HSBC Holdings is set to launch a new international payments app called Zing, which will directly compete with popular fintech companies Revolut and Wise. The app will initially be available in the UK, with plans to expand to other European markets in the future. Zing aims to provide affordable foreign exchange services to retail customers, making it an attractive option for those seeking cost-effective currency exchanges. The app will be accessible to non-HSBC customers, marking a strategic move by the bank to expand its presence in the global retail payments market.
The CEO of HSBC’s global wealth and personal banking business, Nuno Matos, stated that Zing has a global ambition and that the bank plans to establish itself as a leading international payments platform. The app will be available on both Apple’s App Store and Alphabet’s Google Play platform. The signup process for new users will be a quick and user-friendly three-minute procedure, highlighting the app’s ease of use and accessibility.
According to Matos, HSBC’s move into the foreign exchange app market is a bold move for the bank, as it expands beyond its traditional customer base to target a growing segment of consumers. HSBC plans to expand the app’s availability to markets in Asia, the Middle East, and the EU in the near future.
