HSBC launches Thrive Benefits for SMEs in Singapore
HSBC Thrive Benefits is an innovative employee benefits platform designed to simplify benefits management for SMEs, and elevate their employee benefits and experience offering.
HSBC today announced the Singapore launch of HSBC Thrive Benefits, an innovative employee benefits platform designed to simplify benefits management for small and medium sized businesses (SMEs). The platform offers SMEs a one-stop shop for their employees to access their benefits as well as offers relating to HSBC financial products, financial fitness, wellbeing, and lifestyle from curated third-party partners.
Singapore is the first market to introduce Thrive Benefits, part of HSBC’s Employee Banking Solutions proposition. Thrive Benefits’ analytics provides SMEs insight into benefit utilisation, enabling them to tailor their offerings to meet the specific needs of their workforce. Furthermore, the solutions’ intuitive design helps employees quickly navigate and use their benefits.
Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore said: “We’re focused on uplifting our customers’ experience and building a differentiated proposition and Thrive Benefits is a proof point of this commitment. Through the HSBC Thrive Benefits integrated platform, we’re making employee benefits management for SMEs easier, quicker and at better value while offering employees easier access to more comprehensive benefits including tailored banking solutions.”
Rudra Basu, Global Head of Employee Banking Solutions, HSBC said: “Our research has revealed that SMEs source workplace benefits from numerous providers due to the fragmented landscape of the benefits market, resulting in higher cost and more time spent, and often lower engagement from employees. To create better outcomes for SMEs and their employees, we created Thrive Benefits – an integrated ‘benefits in a box’ solution that enables SMEs to deliver flexible employee benefits, while simultaneously improving both SME and employee experience.”
The launch of Thrive Benefits underscores HSBC’s commitment to bolstering its proposition to meet client needs. The platform recently completed a 6-month pilot phase in Singapore, offering a select number of existing HSBC customers access. Thrive Benefits currently has 500 active platform users across 30 companies in Singapore.
Media enquiries:
Carina Koh Carina.Koh@hsbc.com.sg
Chantal Samonte Chantal.Samonte@hsbc.com.sg
Notes to editors:
- Key Features of HSBC Thrive Benefits include:
- SMEs can choose the benefits their employees value most, co-build benefits packages and benefit from a dedicated servicing and help desk team; Fees: full 2-month free trial then SGD4 per user thereafter
- Employees of SMEs have access to their benefits, health and wellbeing brands, HSBC Singapore financial wellbeing resources, and preferential rates on select HSBC Singapore banking products.
- SMEs can benefit from digitisation of benefits administration.
For more details, visit HSBC Thrive Benefits: https://thrivebenefits.hsbc.com.sg/.
- Singapore SME client testimonial on HSBC Thrive Benefits
Websparks said: “Our goal is to simplify benefits administration and improve employee experience. Since adopting HSBC Thrive Benefits, we’ve noticed better administrative efficiency and increased employee engagement. The platform has enabled us to offer a variety of benefits, including financial wellbeing tools, insurance, and lifestyle perks, all accessible in one place."
- Screenshot of HSBC Thrive Benefits platform
HSBC in Singapore
HSBC opened its doors in Singapore in 1877. Serving the international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. HSBC was recognised by Euromoney as “Best International Bank in Singapore” in 2024.