Here’s our pick of five of the top news stories from the world of fintech this week, featuring Ally Financial, Zing, Swift and more.HSBC set to close Zing appHSBC set to close Zing appHSBC is set to close its international money app Zing just a year after the app’s launch in the UK.Zing offers users a multi-currency app and debit card, allowing UK residents to hold over 20 currencies, make purchases in more than 200 countries, and send money in over 30 currencies.In comments sent to FinTech Futures, an HSBC spokesperson says: “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. 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).”“This decision forms part of the simplification of the Group announced on 22 October 2024. 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 spokesperson adds.Read more hereSwift selected to build and operate EPC Directory Service for VOP schemeThe European Payments Council (EPC) has selected Swift to deliver the incoming EPC Directory Service (EDS), which is set to go live on 5 October 2025.Swift has been tasked with developing and operating the ESD, which the EPC describes as a “key component” for payment service providers (PSPs) to operate the EPC Verification of Payee (VOP) scheme.This scheme ensures that the name of the payee matches the account number before a payment is authorised, and will be enabled via data stored in the EDS.Read more hereTransUnion expands LatAm footprint with $560m deal for majority stake in Trans Union de MéxicoTransUnion buys majority stake in Trans Union de MéxicoTransUnion is acquiring a majority stake in Trans Union de México, the consumer credit arm of Mexican credit bureau Buró de Crédito, for approximately $560 million (MXN 11.5 billion).Increasing its stake from 26% to around 94% will “strengthen our leadership position in Latin America and will make TransUnion the largest credit bureau in Spanish-speaking Latin America”, comments Carlos Valencia, regional president of TransUnion Latin America.The deal is expected to close by the “end of 2025”, pending regulatory approval, and will be funded by TransUnion through a mix of debt and equity.“We see substantial opportunity to introduce global products like trended and alternative credit data, fraud mitigation solutions and consumer engagement tools. We also plan to expand beyond traditional financial services into adjacencies such as fintech and insurance,” adds Valencia.Read more hereAlly Financial sells credit card business to CardWorks and Merrick BankUS-based online bank, lender and trading platform Ally Financial has
Dom. Gen 26th, 2025
