Reports: HSBC Shuttering Cross-Border Payments App Zing

Just one year after its launch, HSBC’s cross-border payments mobile app is no more.

A Yahoo Finance report on Thursday (Jan. 23) quoted a spokesperson for the bank: “Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC.”

The report also said that the closure is likely to impact approximately 400 jobs, although HSBC didn’t confirm that. The job losses are expected to affect “a substantial number of non-HSBC external customer support staff,” the report said.

Rolled out in January 2024, Zing was HSBC’s attempt to compete with FinTech rivals — such as Wise and Revolut — in the U.K. market by providing lower transaction fees. The Zing app allowed users to hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories.

The Zing app was designed to complement HSBC’s Global Money product available to its international Wealth and Personal Banking customers, and to target non-HSBC customers who could help broaden the bank’s traditional customer base.

In July, Visa had partnered with Zing. At that time, Zing CEO James Allan said: “People all across the globe want easy to use, secure and trustworthy financial products that enable them to live their best international lives. Zing delivers on that promise, and we look forward to building on this partnership in the future.”

However, under the leadership of Georges Elhedery — who made the move from HSBC CFO to CEO last year — it reportedly became difficult to justify further investment in Zing as strategic restructuring and cost-cutting measures were implemented.

So what will happen to Zing’s customers? A separate report from FinTech Futures quoted the HSBC spokesperson as saying: “Zing customers will be informed of an alternative option to become bank customers of HSBC UK and use the Global Money proposition (subject to KYC checks).”

“HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support our clients,” the HSBC spokesperson said.