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February 7, 2021
January 24, 2025
By Evans Momodu
1 minute read
HSBC has decided to close its international payments app, Zing, just one year after its launch, a move that could result in around 400 job losses, according to a source familiar with the matter.
Staff at risk of redundancy, including a significant number of non-HSBC external customer support employees, will begin receiving notifications today, the source said.
Zing was introduced last year to compete with digital payment giants like Revolut and Wise, with plans to expand across two continents by the end of 2024. However, the app failed to grow beyond the UK market.
The closure is part of HSBC’s "simplification" strategy, announced in October 2024, aimed at streamlining the bank’s operations.
Source: Sky news
Tmage: The Paypers
