HSBC Holdings is launching an international payments app designed to directly challenge the dominance of FinTech giants like Revolut and Wise.
This strategic move will see the debut of Zing, which is aimed at penetrating the lucrative market of affordable foreign exchange services, according to Bloomberg.
The solution seeks to capture a segment of the burgeoning market catering to affluent consumers, commencing its launch in the UK before expanding to other European markets.
This forex app aims to provide cost-effective foreign exchange solutions to retail customers, strategically positioning itself to cater to a growing market, in an attempt to combat the established FinTech players, Revolut and Wise.
Nuno Matos, the chief executive officer of the lender’s global wealth and personal banking business, revealed that the app will soon be accessible on Apple’s App Store and Alphabet’s Google Play platform. Notably, it will welcome non-HSBC customers, marking the bank’s strategic move to expand its presence in the global retail payments market. Matos highlighted that the signup process for new users will be a swift three-minute procedure, emphasising the app’s user-friendly approach.
“Zing has a global ambition,” stated Nuno Matos, CEO of HSBC’s global wealth and personal banking business. “We want to establish ourselves as a global platform for international payments, which ties perfectly with our international payments strategy for HSBC and you should see us very soon in Asia, in the Middle East, and in EU markets.”
“It’s a bold move for us. This is HSBC playing outside its traditional perimeter of customers, and really attacking, if you want, of taking advantage of a contingent, which is big, is growing, looks like us, and it’s here for us,” he continued.
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