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20 July 2020

HSBC rolls out tailored online banking platform for SMEs

**Enhanced digital platform provides access to everyday banking for SMEs**
**Supports Singapore’s domestic and international SMEs**
**Further strengthens strategy to scale up SME business in Singapore**

HSBC Singapore announces the rollout of HSBCnet for SMEs, an enhanced online banking platform tailored specifically for its Business Banking customers. Designed to meet the day-to-day banking needs of SMEs, the digital platform offers a simpler, faster and smarter way to transact online.

An intuitive interface allows customers to view all of their HSBC accounts whilst proving access to cash flow management tools, trade transaction tracking solutions, real time FX rates and around the clock online assistance. For Singapore-based clients who have opened overseas HSBC accounts, they are now able to see all their account information on one online platform. In addition, the enhanced HSBCnet mobile app uses biometric security features for payment authentication and account access.

Li Lian Ng, Head of Business Banking, HSBC Singapore, said: “This tailored platform comes at a crucial time for Singapore’s SMEs; COVID-19 has signified an inflection point in digital transformation. With traditional channels disrupted, businesses have been forced to change the way they operate. HSBCnet enables SMEs to access all their banking needs every-day, wherever they are, whenever they need, whether domestic or having taken the next step overseas.”

Key features

Customer Benefits

Cash flow management tools
  • Raise, authorize and track payments online
  • View payments statuses
  • Receive notifications on incoming and outgoing funds via email / SMS
  • Place term deposits instantly without the hassle of providing physical documents

Smarter trade solutions
  • New trade dashboard comes with customisable widgets, giving customers full visibility and control of their transactions
  • Access portfolio of trade facilities with HSBC everywhere
  • Send digital instructions on documentary credits, guarantees, trade loans, receivables finances and more
  • Available 24/5 and in 26 different currencies, GetRate helps you monitor and book your FX transactions instantly for payments to overseas suppliers
  • Receive timely notification with Instant@dvice
  • Real-time tracking of import and export documentary credit and collections

Access to real-time FX rates
  • Access real-time FX rates, available 24/51 in 26 major currencies with GetRate
  • Stay informed with updates on key events and trends for currencies
  • Price transparency via HSBC’s mid-market FX rate at the point of transaction

HSBCnet Mobile app with biometrics
  • Provides secure access with mobile authentication
  • Approve payments, re-authenticate high risk transactions, real-time tracking of payments and trade transactions, preview FX rates with GetRate directly via designated mobile device

Strategic growth plans

The launch of HSBCnet for SMEs is a further step in the Bank’s strategy to scale up 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:

  • HSBC Pioneer - exclusive 12-month programme for fast growing businesses, offering a suite of next-level banking and services that provide selected firms with tailored solutions to meet their burgeoning needs.2
  • HSBC SME Green Loan - a first in the Singapore market, providing SMEs with finance to develop sustainable projects by drawing directly on existing green certifications from Singapore industry authorities, reducing complexity of application for SMEs.3
  • International Business Banking – a dedicated coverage proposition to support international SMEs – including domestic Singapore clients accessing new markets in Asia, and inbound referrals from those entering the Singapore market.
  • Not-for-Profit Proposition – a dedicated proposition to support the Charities & Not-for-Profit sectors.

1 Refers to Singapore’s business day.

2 HSBC Singapore: HSBC Pioneer bets on promising SMEs, 20 August 2018

3 HSBC Singapore: HSBC launches Singapore’s first Green Loan for SMEs, 16 March 2020

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