HSBC offers Fusion to small businesses

KUALA LUMPUR: HSBC Bank Malaysia Bhd yesterday unveiled HSBC Fusion, a new financial product that caters to small businesses.

By integrating business and personal banking, HSBC Fusion provides customers more clarity in their finances, helping them save time and get ahead with easy access to funding, advice and opportunities.

“Malaysia’s small and medium enterprises (SMEs), comprising 98.5 per cent of the country’s business community, contribute more than one-third to the economy.

“They are a key growth engine and HSBC is committed to providing best-in-class financial services to help them succeed,” said HSBC Malaysia head of retail banking and wealth management Tara Latini in a statement.

HSBC Fusion customers will receive the support of a dedicated relationship manager who will attend to their business and personal banking needs.

Additionally, they have access to HSBC’s Contact Centre team who help out in their personal and business needs.

Customers can apply for funding as well as take advantage of a single Internet banking platform that provides views on their business and personal accounts.

HSBC Asia-Pacific regional head of retail business banking, Satyam Agrawal, said in Asia Pacific, SMEs comprised 98 per cent of enterprises and employed almost half of the workforce.

“But... most banks do not have a proposition that caters to the unique needs of a SME. As per ‘The SME Banking Knowledge Guide by IFC & Asia SME Finance Monitor 2014 by Asian Development Bank’, over 79 per cent of SMEs are either under or unserved in emerging markets today.”

Agrawal said small business owners needed a financial partner that recognises their particular needs and was able to stand with them throughout their journey.

HSBC Fusion understood the goals, challenges and everything in-between of a small business owner and would help them lead a fuller live, he added.