HSBC launches new platform for Singapore SME employees
HSBC has unveiled a new platform designed to help small and medium-sized enterprises (SMEs) in Singapore manage employee benefits more effectively. The platform, called HSBC Thrive Benefits, provides unique capabilities for effective employee benefits management, which will help improve not only SMEs’ business processes but also enhance the employee experience.
Singapore has pioneered the launch of HSBC Thrive Benefits, underlining its strategic importance as a global hub for innovation and business development. The initiative is expected to attract international entrepreneurs and companies looking to establish their SMEs in a dynamic and supportive environment.
This initiative provides employees with the unique opportunity to benefit from a wide range of benefits on one convenient platform, including financial products, fitness finance, wellbeing services and lifestyle offerings. It addresses the fragmentation of the benefits market, providing a comprehensive approach that will prevent SMEs from high costs and reduced employee engagement.
The platform not only provides SMEs with access to benefits but also provides them with analytics tools to manage them more effectively. These tools enable companies to gain insights into how their employees are using the benefits, allowing them to create personalized and effective benefit packages. The platform currently has 500 active users from 30 companies in Singapore utilizing HSBC Thrive Benefits.
Key features of the platform include the ability to customize SME benefit packages to suit the preferences of their employees, access to HSBC’s service and support team, and special rates on select HSBC banking products. After a free two-month trial, businesses will be given ongoing access to the platform for a nominal fee of S$4 per user.
For SME employees, the platform offers not only streamlined access to their benefits but also resources for health and well-being, as well as financial well-being tools provided by HSBC Singapore.
HSBC also announced its partnership with the Singapore Business Federation (SBF). The collaboration aims to support local businesses in expanding into key trading markets such as the Greater Bay Area (GBA), India and the Middle East. The MoU will open up new growth opportunities for Singaporean businesses, and with their combined networks and expertise, HSBC and SBF are positioned to help them tap into the opportunities in these emerging markets.
