HSBC is set to close its international money app Zing just a year after the app’s launch in the UK.HSBC set to close Zing appZing 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).“As part of our regular business reviews, we continuously evaluate how to align our resources with our strategic priorities. This includes considering changes to our business structure and entities.“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.”Reuters reports that the decision to close Zing could potentially lead to a number of job cuts, citing a source familiar with the matter.The group-wide effort to streamline operations has seen HSBC recently sell its banking operations in Argentina and private banking business in Germany. The firm is also reportedly considering the sale of its South African business.In December, HSBC announced the completion of the “next stage” of its plan to “simplify the bank’s organisational structure”, outlining four core businesses and announcing numerous leadership appointments.
Sab. Feb 1st, 2025
