HSBC to Close Zing Payments App After Just One Year

The decision to shut down Zing aligns with HSBC's cost-cutting strategy and restructuring under CEO Georges Elhedery.

HSBC has announced the closure of its multi-currency payments app, Zing, which launched in January 2024 for UK customers.
The app, designed to compete with fintech rivals like Wise and Revolut, will cease operations by May 22, 2025, with users advised to transfer funds before account closures begin.
The shutdown puts approximately 400 jobs at risk, including many external customer support roles, though HSBC plans to explore redeployment opportunities for affected employees.
Zing's underlying technology platform will be integrated into HSBC's broader banking operations as part of a simplification initiative.
CEO Georges Elhedery has prioritized streamlining costs and restructuring HSBC's global operations since taking over in September 2024, citing a focus on areas with stronger growth potential.