HSBC is shutting down its global payments app Zing a year after launch, putting hundreds of jobs at risk, as the global bank continues to overhaul its structure.
The bank’s chief executive has instigated a series of changes to drive down costs since stepping into the role last year.
Zing was launched in the UK in January 2024 for people to hold funds in different currencies, send money internationally, or spend in the UK and abroad through an app and a multi-currency debit card.
The fintech entered the market as a competitor to money apps like Wise and Revolut.
The closure is understood to be putting up to about 400 jobs at risk, including a significant number of non-HSBC staff contracted for customer support roles.
The bank has plans in place to support affected employees including possible opportunities to be redeployed elsewhere within the business.
HSBC said the decision means Zing’s “underlying technology platform” will be integrated into the wider bank.
HSBC’s boss Georges Elhedery has initiated an overhaul of the global banking giant since taking on the top job in September.
This included merging operations to simplify the bank’s structure and reducing the number of separate geographical units.
It has also begun cutting senior banker roles as part of efforts to reduce business costs.
Mr Elhedery stressed the changes will make the bank “simpler and faster” by axing the doubling-up of roles at a senior level.
A spokesperson for the bank said the Zing closure “forms part of the simplification of the group” announced in October.
“HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support our clients.”
