HSBC unveils new international payments app Zing in the UK
HSBC is all set to launch Zing, a new international payments app, in the UK on 3 January 2024.
HSBC launches new FX app Zing
Zing is a free to download, multi-currency app and debit card that UK residents will be able to use in more than 200 countries and territories. Its target audience includes expats, business and leisure travellers, and international investors.
It’s expected that the app will enable users to spend offline and online worldwide, send and convert multiple currencies at “transparent fees and competitive rates” and provide 24/7 customer support.
Features at launch include the ability to hold money in wallets with locked-in rates for up to 10 currencies and a multi-currency debit card with FX sweeping — which allows for currencies in other wallets to be automatically converted in order to complete a transaction at point of sale. Users can also send money across borders in over 30 currencies using local payment methods and Swift.
AltFi has revealed that HSBC chose Monese’s XYB platform to power Zing, according to sources with knowledge of the matter. This move should come as no surprise as HSBC Ventures invested $35 million in Monese in September 2022 as part of a strategic partnership. Investec (which is also an investor in Monese) was the inaugural customer to leverage the XYB banking platform, while in October last year it was revealed that Monese itself dropped Thought Machine’s Vault core banking platform in favour of its self-built tech.
AltFi also reports that a number of software-focused staff have moved from Monese to HSBC, while Zing has also made hires from prominent fintechs such as Wise and Revolut.
“Zing enables users to get on with the things that matter to them; sending their money quickly, easily, and securely overseas, spending money with confidence wherever they are in the world, and being supported by human customer service whenever they need,” says James Allan, founder and CEO of Zing.
Zing has been authorised as an e-money institution (EMI) by the UK’s Financial Conduct Authority (FCA).
