HSBC is to shut its payments app Zing, the bank’s attempt at a rival to the likes of Wise and Revolut.
The London-listed business said it took the move as part of its “simplification” strategy announced in October last year. The decision was first reported by Financial News.
HSBC said: “Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC.”
The move marks the latest twist in the firm’s strategic pivot into fintech. In 2022, HSBC invested $35m into London-based startup Monese, before writing the value of its stake down to zero after Monese warned of “material uncertainty” of its going concern status.
HSBC then launched its own rival to Monese, called Zing, which was built in part using the Monese tech stack, in early 2024.
The bank said Zing would open on two continents by the end of the year, but ultimately did not offer its services outside the UK.
Monese has since been rescued by and merged with another fintech, Pockit, which seeks to serve customers who struggle to open accounts with high street banks.
“HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has greatest opportunities to grow and support our clients,” the bank said.
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