HSBC shuts down payments app Zing

HSBC has announced the closure of its global payments app Zing, one year after its launch.

This decision is part of a wider restructuring of the bank’s operations and could affect up to 400 jobs, including contracted customer service roles.

Zing was introduced in the UK in January 2024.

It allowed users to manage multiple currencies and make international payments using a multi-currency debit card.

Recent HSBC developments

Timeline
19-Jun-2024 💉 HSBC infuses capital into Vietnam’s Gene Solutions via ‘social loan’ Gene Solutions secures credit from HSBC Singapore. Funds for expansion, equipment, and product launches.
07-Jun-2024 📉 HSBC pegs Byju’s valuation to zero from $22b high HSBC values Byju’s at zero amid financial troubles Investors challenge Byju’s funding; legal battles ongoing
30-May-2024 💰 HSBC, Temasek back Marketnode’s series A funding Marketnode secures Series A funding from Temasek. Investment to scale financial infrastructure and Funds.
22-Mar-2024 💰 HSBC Singapore injects up to $100m debt financing into Akulaku Akulaku secures $100M financing from HSBC Singapore. Funds will help pay off existing debts, boost growth.
15-Nov-2023 🚀 HSBC partners with Antler to fuel Southeast Asian startups HSBC partners with Antler to support SEA startups Initiatives include banking solutions, mentorship, and workshops

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