How the workforce management platform has extended its reach to streamline employment in more than 150 countries
Many organisations today face a common challenge: streamlining their operating models for international expansion. This challenge is fuelled by the growing complexity of managing a global workforce – and has been a driving force behind Multiplier Technologies’ mission to simplify international business expansion.
“Dealing with the intricacies of expanding across borders is something many companies can relate to,” notes the firm’s CEO and Co-founder, Sagar Khatri. “We wanted to address this need and help streamline global payroll management, and that’s where our journey started.”
Today, Multiplier enables businesses to employ talent in over 150 countries in just a few clicks. It provides a global platform that simplifies the process of hiring and managing international teams by taking care of compliance, contracts, payroll, benefits and taxes.
Founded in 2020 in Singapore, the firm already assists companies in hiring talent across more than 150 countries without the need for them to open legal entities.
“Our mission at Multiplier is to simplify international business, making it as straightforward as domestic operations,” says Co-founder and Chief Product Officer Vamsi Krishna. “We bridge the global gap and enable companies to expand effortlessly across borders.”
Navigating global expansion
From the outset, Multiplier aimed to go global and simplify workforce expansion for companies worldwide. But this ambitious goal came with its own set of challenges.
Clients faced the complexity of opening accounts in multiple jurisdictions while needing visibility of their accounts globally to ensure efficient financial operations across regions.
“Due to our business model, we also needed to facilitate timely collections from our customers so we could make time-sensitive payroll payments through a seamless and straight-through payout process,” says Khatri.
Consolidating digital marketing costs efficiently and transparently posed another challenge. Real-time visibility of payment status was also a crucial operational requirement to help clients make informed decisions. Likewise, Multiplier needed to manage foreign exchange (FX) requirements effectively across payouts to ensure smooth international financial transactions for clients.
Choosing the right global partner for rapid growth
Given its complex challenges and global client base, Multiplier needed a banking partner that could match its expansive ambitions. HSBC emerged as the ideal partner.
“We’re a global company so we needed a global banking partner that could align with our ambitious growth plans,” says Krishna. “HSBC was the perfect fit because of their global network and strong presence in Asia.”
Importantly, he adds, “HSBC believed in our potential from the very start and supported us, even though we were a small company then. For that, we’re very thankful.”
Khatri agrees, adding, “HSBC has been able to meet our requirements with the depth of their payments and collections capabilities and digital platforms. And due to the amount of cash we collect in multiple currencies, HSBC’s FX hedging solutions have also helped us mitigate currency fluctuations risk.”
Improving payroll management
From Host-to-host connectivity for payment, collections & reporting, direct debit collections to FX solutions, HSBC provides a comprehensive suite of services that cater to Multiplier’s diverse needs across different markets. Managing payroll leaves no room for delays and HSBC’s customer service guarantees speedy assistance with any issues.
“We can call somebody from the bank and get an immediate response,” says Khatri. “Their customer service really stands out.”
In addition, the bank has introduced direct or host-to-host connectivity for improved financial control and cash balance reporting.
Currently, Multiplier is in the process of migrating its payroll payout from file upload functionality through HSBCnet to Host-to-Host connectivity with their ERP system to have straight-through payout – the transition has been successfully implemented in nineteen markets and more markets are completing by end of the year. This will streamline payroll processing, resulting in substantial time and cost savings.
Streamlining global account openings
Multiplier’s collaboration with HSBC encompasses a significant and growing portion of its global operations. Since 2021, the firm has successfully onboarded HSBC in close to 40 key markets, streamlining the remote opening of accounts for its locally incorporated subsidiaries.
This collaboration continues as Multiplier and HSBC extend banking services to seven more markets, including Maldives, Luxembourg and Ireland. The arrangement has given Multiplier clients complete visibility and control over their accounts globally.
Charting the future with HSBC
Multiplier’s strategic collaboration with HSBC has not only addressed the firm’s immediate challenges but also set the stage for future growth.
Leveraging HSBC’s global capabilities and infrastructure, Multiplier plans to introduce innovative payroll solutions that can reshape payroll processing and management.
“We want to make global payroll as seamless as booking a cab ride, and we plan to utilise HSBC’s extensive payments and banking infrastructure to enable that,” says Krishna. “We’re confident that with HSBC’s capabilities, we can scale Multiplier rapidly.”
Khatri adds, “With HSBC as our banking partner, we’re going full steam ahead.”
Discover how HSBC’s global network and expertise can help your business reach your ambitions in Asia and beyond.