HSBC's multi-currency e-wallet for SMEs offers quicker, more secure global payments

HSBC has launched its first multi-currency digital wallet for small and medium enterprises (SMEs), speeding up international payments for these businesses in a cost-efficient way.

The service allows businesses to send and receive money in a number of currencies internationally, as well as to hold and manage those currencies, all in one account. It is fully integrated into HSBCnet, the bank's existing business platform.

HSBC Global Wallet cuts the need for third-party providers and removes correspondence fees and beneficiary bank charges. The bank said this means SMEs can make cheaper and faster payments.

Buyers can pay via their own domestic payment networks, giving SMEs an efficient way to receive payments.

The wallet will be beneficial to SMEs especially because many are doubling down on international connectivity and prioritising resilience in supply chains, the bank said, adding that 87 per cent of SMEs are planning to expand their international business.

To note, HSBC said that businesses can pay in Malaysian ringgit to partners in Malaysia, Singapore's second-largest trade partner.

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Customers can send and hold payments in six more currencies, namely the Hong Kong dollar, the US dollar, the Australian dollar, the Canadian dollar, the British pound and the euro. They can receive payments in the Hong Kong dollar, the US dollar and the British pound. More currencies will be made available progressively, the bank added.

Customers can also view the exchange rate before payment and make edits if necessary.

"Making international payments can be complex for SMEs, weighing on cost and precious resources," said Winnie Yap, head of global liquidity and cash management, HSBC Singapore.

"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."