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 banks clients in the US can send money in different currencies, hold, and manage the account. The Global wallet uses HSBCs global payment network, and it is fully integrated with the banks 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, HSBCs 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. HSBCs 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.. The report should be 10 pages..

1. 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 banks clients in the US can send money in different
currencies, hold, and manage the account. The Global wallet uses HSBCs global payment
network, and it is fully integrated with the banks 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, HSBCs 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. HSBCs 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.. The report should be 10 pages.