This initiative holds particular importance for markets where conventional banking systems are still underdeveloped. Deepan highlights the ASEAN regions as primary beneficiaries, where Dandelion’s network facilitates dependable transactions in areas that have previously been neglected.
Looking forward, HSBC and Dandelion are gearing up to include more currencies and payment gateways, such as digital wallets.
Although retail payments are currently the primary focus, Deepan observes a growing interest from corporate clients who are eager for similar efficiencies in their business-to-business transactions.
The strategy goes beyond standard transfers and includes features like loyalty-based foreign exchange rewards and rate alerts.
Market analysts anticipate that this direct-to-local model may see widespread acceptance as banks strive to lessen their dependence on traditional correspondent banking ties.
“Our goal is to create a comprehensive ecosystem for international clients. From multi-currency accounts and the opening of international accounts to portable credit histories and our global insights into FX and currencies, we aim to provide clients with a seamless and loyalty-focused experience that rewards their partnership with HSBC,” concludes Nadeesha.
