HSBC has announced the launch of Zing, a new international payments app aimed at competing with fintech leaders like Revolut and Wise. The app will initially debut in the UK before expanding to other regions. HSBC is looking to take a share of the rapidly expanding cross-border payments market that has seen huge growth from startups like Revolut and Wise. Zing will not be limited to HSBC customers only; other individuals will also be able to use the app. The process of setting up an account is expected to take less than three minutes, and HSBC aims to make Zing a “global platform.”
Nuno Matos, the CEO of HSBC’s global banking unit, said the bank is ready to “attack” the retail forex space and establish itself as a global platform for international payments. He expects Zing will initially appeal to new customers outside HSBC’s traditional base but hopes it will also attract new banking customers to HSBC over time.
Zing builds on HSBC’s Global Money product that provides fee-free currency exchange. Global Money has already seen strong growth, processing $11 billion in transactions in 2022. HSBC is hoping Zing will accelerate its goal of becoming the top financial institution for globally mobile retail customers.
In addition to the launch of Zing, HSBC has successfully completed a trial of quantum key distribution (QKD) technology, which is designed to secure highly sensitive financial data.
The launch of Zing and HSBC’s focus on the cross-border payments market highlights how legacy banks are taking fintech competition seriously and leveraging their large customer bases and global footprint to compete with startups in the industry.
