{"id":119073,"title":"HSBC is discontinuing its global payments application, Zing.","publisher":"Share Talk","author":"sharetalk","published":"2025-01-23T15:26:28+00:00","modified":"2025-01-23T15:26:28+00:00","canonical_url":"https://www.share-talk.com/hsbc-is-discontinuing-its-global-payments-application-zing/","markdown_url":"https://www.share-talk.com/hsbc-is-discontinuing-its-global-payments-application-zing.md","json_url":"https://www.share-talk.com/hsbc-is-discontinuing-its-global-payments-application-zing.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["bills","Employees","employers","Georges Elhedery","HSBC","labour","minimum wage","mortgage","UK","workforce","Zing"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2025/01/dreamstime_m_57706964.webp?fit=1200%2C776&ssl=1","format":"news","language":"en-GB","content":"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.\n\nSince taking on the role of chief executive last year, the bank’s leader has initiated a series of measures to reduce costs.\n\nZing 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.\n\nThe fintech product was launched to compete with money transfer services like Wise and Revolut.\n\nThe closure of Zing is expected to threaten approximately 400 jobs, including a significant number of non-HSBC employees contracted for customer support roles.\n\nHSBC has announced plans to support the affected employees, which may include opportunities for redeployment within the company.\n\nThe bank also stated that Zing’s “underlying technology platform” will be integrated into its broader banking infrastructure.\n\nSince Georges Elhedery took on the role of CEO in September, he has been leading a comprehensive overhaul of the global banking giant."}