Wise, a global technology company in international money management, launched its international business account in Hong Kong on 3 March 2025. The Wise Hong Kong business account will allow small and medium-sized enterprises (SMEs) in the city to pay, receive payments, and manage over 40 currencies, making it easier for them to grow their businesses internationally.

A study from Edgar Dunn & Company, commissioned by Wise, surveyed over 200 finance decision-makers in Hong Kong SMEs and found that 96% had made or received cross-border payments in the past six months. Over half (52%) said they handle these transactions weekly.

This highlighted the growing need for efficient financial solutions. Also, among SMEs that made international transactions in the last six months, 56% expected more payments from overseas business partners, 55% expected an increase in payments from consumers, 52% anticipated paying more suppliers abroad, and 47% planned to set up new overseas entities.

According to the survey, only 41% of SMEs knew that exchange rate markups are often added to global transactions. Additionally, 85% of SMEs reported negative effects on their business due to poor payment experiences. These issues include the inconvenience of using multiple providers (57%) and delays with payments taking over a day (37%).

The Wise Business account includes local account details to receive payments in 9 major currencies, the ability to manage 40+ currencies with low upfront fees, and instant transfers for 65% of payments. Businesses can also use tools like accounting software integrations, batch payments, free invoicing, and Quick Pay links to simplify global transactions.

Angel Chan, Hong Kong Expansion Lead for Wise, shared,

“For Hong Kong SMEs, streamlining multi-currency transactions is critical to scaling globally. The launch of the Wise Business account is our answer, offering businesses a faster, more affordable, convenient and transparent way to manage global payments in one place, so they can focus on growing their business. With SMEs making up over 98% of enterprises in Hong Kong and playing a vital role in the economy, we’re proud to support their global ambitions and help them scale with ease,”

The launch of the Wise Business account further strengthens Wise’s presence in Hong Kong, where it has been providing low-cost, fast, and transparent cross-border transactions for both consumers and businesses since 2018.

In addition to serving customers directly, Wise Platform, Wise‘s global payments infrastructure, enables cross-border payments for partners like ZA Bank, Mox, and Standard Chartered. This allows the respective banks’ customers to send money internationally with ease, all within their banking apps.

Source of image: Edited from Freepik