Hsbc Challenges Revolut Forex’s Dominance with Zing
By: Damian Chmiel
The Banking HSBC announced the launch of Zing, a brand new international payments app. The company wants to compete with leading fintech companies such as Revolut and Wise. In recent years, neobank apps have taken over a large part of traditional payment methods. However, it turns out that the giants are not done yet. The final word and the desire to attract customers, especially the younger generations.
HSBC takes on new fintech forex app competitors
Zing app will launch in the UK first before expanding to other regions. According to Bloomberg, it will be available on the App Store and Google Play within a few days.
HSBC is a financial institution that offers a wide range of services. If you want to grab a piece of the fast-growing cross-border payments markets, this is a great way to reach the right people. Fintech startups like Revolut and Wise have seen a huge surge in growth. By offering discounts, companies have been able to attract tens and millions of retail customers worldwide. Mobile apps offer low-cost money transfers and foreign exchange services. Revolut’s latest financial report for 2022 confirms this with a 45% increase in revenue.
Zing will give other people access to the same information as HSBC customers. Use the app. It is estimated that creating an account will take no longer than three minutes.
Nuno Matos, CEO of HSBC, the global banking arm, said the bank was ready to accept any new business. “Attack” on the Forex retail market. “We want to establish ourselves as a global platform to facilitate international payments.”
He expects to be surprised at first. Matos believes Zing will eventually attract new banking customers to HSBC.
Building on existing offerings
Does the competition feel the pressure from the banking giants? It’s clear that they do. Wise shares fell more than 7% on Tuesday after announcing a new major competitor in the industry.
HSBC Global Money, which offers fee-free currency exchange, is gaining strong momentum. Global Money has seen a sharp increase in the number of transactions processed, with $11 billion already reached in 2022. Zing hopes to accelerate its goal of becoming a top financial institution for global mobile retail customers. Fintech banks are competing against legacy banks. Leverage their global reach and large customer base to compete with the best. Presence.
Other HSBC reports it has successfully completed a test related to FX. The first global implementation of quantum key distribution (QKD). Technology. QKD is designed to protect highly sensitive financial information. Data.
