HSBC has informed Bloomberg about its ‘global vision’ in the payments processing space, as the UK multinational bank launches a new money transfer app, Zing.
The new product builds on HSBC’s existing Global Money product, a global payments processing service available to the bank’s account holders without a fee.
However, the main difference is that Zing will be made available to non-HSBC customers, meaning a significantly wider commercial reach and a further extension of its activities in the global money transfer market.
In an interview with Bloomberg announcing the service, HSBC CEO of Wealth and Personal Banking, Nick Matos, reflected that Zing’s launch is a ‘bold move’ for the bank.
Regarding HSBC’s ambitions in global money transfers, he explained to Bloomberg that the firm is ‘taking advantage of a contingent, which is big, is growing, looks like us, and it’s here for us’.
HSBC’s expansion into this sector will not go unopposed. Wise and Revolut, two established names in global payments processing, will likely be the firm’s biggest competitors.
Starting 2024 with the launch of a new platform follows an active year for HSBC in 2023, which saw notable developments such as the acquisition of the Silicon Valley Bank (SVB) UK, which the company is in the process of transforming into a Hong Kong-based banking innovation centre.
By launching Zing – which the firm plans to launch on iOS and the Apple store within the coming days – HSBC hopes not only to extend its reach in global money transfer and retail payments markets, but also potentially onboard more customers for its traditional banking services.
“Zing has a global ambition,” Matos told Bloomberg. “We want to establish ourselves as a global platform for international payments, which ties perfectly with our international payments strategy for HSBC and you should see us very soon in Asia, in the Middle East and in EU markets.”