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.”
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.
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:
3 The survey included responses from Singapore businesses with annual revenue between SGD$5m-$100m.
4 HSBC Navigator December 2020: https://www.business.hsbc.com.sg/en-sg/international-subsidiary-banking/navigator2020
Note to Editors
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,959bn at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.