HSBC Bank USA, N.A. on Thursday (Sept. 9) announced it has expanded the currencies offered on its HSBC Global Wallet — the first multicurrency digital wallet from a major U.S. bank’s business platform — to include Chinese yuan, Japanese yen, Swiss francs and Malaysian ringgit, with plans to add more currencies.
That means small and medium-sized businesses (SMBs) can now receive, pay, hold and transfer money among more currencies than ever.
The HSBC Global Wallet launched in May, with support for euros, American dollars, U.K. pounds sterling, Hong Kong dollars, Canadian dollars, Singapore dollars and Australian dollars.
“The ability to ‘receive and pay like a local’ saves clients time and money, reduces fees and ensures that international payments are made simple and efficient with a single-account solution,” according to the HSBC announcement.
“This innovative solution is fully integrated with HSBC’s existing business banking platform, bringing the strength of the HSBC international network to our small and medium-sized business US customers, supporting a much more efficient expansion of their international businesses,” Drew Douglas, HSBC head of liquidity and cash management, U.S. and Canada, said in the company announcement.
HSBC Global Wallet provides instant access to currencies from within customers’ day-to-day banking platform, allowing for greater visibility of cash flow, with the support of HSBC’s global network of more than 1.3 million business customers in 53 markets.
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Related: HSBC Teams With Walmart On Working Capital Diversity
Last month, HSBC Bank announced a collaboration with Walmart that will increase access to and the affordability of working capital for “diverse and minority suppliers.” access to reliable funding sources.
HSBC and Walmart previously worked together on a program that pegs a supplier’s financing rate to the sustainability standards put in place by Walmart.
Also read: HSBC Qatar Debuts Mobile Payments, Collection Services
HSBC Qatar recently unveiled mobile payments for its personal and corporate customers as it works to digitize its payments.
Through the offering, Qatar customers will be able to make instant local bill transfers or transfer money to someone else through QR code. Personal banking accounts will be able to use these features on their mobile banking apps and will be able to purchase things from registered merchants—and merchants will be able to access new ways to collect things on mobile by registering with the HSBC service.
