HSBC and Conferma Expand Virtual Card Partnership to Automate B2B Payments Across APAC

HSBC and Conferma have expanded their decade-long partnership into the Asia Pacific region, integrating virtual card payments directly into corporate procurement and travel workflows. For fintech professionals, this move signals a significant shift toward "invisible" B2B payments, addressing the urgent demand for automated reconciliation and improved working capital management in digital-first business environments.

What was announced

The expansion brings HSBC Virtual Cards into the existing operating environments of businesses across Hong Kong, Singapore, and Malaysia. By embedding these payment capabilities into finance, procurement, and Enterprise Resource Planning (ERP) systems, the solution allows users to manage transactions without switching between different platforms. This integration is designed to reduce friction and provide real-time visibility into corporate spending.

The collaboration between the two firms dates back to 2011, when they first deployed virtual cards for corporate travel. This latest phase moves beyond Travel and Expense (T&E) to support broader B2B use cases. Key applications include frictionless travel payments, where hotel bookings are settled seamlessly to remove manual billback processes, and embedded supplier payments that integrate into Accounts Payable (AP) platforms. This allows for faster, controlled transactions that are automatically reconciled within the client's existing software.

The move comes as the industry sees a rapid shift toward digital-first operations. Total transaction value for embedded payments is projected to reach $228 billion by 2028. By utilizing virtual cards, finance teams can automate the reconciliation of rich transaction data and manage spend in real time, which is increasingly critical for maintaining control as digital transformation accelerates across Asian markets. The solution specifically targets the elimination of manual processes and the enhancement of transparency across the supply chain.

"Across Asia Pacific, customers are looking to modernise supplier payments to reduce manual processing, strengthen control, and optimise working capital. Virtual Cards are becoming a mainstream B2B payment method, extending well beyond T&E spend. By working with Conferma, we enable clients to embed automated Virtual Card payment workflows into their existing ERP, procurement, and AP platforms—improving straight-through processing and visibility."

Erika Yeung, Head of Commercial Cards, Asia Pacific at HSBC.

The companies involved

HSBC is one of the world’s largest banking and financial services organisations, serving millions of customers globally through its various business segments. The bank has a significant presence in the Asia Pacific region, where it has historically played a central role in trade and commercial banking. In recent years, the institution has focused heavily on digitising its commercial offering to remain competitive against emerging fintech challengers and to meet the evolving needs of its corporate client base. This focus is reflected in its efforts to integrate banking services directly into the software tools its clients use daily.

Conferma is a specialist in virtual payment technology, providing the infrastructure necessary to generate and manage virtual cards across various banking partners. The company focuses on bridging the gap between issuers and the procurement systems used by businesses. By providing the technology layer that enables "invisible" payments, Conferma allows banks to offer more integrated services to their clients. The partnership with HSBC represents a long-standing relationship in the fintech space, evolving from a niche travel solution into a comprehensive B2B payment tool. Together, the companies occupy a significant position in the market for corporate payment automation and spend management.

What FF News has reported before

FF News has extensively tracked HSBC’s digital expansion and its efforts to streamline international financial services. Recently, the bank collaborated with Allfunds and HSBC Launch T+0 Same-Day Settlement for Hong Kong Money Market Funds, a move that similarly targeted efficiency in the Asian markets. The bank has also been active in the Middle East, where HSBC Launches WorldTrader in Qatar: Access 25 Global Markets via Mobile. Furthermore, the institution continues to refine its services for high-net-worth segments, as seen when HSBC US Revamps Premier Banking to Capture Global Affluent Wealth Segment. These developments highlight a broader corporate strategy focused on high-growth regions and digital-first settlement solutions.

What this means

The expansion of embedded virtual cards into APAC places significant pressure on traditional corporate payment providers who still rely on manual reconciliation and siloed banking portals. As businesses demand that financial services exist within their own ERP and procurement software, the "banking as a service" model is becoming the baseline expectation rather than a premium feature. This announcement moves the needle by proving that even the largest legacy institutions are now prioritising deep software integration over proprietary interfaces. The industry must now address whether smaller regional banks can keep pace with the technical requirements of such deep integrations or if the B2B payment market will further consolidate around global giants with established fintech partners.