HSBC rolls out multi-currency digital wallets to compete with its rivals
London-based HSBC bank has today announced the launch of its multi-currency digital wallet that will ensure people make international payments securely and safely. Named, HSBC Global Wallet, it is the first multi-currency offering by a US bank that removes the need for third-party providers for foreign exchange and international transactions. The bank’s clients in the US can send money in different currencies, hold, and manage the account.
The Global wallet uses HSBC’s global payment network, and it is fully integrated with the bank’s existing business banking platform, thereby letting its customers pay like local. In a press release, HSBC USA said that their new multicurrency wallet is a groundbreaking move that launched in the US, UK, and Singapore. It covers a wide range of currencies like Euros, U.K. Pounds, and Malaysian ringgit, along with Hong Kong, Canadian, Singapore, and Australian dollars.
Drew Douglas, HSBC’s head of liquidity and cash management, US and Canada told the media, “We are excited that the US is one of the first markets in which we are launching HSBC Global Wallet. As we continue to focus on making international business easier and more efficient, this innovative solution will allow our commercial U.S. clients to more effectively manage their foreign currency balances locally and to pay internationally like a local.”
HSBC said that their digital wallet is primarily targeted at small to medium-sized businesses with an international supply chain. HSBC’s digital wallet launch comes at a time when mobile wallets or tap-and-pay plastic cards are taking over cash payments. According to a recent study, the cash flow transactions only account for 20 percent of in-store payments worldwide and it also recorded a 32 percent drop since 2019.
(Source: https://internationalfinance.com/hsbc-rolls-multi-currency-digital-wallets-compete-rivals/)
Based on the above article, you are required to write a report on the implementation of multi-currency digital and its impact on the international transaction and translation, foreign exchange risks particularly, and in international finance and markets in general. Your discussion MUST include academic references as well as other practical refereed resources.
General Criteria
- This is an individual assignment.
- Maximum of 10 pages. Writings exceeding it, if any, will NOT be read. The 10-pages requirement is strictly on the essay only and does NOT include complementary sections such as Cover page, Title page, Abbreviations, Table of Content, Abstract, Reference, and Appendix, whichever is applicable.
- The page number must be centered on the text, and placed at the bottom of the page. No dashes, periods, underlining, or other marks should appear before, after, or under the page number.
- Additional marks shall be given for bringing in and discussing related concepts, theories, and issues from OTHER scholarly articles(s).
Specific criteria for the assignment
- Research-informed literature
The work requires engagement with academic literature/theory therefore you should show a wide level of reading, a RANGE OF BETWEEN TEN (10) TO FIFTEEN (10) ACADEMIC REFERENCES, from sources such as textbooks, academic journals, and academic-based websites. Given the nature of this area, you may also (not instead of) choose to use governmental, industrial, or similar sources.
- Knowledge and understanding of the subject
You should demonstrate a systematic understanding of key aspects of financial markets and institutions concepts, including the acquisition of coherent and detailed knowledge, at least some of which is at, or informed by, the forefront of finance academic research and practice. This involves the selection of the most appropriate and/or suitable concepts and frameworks relevant to creating or increasing awareness within the context of your chosen innovation/idea.
- Analysis
You should devise and sustain arguments, and/or solve practical real-world problems, using principles of ideas and techniques. Recommendations/proposals should be convincing, persuasive, possibly challenging, and derived from the evaluation of the evidence.
- Practical application and deployment
You should deploy your chosen techniques, models, and/or theories, to the chosen topic, to identify which strategies they could use and the challenges they are facing, giving real-life examples to illustrate the points you make.
- Skills for professional practice
You should use a report of a recognized format. It should include an executive summary, introduction, main findings, and conclusions. Recommendations are also required. All writing should be academic in style, formal, focused, concise and subject-specific. All graphs, charts, and figures in the main body must be referenced beside or beneath. Where possible they should not be on separate pages but should be incorporated within the text.
