HSBC announces the closure of its money transfer app, Zing.

HSBC Innovation Banking UK recently announced the closure of its money transfer application Zing, launched just a year ago, due to changes in the bank's strategic priorities. Facing Fintech actors like Revolut or Wise, the traditional bank faces a major challenge: quickly adapt to a constantly changing market while seeking to innovate and reduce its costs to remain competitive.

FACTS

• HSBC announced the closure of its Zing money transfer application, only one year after its launch due to changes in the bank's strategic priorities.

• All features of the Zing app will remain operational until April 2, 2025. From that date:

  • It will no longer be possible to add funds or receive inward payments.
  • Users will have to clear their accounts before the final closure of the application scheduled for 22 May 2025.

ISSUES

• Competition for fintech: In the face of new, large competitors such as Wise or Revolit, popular fintechs, traditional financial players must adapt to change. Besides, Ritesh Jain, former director of operations of HSBC, attributes Zing's failure to lack innovation in the face of its competitors.
• Trust clients: HSBC ensures that despite the closure of Zing, users' funds are protected and invites them to transfer their balances to other accounts before the deadlines set.

PERSPECTIVE

• The British bank therefore aims to become the world leader in international payments, an ambition it seeks to achieve by working with key market players. To this end, HSBC has developed a strategic partnership with French FinTech Numeral, specialized in payment solutions, to integrate services via API. At the same time, the bank invested $20 million in artificial intelligence to modernize its technologies and meet current challenges.

• Launched in this dynamic of innovation, Zing aimed to challenge fintech Wise, already dominant in the international payments market. Although the project did not succeed, it remains a rich experience, illustrating the challenges faced by large traditional financial institutions to innovate in 2025.

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