HSBC is to shut down its FinTech payments app Zing.
The free-to-download multi-currency app and debit card was launched in January 2024 and could be be used globally in more than 200 countries and territories.
Seen as a rival to the likes of Revolut, it also allowed customers to send or convert money using multiple currencies using a combination of local and Swift payments.
After the news was first reported by Financial News, a source close to the matter told Reuters that the decision could put around 400 jobs at risk.
“Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC,” a spokesperson for HSBC said.
“HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has greatest opportunities to grow and support our clients.”
HSBC has faced difficulties in adopting FinTech into its services. Last year it wrote off its investment into Monese – a business since saved by fellow London FinTech Pockit – just two years after investing $35m into the UK’s first app-based bank.