HSBC is set to discontinue its global payments application, Zing, just one year after its launch. This could potentially put around 400 jobs at risk as the multinational bank continues its structural reorganisation.
Since taking on the role of chief executive last year, the bank’s leader has initiated a series of measures to reduce costs.
Zing was introduced in the UK in January 2024. It allows users to hold funds in various currencies, send money internationally, and make purchases both in the UK and abroad using the app and a multi-currency debit card.
The fintech product was launched to compete with money transfer services like Wise and Revolut.
The closure of Zing is expected to threaten approximately 400 jobs, including a significant number of non-HSBC employees contracted for customer support roles.
HSBC has announced plans to support the affected employees, which may include opportunities for redeployment within the company.
The bank also stated that Zing’s “underlying technology platform” will be integrated into its broader banking infrastructure.
Since Georges Elhedery took on the role of CEO in September, he has been leading a comprehensive overhaul of the global banking giant.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned
