HSBC is set to challenge fintech giants with the impending launch of Zing, an international payments app aiming to compete with the likes of Wise, PayPal, and Remitly. The app is scheduled for a UK debut and subsequent global expansion later this year, according to a recent Forbes report.
Global vision and seamless onboarding
Zing will soon be available on Apple's App Store and Google Play, catering to both HSBC and non-HSBC clientele. Boasting a user-friendly interface, the app aims for a rapid three-minute sign-up process. Nuno Matos, CEO of HSBC's global wealth and personal banking business, emphasized Zing's global ambitions in an interview with Bloomberg, positioning the app as a key player in the international payments landscape.
Zing's currency capabilities
Zing empowers users to hold up to 10 currencies, facilitating fee-free spending in different countries without point-of-sale conversion fees. The app also supports international transfers across 30-plus currencies, providing users with a versatile global spending tool.
Integrated with HSBC's global money account
Functioning as an extension of HSBC's Global Money Account, Zing complements existing services. HSBC customers with checking or savings accounts can conveniently hold funds in up to eight currencies, allowing for fee-free transfers to other HSBC customers.
Competitive fee structure and strategic positioning
As Zing enters the cross-border money transfer arena, its fee structure, starting at 0.6% and varying based on transaction value, is positioned competitively. HSBC's move to provide existing customers with fee-free transfers through the Global Money account reinforces its standing as a formidable competitor in the evolving fintech space.
The launch of Zing showcases HSBC's commitment to adapting to the changing financial landscape, leveraging its global reach and established customer base to compete with agile fintech players.
