HSBC, the banking giant, is finally entering the ring with its new app, Zing (launched in January 2024 in UK). It aims to disrupt the international money transfer space currently dominated by fintech players like Revolut and Wise. But is this a genuine challenge, or just a latecomer trying to play catch-up? The answer lies in the margins. Fintech companies have been steadily eroding traditional banks' profits with their user-friendly apps and competitive fees. James Allan, CEO of Zing, acknowledges this shift:
"It's time for a new kind of solution, one that combines cutting-edge tech with the trust of a global bank like HSBC." Is It a Smart Move for Younger Audience? Analysts see Zing as a strategic move for HSBC. Benjamin Toms of RBC believes it's a “defensive play” to attract younger, tech-savvy customers who might become lifelong HSBC clients. Unlike existing HSBC FX services, Zing is free to download for everyone. But, lemme clear one thing! Zing operates under the FCA as an e-money institution, not a bank. This means your deposits won't be protected under the Financial Services Compensation Scheme, something to consider before diving in. Despite these uncertainties, Zing's arrival signifies a critical shift in the financial world. As established institutions adapt and innovate, consumers stand to benefit from a more competitive international payments ecosystem. HSBC, however, has global aspirations for Zing. Nuno Matos, CEO of their wealth and personal banking division, added:
‘‘We want to become a leading platform for international payments, which aligns perfectly with HSBC's overall payments strategy. Expect to see Zing launching soon in Asia, the Middle East, and EU markets." This focus on innovation and trust is key for Zing. This will attract customers who value fintech apps’ convenience while seeking the security. Feature Comparison - HSBC’s Zing vs. Revolut & Wise Feature

HSBC’s Zing

Revolut

Wise



Primary Function

Foreign exchange & international money transfer

Multi-currency spending & international money transfer

International money transfer



Number of Currencies Supported

10

Over 140

Over 40



Debit Card

Yes (physical & virtual)

Yes (physical & virtual)

Yes (physical & virtual)



Fees

Conversion charges and currency exchange

Free standard plan (limited features), paid plans with higher limits & features

Transaction fees based on amount & currency



Focus

Simplicity & ease of use for occasional international transactions

Multi-functionality for everyday spending & travel

Cost-effective international money transfers Recruiting Top Talent for the Challenge To compete effectively, HSBC is building a strong team. They've recruited key personnel from their fintech rivals, like Neil McKeown (ex-Monzo) and Dario De Angelis (ex-Revolut), to leverage valuable industry expertise. Additionally, Eduardo Mercer, a software engineer veteran from Wise, strengthens Zing's technical core. This increased competition injects a healthy dose of competition into the European cross-border payments scene. Ultimately, consumers benefit from more options, potentially lower fees, and a continued push for innovative solutions in the international money transfer market. James Allan, CEO of Zing, says,
"It's a win-win for everyone who wants a simpler, faster, and more reliable way to manage their money internationally." Can Zing Outshine its Competitors? HSBC's strategic investments, focus on user experience, and global ambitions suggest they're serious about the game. Only time will tell if they can woo customers away from the current fintech champions. The battle for dominance in international money transfers has just become even more interesting. Potential Pros & Cons! Aspect

Potential Pros

Potential Cons



Brand Recognition

Leverages HSBC's established brand and reputation for security

May not have the same brand awareness as Revolut or Wise



User Experience

Focuses on user-friendliness for a smooth money transfer experience

Needs to prove its app is as intuitive and user-friendly as competitors



Global Reach

Ambitious plans for global expansion, offering services in new markets

Initial launch is limited to UK customers only



Team Expertise

Recruited top talent from fintech rivals, bringing industry knowledge

Needs to demonstrate its team can deliver a competitive product Key Takeaways from this New and Improved Competition! This head-to-head competition is a game-changer in the cross-border payments market, especially in UK. Here is what will you get: HSBC offers established banking security, but Revolut and Wise are known for their cutting-edge tech. Zing aims to bridge this gap, offering both trust and a tech-savvy experience.
With more options, fees may drop, and features may become more user-friendly. This may include faster transfers, better exchange rates, and a smoother overall experience.
This competition between big banks and fintech companies will benefit you the most. It can include a wider range of services, lower costs, and a constant push for innovation. Stay updated for more updates about the fintech industry! For now, share your thoughts in the comments. HSBC, the banking giant, is finally entering the ring with its new app, Zing (launched in January 2024 in UK). It aims to disrupt the international money transfer space currently dominated by fintech players like Revolut and Wise. But is this a genuine challenge, or just a latecomer trying to play catch-up? HSBC, the banking giant, is finally entering the ring with its new app, Zing (launched in January 2024 in UK). Zing The answer lies in the margins. Fintech companies have been steadily eroding traditional banks' profits with their user-friendly apps and competitive fees. James Allan, CEO of Zing, acknowledges this shift: "It's time for a new kind of solution, one that combines cutting-edge tech with the trust of a global bank like HSBC." James Allan, CEO of Zing, acknowledges this shift: "It's time for a new kind of solution, one that combines cutting-edge tech with the trust of a global bank like HSBC." "It's time for a new kind of solution, one that combines cutting-edge tech with the trust of a global bank like HSBC." Is It a Smart Move for Younger Audience? Is It a Smart Move for Younger Audience? Analysts see Zing as a strategic move for HSBC. Benjamin Toms of RBC believes it's a “ defensive play” to attract younger, tech-savvy customers who might become lifelong HSBC clients. Unlike existing HSBC FX services, Zing is free to download for everyone . defensive play” Zing is free to download for everyone But, lemme clear one thing! But, lemme clear one thing! But, lemme clear one thing! Zing operates under the FCA as an e-money institution, not a bank. This means your deposits won't be protected under the Financial Services Compensation Scheme, something to consider before diving in. Despite these uncertainties, Zing's arrival signifies a critical shift in the financial world. As established institutions adapt and innovate, consumers stand to benefit from a more competitive international payments ecosystem. HSBC, however, has global aspirations for Zing. HSBC, however, has global aspirations for Zing. HSBC, however, has global aspirations for Zing. Nuno Matos, CEO of their wealth and personal banking division, added: ‘‘We want to become a leading platform for international payments, which aligns perfectly with HSBC's overall payments strategy. Expect to see Zing launching soon in Asia, the Middle East, and EU markets." Nuno Matos, CEO of their wealth and personal banking division, added: ‘‘We want to become a leading platform for international payments, which aligns perfectly with HSBC's overall payments strategy. Expect to see Zing launching soon in Asia, the Middle East, and EU markets." ‘‘We want to become a leading platform for international payments, which aligns perfectly with HSBC's overall payments strategy. Expect to see Zing launching soon in Asia, the Middle East, and EU markets." This focus on innovation and trust is key for Zing. This will attract customers who value fintech apps’ convenience while seeking the security. fintech apps’ convenience Feature Comparison - HSBC’s Zing vs. Revolut & Wise Feature Comparison - HSBC’s Zing vs. Revolut & Wise Feature

HSBC’s Zing

Revolut

Wise



Primary Function

Foreign exchange & international money transfer

Multi-currency spending & international money transfer

International money transfer



Number of Currencies Supported

10

Over 140

Over 40



Debit Card

Yes (physical & virtual)

Yes (physical & virtual)

Yes (physical & virtual)



Fees

Conversion charges and currency exchange

Free standard plan (limited features), paid plans with higher limits & features

Transaction fees based on amount & currency



Focus

Simplicity & ease of use for occasional international transactions

Multi-functionality for everyday spending & travel

Cost-effective international money transfers Feature

HSBC’s Zing

Revolut

Wise Primary Function

Foreign exchange & international money transfer

Multi-currency spending & international money transfer

International money transfer Number of Currencies Supported

10

Over 140

Over 40 Debit Card

Yes (physical & virtual)

Yes (physical & virtual)

Yes (physical & virtual) Fees

Conversion charges and currency exchange

Free standard plan (limited features), paid plans with higher limits & features

Transaction fees based on amount & currency Focus

Simplicity & ease of use for occasional international transactions

Multi-functionality for everyday spending & travel

Cost-effective international money transfers Feature HSBC’s Zing Revolut Wise Feature Feature HSBC’s Zing HSBC’s Zing Revolut Revolut Wise Wise Primary Function Foreign exchange & international money transfer Multi-currency spending & international money transfer International money transfer Primary Function Primary Function Primary Function Foreign exchange & international money transfer Foreign exchange & international money transfer Multi-currency spending & international money transfer Multi-currency spending & international money transfer International money transfer International money transfer Number of Currencies Supported 10 Over 140 Over 40 Number of Currencies Supported Number of Currencies Supported Number of Currencies Supported 10 10 Over 140 Over 140 Over 40 Over 40 Debit Card Yes (physical & virtual) Yes (physical & virtual) Yes (physical & virtual) Debit Card Debit Card Debit Card Yes (physical & virtual) Yes (physical & virtual) Yes (physical & virtual) Yes (physical & virtual) Yes (physical & virtual) Yes (physical & virtual) Fees Conversion charges and currency exchange Free standard plan (limited features), paid plans with higher limits & features Transaction fees based on amount & currency Fees Fees Fees Conversion charges and currency exchange Conversion charges and currency exchange Free standard plan (limited features), paid plans with higher limits & features Free standard plan (limited features), paid plans with higher limits & features Transaction fees based on amount & currency Transaction fees based on amount & currency Focus Simplicity & ease of use for occasional international transactions Multi-functionality for everyday spending & travel Cost-effective international money transfers Focus Focus Focus Simplicity & ease of use for occasional international transactions Simplicity & ease of use for occasional international transactions Multi-functionality for everyday spending & travel Multi-functionality for everyday spending & travel Cost-effective international money transfers Cost-effective international money transfers Recruiting Top Talent for the Challenge To compete effectively, HSBC is building a strong team. They've recruited key personnel from their fintech rivals, like Neil McKeown (ex-Monzo ) and Dario De Angelis (ex-Revolut) , to leverage valuable industry expertise. Additionally, Eduardo Mercer , a software engineer veteran from Wise , strengthens Zing's technical core. Neil McKeown (ex-Monzo Dario De Angelis (ex-Revolut) Eduardo Mercer a software engineer veteran from Wise This increased competition injects a healthy dose of competition into the European cross-border payments scene. Ultimately, consumers benefit from more options, potentially lower fees, and a continued push for innovative solutions in the international money transfer market. cross-border payments James Allan, CEO of Zing, says, "It's a win-win for everyone who wants a simpler, faster, and more reliable way to manage their money internationally." James Allan, CEO of Zing, says, "It's a win-win for everyone who wants a simpler, faster, and more reliable way to manage their money internationally." "It's a win-win for everyone who wants a simpler, faster, and more reliable way to manage their money internationally." Can Zing Outshine its Competitors? Can Zing Outshine its Competitors? HSBC's strategic investments, focus on user experience, and global ambitions suggest they're serious about the game. Only time will tell if they can woo customers away from the current fintech champions. The battle for dominance in international money transfers has just become even more interesting. Potential Pros & Cons! Aspect

Potential Pros

Potential Cons



Brand Recognition

Leverages HSBC's established brand and reputation for security

May not have the same brand awareness as Revolut or Wise



User Experience

Focuses on user-friendliness for a smooth money transfer experience

Needs to prove its app is as intuitive and user-friendly as competitors



Global Reach

Ambitious plans for global expansion, offering services in new markets

Initial launch is limited to UK customers only



Team Expertise

Recruited top talent from fintech rivals, bringing industry knowledge

Needs to demonstrate its team can deliver a competitive product Aspect

Potential Pros

Potential Cons Brand Recognition

Leverages HSBC's established brand and reputation for security

May not have the same brand awareness as Revolut or Wise User Experience

Focuses on user-friendliness for a smooth money transfer experience

Needs to prove its app is as intuitive and user-friendly as competitors Global Reach

Ambitious plans for global expansion, offering services in new markets

Initial launch is limited to UK customers only Team Expertise

Recruited top talent from fintech rivals, bringing industry knowledge

Needs to demonstrate its team can deliver a competitive product Aspect Potential Pros Potential Cons Aspect Aspect Aspect Potential Pros Potential Pros Potential Pros Potential Cons Potential Cons Potential Cons Brand Recognition Leverages HSBC's established brand and reputation for security May not have the same brand awareness as Revolut or Wise Brand Recognition Brand Recognition Brand Recognition Leverages HSBC's established brand and reputation for security Leverages HSBC's established brand and reputation for security May not have the same brand awareness as Revolut or Wise May not have the same brand awareness as Revolut or Wise User Experience Focuses on user-friendliness for a smooth money transfer experience Needs to prove its app is as intuitive and user-friendly as competitors User Experience User Experience User Experience Focuses on user-friendliness for a smooth money transfer experience Focuses on user-friendliness for a smooth money transfer experience Needs to prove its app is as intuitive and user-friendly as competitors Needs to prove its app is as intuitive and user-friendly as competitors Global Reach Ambitious plans for global expansion, offering services in new markets Initial launch is limited to UK customers only Global Reach Global Reach Global Reach Ambitious plans for global expansion, offering services in new markets Ambitious plans for global expansion, offering services in new markets Initial launch is limited to UK customers only Initial launch is limited to UK customers only Team Expertise Recruited top talent from fintech rivals, bringing industry knowledge Needs to demonstrate its team can deliver a competitive product Team Expertise Team Expertise Team Expertise Recruited top talent from fintech rivals, bringing industry knowledge Recruited top talent from fintech rivals, bringing industry knowledge Needs to demonstrate its team can deliver a competitive product Needs to demonstrate its team can deliver a competitive product Key Takeaways from this New and Improved Competition! This head-to-head competition is a game-changer in the cross-border payments market, especially in UK. Here is what will you get: HSBC offers established banking security, but Revolut and Wise are known for their cutting-edge tech. Zing aims to bridge this gap, offering both trust and a tech-savvy experience. With more options, fees may drop, and features may become more user-friendly. This may include faster transfers, better exchange rates, and a smoother overall experience. This competition between big banks and fintech companies will benefit you the most. It can include a wider range of services, lower costs, and a constant push for innovation. HSBC offers established banking security, but Revolut and Wise are known for their cutting-edge tech. Zing aims to bridge this gap, offering both trust and a tech-savvy experience. With more options, fees may drop, and features may become more user-friendly. This may include faster transfers, better exchange rates, and a smoother overall experience. This competition between big banks and fintech companies will benefit you the most. It can include a wider range of services, lower costs, and a constant push for innovation. Stay updated for more updates about the fintech industry! For now, share your thoughts in the comments. Stay updated for more updates about the fintech industry! For now, share your thoughts in the comments.

This story will praise and/or roast a product, company, service, game, or anything else people like to review on the Internet.

This story contains new, firsthand information uncovered by the writer.

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

Hot off the press! This story contains factual information about a recent event.

HSBC Throws Hat in the Ring - New App Zing Aims to Rival Revolut and Wise!

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Big Tech Doesn’t Want to “Fix” Healthcare—It Wants to Own It

Combatting Cross-Border Payment Fraud: A Call to Action for Secure Transactions

Empowering Economies: The Role of Cross-Border Payments

How MSMEs in the Philippines Are Quietly Reshaping Southeast Asia’s Digital Economy

Beyond Borders Featuring Gluwa and the New Era of Cross Border Finance

Federated Cloud for Secure and Scalable Cross-Border Payments: A Study by Avinash Reddy Segireddy

Big Tech Doesn’t Want to “Fix” Healthcare—It Wants to Own It

Combatting Cross-Border Payment Fraud: A Call to Action for Secure Transactions

Empowering Economies: The Role of Cross-Border Payments

How MSMEs in the Philippines Are Quietly Reshaping Southeast Asia’s Digital Economy

Beyond Borders Featuring Gluwa and the New Era of Cross Border Finance

Federated Cloud for Secure and Scalable Cross-Border Payments: A Study by Avinash Reddy Segireddy

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps