HSBC Bank Malaysia’s new digital wallet will allow SMEs to receive and send payments overseas with ease.
The wallet provides a secure account that is integrated with HSBC's global business banking platform, HSBCnet.
This comes after HSBC forecasts that Malaysian SMEs will have a stronger participation in international markets once global trade rebounds.
“The launch of HSBC Global Wallet cements our commitment to scale up our SME banking capabilities in Malaysia and supporting SMEs as they expand internationally,” HSBC Malaysia’s Head of Commercial Banking, Andrew Sill said.
Andrew believes that the launch of the new global wallet will grow the banks' SME customer base by 25% within the first year.
According to HSBC, the digital wallet will save time for SME’s by reducing reliance on third-party payment options.
HSBC’s global payments network will allow overseas money exchanges to occur within 24 hours.
The global payment network will also allow SMEs to access real-time foreign exchange rates.
The launch comprises 10 currencies which are EUR, GBP, SGD, JPY, HKD, USD, CAD, CHF and AUD with plans to roll out more currencies in the future.