HSBC Holdings plc’s ( HSBC Quick Quote HSBC - Free Report) U.S. division, HSBC USA, recently announced the launch of a multi- currency digital wallet — HSBC Global Wallet — in a bid to further enhance digital offerings to the clients. It will enable the U.S. clients to exchange foreign currencies and make international transactions without the use of third-party providers. This will make international payments for businesses simple and secure.
Notably, HSBC Global Wallet is consolidated with the bank’s existing business banking platform and uses its secured global payments network. HSBC USA, thus, is the first bank in the country to offer small- and medium-sized businesses “pay like a local” in foreign currencies. Besides, with instant access to currencies, the wallet allows greater visibility of cash flow.
HSBC Global Wallet, also rolled out in the U.K and Singapore, enables businesses to operate globally. Initially, the wallet will have payment capabilities in Euros, UK Pound Sterling, Hong Kong Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars and Malaysian Ringgit. Later this year, it will also support receive capabilities for these currencies.
Additionally, HSBC has plans to introduce the wallet in other markets in 2022. Also, the company “has a pipeline of new currencies and enhancements.”
Drew Douglas, head of Liquidity & Cash Management, US and Canada, said, "We are excited that the US is one of the first markets in which we are launching HSBC Global Wallet.” He further added, “We are excited for the launch and looking forward to expanding the breadth of currencies as we move forward and to introducing receive ‘like a local’ functionality in the very near future."
HSBC’s solid capital position, initiatives to strengthen digital capabilities, extensive network across the world and efforts to improve operating efficiency through business restructuring are likely to continue aiding its financials in the quarters ahead.
Over the past six months, shares of the company have gained 26.9% compared with 25.9% growth recorded by the
Currently, HSBC Holdings carries a Zacks Rank #3 (Hold).
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