Overview

• HSBC is launching a new global payments app called Zing, aimed at competing with companies like Wise and Revolut.
• The app will first be available in the UK, with plans to expand to other countries in the coming months.
• Zing will be open to non-HSBC customers and is part of a strategy to attract new users to the bank.
• The app will be available on the Apple and Google app stores within days.
• HSBC already offers a product called Global Money that provides its customers with fee-free currency service, which processed transactions worth about $11 billion in 2022.