HSBC set to take on Revolut and Wise with new app Zing

HSBC is all set to launch its international payments app, 'Zing'. This move aims to disrupt the fintech market, largely dominated by players such as Revolut and Wise.

• HSBC's New Player, Zing: Zing is the bank's step into the realm of international payments, offering a direct challenge to established fintech companies by vying for the retail customers they've gathered with attractive foreign exchange rates.

• Initial Launch and Expansion Plans: While the app's initial launch is earmarked for the UK, HSBC intends to expand its reach to other regions in the subsequent months, effectively targeting the rapidly growing affluent consumer market.

• Platform Availability: In a bid to make Zing easily accessible, the app will be available on both Apple Inc.'s Appstore and Alphabet Inc.’s Google Play platform.

• Open to All: Zing is not restricted to HSBC customers alone. The bank is set to "attack" the worldwide retail payments market, inviting non-HSBC customers to avail of its services as well.

• Global Ambition: "Zing has a global ambition," states Nuno Matos, CEO of the lender's global wealth and personal banking business. HSBC aims to establish Zing as a global platform for international payments, aligning with the bank's international payment strategy.

HSBC's leap into digital finance underscores the growing efforts by traditional banks to compete with the new wave of fintech startups that offer a diverse range of services, from cross-border payments to savings and investment solutions on mobile platforms.