing on cost and precious resources,” said HSBC Singapore head of global liquidity and cash management Winnie Yap. “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.”
Li Lian Ng, HSBC's head of business banking, Singapore, said the bank is committed to scaling up its SME banking capabilities in Singapore. The bank previously announced its strategy to scale-up its SME business and increase its share in the market to 15 percent by 2021.