Banking
giant HSBC has announced the launch of Zing, a new international payments app
aimed at competing with fintech leaders like Revolut and Wise. In recent years,
neobank apps have taken a significant slice of the payment pie from traditional
institutions. However, it turns out that the giants have not yet had their
final say and want to attract customers again, especially from the youngest
generations.
The Zing
app will initially debut in the UK before expanding to other regions in the coming
months. According to information from Bloomberg, it will be available
within days on the App Store and Google Play.
HSBC is
looking to take a share of the rapidly expanding cross-border payments market
that has seen huge growth from startups like Revolut and Wise. These fintech
firms have attracted tens of millions of retail customers globally by offering
low-cost foreign exchange and money transfer services through mobile apps. The latest financial report of Revolut for 2022 confirms this, showing a 45% increase in revenue to $1.1 billion.
Zing will
not be limited to HSBC customers only; other individuals will also be able to
use the app. The process of setting up an account is expected to take less than
three minutes, and HSBC aims to make Zing a “global platform.”
🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: HSBC is set to debut an international payments app called Zing, aimed at directly challenging the dominance of FinTechs like Revolut and Wise.
Zing will initially be offered in the UK, but Europe’s largest bank is planning to roll out the service in other… pic.twitter.com/JfdZtTgQqO
— Marcel van Oost (@oost_marcel) January 2, 2024
Nuno Matos,
the CEO of HSBC’s global banking unit, said the bank is ready to
“attack” the retail forex space. “We want to establish ourselves
as a global platform for international payments.”
He expects
Zing will initially appeal to new customers outside HSBC’s traditional base.
But Matos hopes it will also attract new banking customers to HSBC over time.
Building on Existing
Offerings
Does the
competition feel the breath of the banking giant on its shoulder? Much suggests
that they do. Shares of Wise fell over 7% Tuesday on the news of a major new
competitor entering the space.
Zing builds
on HSBC’s Global Money product that provides fee-free currency exchange . Global
Money has already seen strong growth, processing $11 billion in transactions in
2022.
HSBC is
hoping Zing will accelerate its goal of becoming the top financial institution
for globally mobile retail customers. The launch shows legacy banks taking the fintech
competition seriously by leveraging their large customer bases and global
footprint.
In other
FX-related developments, HSBC has successfully completed a trial, reportedly
the first of its kind globally, utilizing quantum key distribution (QKD)
technology. The QKD approach is designed to secure highly sensitive financial
data.
Banking
giant HSBC has announced the launch of Zing, a new international payments app
aimed at competing with fintech leaders like Revolut and Wise. In recent years,
neobank apps have taken a significant slice of the payment pie from traditional
institutions. However, it turns out that the giants have not yet had their
final say and want to attract customers again, especially from the youngest
generations.
The Zing
app will initially debut in the UK before expanding to other regions in the coming
months. According to information from Bloomberg, it will be available
within days on the App Store and Google Play.
HSBC is
looking to take a share of the rapidly expanding cross-border payments market
that has seen huge growth from startups like Revolut and Wise. These fintech
firms have attracted tens of millions of retail customers globally by offering
low-cost foreign exchange and money transfer services through mobile apps. The latest financial report of Revolut for 2022 confirms this, showing a 45% increase in revenue to $1.1 billion.
Zing will
not be limited to HSBC customers only; other individuals will also be able to
use the app. The process of setting up an account is expected to take less than
three minutes, and HSBC aims to make Zing a “global platform.”
🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: HSBC is set to debut an international payments app called Zing, aimed at directly challenging the dominance of FinTechs like Revolut and Wise.
Zing will initially be offered in the UK, but Europe’s largest bank is planning to roll out the service in other… pic.twitter.com/JfdZtTgQqO
— Marcel van Oost (@oost_marcel) January 2, 2024
Nuno Matos,
the CEO of HSBC’s global banking unit, said the bank is ready to
“attack” the retail forex space. “We want to establish ourselves
as a global platform for international payments.”
He expects
Zing will initially appeal to new customers outside HSBC’s traditional base.
But Matos hopes it will also attract new banking customers to HSBC over time.
Building on Existing
Offerings
Does the
competition feel the breath of the banking giant on its shoulder? Much suggests
that they do. Shares of Wise fell over 7% Tuesday on the news of a major new
competitor entering the space.
Zing builds
on HSBC’s Global Money product that provides fee-free currency exchange . Global
Money has already seen strong growth, processing $11 billion in transactions in
2022.
HSBC is
hoping Zing will accelerate its goal of becoming the top financial institution
for globally mobile retail customers. The launch shows legacy banks taking the fintech
competition seriously by leveraging their large customer bases and global
footprint.
In other
FX-related developments, HSBC has successfully completed a trial, reportedly
the first of its kind globally, utilizing quantum key distribution (QKD)
technology. The QKD approach is designed to secure highly sensitive financial
data.
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- Source: https://www.financemagnates.com//fintech/hsbc-challenges-revolut-with-zing-eyes-forex-dominance/
