HSBC Rolls Out Malaysia’s First Multi-Currency Digital Wallet For SMEs

Alex Cheong Pui Yin

20th January 2022 - 2 min read

HSBC Bank has launched its Global Wallet in Malaysia, a multi-currency digital wallet aimed at small and medium enterprises (SMEs) to help them conduct international transactions conveniently from one single global account. It is said to be the first such digital wallet to be launched within the country, and will allow SMEs to “pay and receive like a local”.

According to HSBC, the Global Wallet is fully integrated with the bank’s existing business banking platform, HSBCnet, as well as its global payments network. With this, SME owners who transact with international customers can bypass third-party providers, as well as significantly reduce the time required to make or receive payments. In fact, they may even be able to complete transactions within the same or next day – as opposed to the longer timeframe usually needed to clear international payments.

HSBC also highlighted that the Global Wallet currently supports a total of 10 currencies, including the US dollar, Japanese yen, renminbi, Singapore dollar, and Euro.

The head of global liquidity and cash management of HSBC Malaysia, Shayan Hazir said that the Global Wallet is designed to remove various pain points and challenges for entrepreneurs. “Global Wallet simplifies payment processes so that SMEs can grow their business internationally, be able to transact with their suppliers and clients around the world seamlessly and have better control over payment flows, which is critical for efficient cash flow management,” he shared.

Meanwhile, the country head of commercial banking of HSBC Malaysia, Andrew Sill said that the Global Wallet is proof of the bank’s commitment in improving its SME banking capabilities in Malaysia. The new banking product also shows HSBC’s intention to support local SMEs in expanding internationally.

Outside of Malaysia, the HSBC Global Wallet was first rolled out in Singapore, the United States, and the United Kingdom back in May 2021.

(Sources: HSBC, The Star)

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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