KUALA LUMPUR (Jan 20): HSBC Bank Malaysia Bhd has launched Malaysia’s first multi-currency digital wallet that enables small and medium enterprises (SMEs) to make and receive international payments simply and securely from a single global account.

In a statement on Thursday (Jan 20), HSBC Malaysia said the multi-currency digital wallet Global Wallet is fully integrated within its existing business banking platform (HSBCnet), which in tandem with the bank’s global payment networks allows SMEs to “pay and receive like a local” – complete transactions within the same or next day. 

The bank noted that Global Wallet cuts down on the time required for money to be delivered to an overseas beneficiary and removes the need for businesses to use third-party providers for international transactions.

“SMEs can send and receive money in 10 currencies (including US dollar, Japanese yen, renminbi, Singapore dollar and euro), and hold and manage those currencies by establishing a single banking relationship with HSBC Malaysia,” it said. 

HSBC Malaysia forecasts that as international borders open up and global trade rebounds, stronger participation in global markets by Malaysian SMEs will bring new opportunities for international expansion and growth.

“The rapid digitalisation of financial services and the growth of e-commerce has also enabled SMEs to reach a wider base, however, making international payments can be complex for SMEs, weighing on cost and precious resources,” it added.

The bank said the Global Wallet is aimed to remove these “pain points” for SMEs by enabling them to quickly and securely transact with their suppliers and clients around the world in the destination currency.

HSBC Malaysia country head of commercial banking Andrew Sill said the launch of Global Wallet cements the bank’s commitment to scaling up its SME banking capabilities in the nation and supporting SMEs as they expand internationally.

“Drawing on HSBC’s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier.

“Given this, we anticipate that we will be able to grow our SME customer base by 25% in the first year with the launch of Global Wallet,” he added.

HSBC noted that Global Wallet is backed by the trust and security of HSBC’s global network, with more than 1.3 million commercial banking customers in 53 countries and territories.

“As the payment landscape continues to evolve we are leveraging on real innovation that comes from a blend of human collaboration and new technologies to transform,” Sill said, adding that the bank is transforming alongside its customers by collaborating and co-creating innovative products, services and ideas to build smarter business.