HSBC launches first multi-currency digital wallet for SMEs in Singapore

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.

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 partner¹, with the Republic exporting over US$40 billion during 2019.²

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 neighbor on a daily basis.”

Key highlights:

• Initially customers will be able to send and hold payments in MYR, HKD, USD, AUD, CAD, GBP and EUR, and receive payments in HKD, USD and GBP. More currencies will be made available progressively.
• Removing correspondence fees and beneficiary bank charges means SMEs can make cheaper and faster payments. Buyers can pay via their own domestic payment networks, giving SMEs an efficient way to receive payments.
• By showing customers the exchange rate before they execute a payment, and by fixing it to ensure the right amount settles in the beneficiary’s account, HSBC Global Wallet allows customers to operate internationally with confidence.

Despite the pandemic, Singapore’s SMEs³ are doubling down on their international connectivity and prioritizing resilience in their supply chains, with 87% planning to expand international business.⁴

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.⁵

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:

• HSBCnet for SMEs – an enhanced and tailored online banking platform.⁶
• HSBC Pioneer - exclusive 12-month programme for fast growing businesses.⁷
• HSBC SME Green Loan - a first in Singapore, drawing directly on existing green.⁸
• International Business Banking – a dedicated coverage proposition to support inbound referrals.
• Not-for-Profit Proposition – a dedicated proposition to support the Charities & Not-for-Profit sectors.