According to Reuters, HSBC is set to shut down its international payments app, Zing, potentially resulting in 400 job losses. This decision is part of CEO Georges Elhedery’s ongoing cost-cutting strategy and an overhaul of the bank's operations.
Zing's short-lived attempt to compete with fintech rivals
Launched just a year ago, Zing aimed to compete with fintech companies like Revolut and Wise by offering a mobile platform for cross-border payments. Initially targeting UK customers, the app was designed to complement HSBC’s Global Money service and expand its customer base beyond traditional HSBC clients.
HSBC's shift in strategy
After Elhedery took over as CEO in September, the bank’s interest in Zing reportedly waned. Following a strategic review, HSBC decided to integrate the app’s technology into its existing systems rather than continue investing in the project.
An HSBC spokesperson confirmed the move, stating that the bank is focusing on areas with a clear competitive advantage to drive growth and better support clients.
