With the progress of technology and pandemic-induced restrictions, SMEs are increasingly steering towards digital and mobile cross-border payments options.
August 19, 2021 | Namir Kaissi- Banks are following third-party payment service providers into the multi-currency wallet business
- Some banks and fintechs are focusing on SMEs to grow their market share
- The increase of non-bank players is the result of dissatisfaction with the traditional banking model
Banks such as Citibank and Banco Santander, and fintechs such as Wise, Revolut, and YouTrip have been offering contactless money transfers through their multi-currency wallets as early as 2011. In May 2021, HSBC launched its first global wallet to enable small and medium-sized enterprises (SMEs) to send and receive international payments simply and securely from a single global account.
Banks are following third-party payment service providers into the multi-currency wallet business
HSBC launched Global Wallet, its multi-currency digital wallet for SMEs to gain competitive advantage over fintechs. “Making international payments can be complex for SMEs, weighing on cost and precious resources. Global Wallet removes the pain points by enabling our customers to virtually, quickly and securely transact with their suppliers and clients around the world,” said Winnie Yap, head of global liquidity and cash management at HSBC Singapore.
HSBC’s Global Wallet is a step towards growing its SME business globally. It removes the need for businesses to use third-party providers for international transactions. For example, clients can pay in 10 currencies within the same day and receive funds in these currencies from across the world into their HSBC Global Wallet US dollar, Great Britain pound and Hong Kong dollar accounts.Furthermore, HSBC has removed correspondence and beneficiary bank charges for its SME customers. According to its 2020 annual report, the platform has more than 1.3 million commercial banking business customers in 53 countries and territor...
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With the progress of technology and pandemic-induced restrictions, SMEs are increasingly steering towards digital and mobile cross-border payments options.
August 19, 2021 | Namir Kaissi- Banks are following third-party payment service providers into the multi-currency wallet business
- Some banks and fintechs are focusing on SMEs to grow their market share
- The increase of non-bank players is the result of dissatisfaction with the traditional banking model
Banks such as Citibank and Banco Santander, and fintechs such as Wise, Revolut, and YouTrip have been offering contactless money transfers through their multi-currency wallets as early as 2011. In May 2021, HSBC launched its first global wallet to enable small and medium-sized enterprises (SMEs) to send and receive international payments simply and securely from a single global account.
Banks are following third-party payment service providers into the multi-currency wallet business
HSBC launched Global Wallet, its multi-currency digital wallet for SMEs to gain competitive advantage over fintechs. “Making international payments can be complex for SMEs, weighing on cost and precious resources. Global Wallet removes the pain points by enabling our customers to virtually, quickly and securely transact with their suppliers and clients around the world,” said Winnie Yap, head of global liquidity and cash management at HSBC Singapore.
HSBC’s Global Wallet is a step towards growing its SME business globally. It removes the need for businesses to use third-party providers for international transactions. For example, clients can pay in 10 currencies within the same day and receive funds in these currencies from across the world into their HSBC Global Wallet US dollar, Great Britain pound and Hong Kong dollar accounts.Furthermore, HSBC has removed correspondence and beneficiary bank charges for its SME customers. According to its 2020 annual report, the platform has more than 1.3 million commercial banking business customers in 53 countries and territor...
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