KUALA LUMPUR: HSBC Bank Malaysia Bhd has enhanced its foreign exchange (FX) services through its mobile banking application amid growing demand for currency conversion and cross-border payments.
The enhanced FX on Mobile feature allows customers to monitor selected currencies, track historical exchange rate movements and set target rates through notifications.
Customers can also convert currencies through the app 24 hours a day, seven days a week, with access to live exchange rates.
HSBC Premier customers can additionally transfer money to more than 50 countries and territories without incurring transfer fees.
HSBC Malaysia head of wealth and premier solutions, international wealth and premier banking Jon Chivers said the enhancement reflected changing customer needs as FX services became increasingly relevant to wealth management and international transactions.
“Over the last year, HSBC’s FX services recorded 428,000 visits to its FX on the mobile page compared with the previous period.
“This tells us that customers are actively seeking timely access to FX information and services,” he said at the launch today.
Chivers said Malaysia’s spot FX turnover across retail and corporate transactions grew at a compound annual growth rate of 12.6 per cent between 2021 and 2026, based on annualised figures.
Cross-border payments are also projected to expand by eight per cent between 2026 and 2029.
On currency preferences, Chivers said the US dollar remained the dominant foreign currency held by customers, while Malaysia had continued to record growth in foreign currency deposits.
He said the increase in foreign currency deposits reflected FX inflows into the country, with customers deciding whether to retain or convert their holdings based on currency movements and interest rate expectations.
Chivers said HSBC’s FX conversion rates were competitive, with Premier customers receiving preferential rates when using the service.
He encouraged customers unfamiliar with FX services to explore the bank’s Wealth Insights Hub, which provides weekly and monthly currency outlooks and updates on market developments.