Wednesday, February 12, 2025
4.9 C
London
HomeBankingHSBC Shuts Down Wise Competitor Zing

HSBC Shuts Down Wise Competitor Zing

Date:

Stripe Alumni Secure $6M for AI-Powered Wealthcare

Innovative Funding to Enhance Financial Wellness with Artificial IntelligenceHighlights:...

Nordnet Disables App After Customers Logged into Wrong Accounts

Protecting User Security: A Look into Nordnet's Response to...

Affirm and FIS Collaborate to Enable BNPL for Banks via Debit Cards

Innovative Partnership Transforms Banking Experience with Buy Now, Pay...

HSBC discontinues Zing, its currency conversion app, after a year, citing strategic realignment and cost-cutting measures.

Highlights:

  1. Strategic Closure: HSBC shuts down Zing, its currency conversion app, after just one year.
  2. Job Losses: The closure is expected to result in around 400 job losses.
  3. Competitive Landscape: Zing struggled to compete with established fintech rivals like Wise and Revolut.

Summary: HSBC has decided to shut down Zing, its currency conversion app, just a year after its launch. The decision is part of a strategic realignment and cost-cutting initiative led by CEO Georges Elhedery.

Zing, which aimed to compete with fintech rivals like Wise and Revolut, failed to carve out a unique value proposition and was deemed an inefficient use of capital. The closure is expected to result in around 400 job losses, including a significant number of non-HSBC staff.

Related stories

spot_img

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories