HSBC is taking the fight to fintech rivals like Wise with the launch of a multi-currency digital wallet that enables businesses to make international payments simply and securely.
HSBC Global Wallet launches initially in the US, UK and SIngapore, with payment capabilities in euros, UK pound sterling, Hong Kong dollars, Canadian dollars, Singapore dollars, Australian dollars and Malaysian ringgit.
HSBC clients will be able to send money in a number of currencies, and hold and manage those currencies. The bank says it will add the ability to receive payments later this year.
The bank in November launched a free mobile-based service that customers can use to hold, manage and send funds in various currencies to HSBC customers in over 20 markets around the clock in real-time without incurring any fees.
While the HSBC Global Money Account was pitched at wealth and personal banking customers, Global Wallet is targeted at small- and medium-sized businesses with international supply chains.
“HSBC Global Wallet makes it just as easy for our customers to deal with a supplier or a client on the other side of the world as it is to deal with one on the other side of town,” says the banks global head of liquidity and cash management Diane S Reyes. “By fully integrating this solution into our everyday business banking platform we’re giving our clients a virtual presence in markets around the world."
The launch of the service marks a growing trend by banks to claw back business lost to trend-setting fintechs like Transferwise and Revolut, which offer similar borderless accounts to consumers. Banco Santander for instance has launched a standalone service, PagoFX, for the UK retail market and sole traders.