HSBC closes currency conversion app Zing after one year

credit: JRdes / Shutterstock
credit: JRdes / Shutterstock

HSBC has shut down its currency conversion app Zing after launching in January 2024 to compete with similar apps such as Wise

Zing was HSBC’s answer to Wise, a multi-currency app and debit card that enabled UK customers to convert, hold and trade in over 20 currencies. It also allowed customers to send money in more than 30 currencies across 200 countries. 

Whilst the app closed, HSBC has confirmed that its underlying technology will be embedded into the bank’s overall infrastructure and will allow Zing customers to opt into a bank account with HSBC UK. 

The bank confirmed that during a group simplification meeting last October, it decided to focus more on increasing market share and leadership. HSBC revealed it was now leaning more on areas where it had a stronger foothold of. 

This group simplification follows a trend of HSBC scaling back operations in some of the markets it is active in. 

The UK bank has sold its banking operations in Argentina, as well as its private banking business in Germany and is reportedly mulling over a decision to sell its operation in South Africa too. 
Now with the closure of Zing adding to the group-wide scale back, Reuters suggests that more than 400 jobs could be lost.