In January 2024, HSBC launched Zing, a standalone international money-transfer app intended to compete with fintechs such as Wise and Remitly. The app let users hold up to 10 currencies, send money in about 30 currencies, and spend abroad without foreign-exchange fees in supported currencies. It was offered to both HSBC and non-HSBC customers in the U.K. with plans to expand further.

Twelve months later, in January 2025, HSBC announced it would shut down Zing. The stated reason was “changes in strategic business priorities” after a group-wide review. The bank said it would integrate Zing’s underlying technology into its broader systems rather than maintain the standalone app.

What Went Wrong

Traction never matched ambition. An internal HSBC presentation showed Zing had 8,736 monthly active users, well under its goal of 12,000. While the app attracted around 131,000 customers by mid-December 2024, active engagement was far weaker. Zing never expanded beyond the U.K.

Under new CEO Georges Elhedery, HSBC refocused on areas of core strength and efficiency. Zing’s further investment was seen as an inefficient use of capital. The decision to wind it down aligned with HSBC’s simplification strategy, announced in late 2024.

The shutdown could affect around 400 jobs, many of them external support roles. HSBC offered existing customers the option to transition into HSBC U.K.’s regular banking services, such as its Global Money offering, subject to standard checks. Zing accounts would remain functional until April 2, 2025. After that date, customers could not add new funds. The app would formally close on May 22, 2025, and users would have until then to withdraw or transfer balances.

A Lesson in Focus for Fintech Startups

Zing’s short life illustrates how even a well-resourced bank can struggle when venturing into fintech territory without a clear edge. Launching a digital product inside a legacy institution brings conflicts in culture, pace, and strategy. You can invest heavily, but without differentiation and user adoption, it’s hard to sustain.

Key takeaways for fintech startups

• Competing directly against incumbents or peers requires a unique value proposition
  
  
• Speed and agility are strategic assets—avoid bureaucratic drag
  
  
• Validating strong usage early is more important than bold features
  
  
• If being part of a larger institution, maintain clarity in mission and autonomy

If your startup needs help sharpening focus or navigating your growth path, Your Fintech Story helps fintechs grow with clarity and direction. Get in touch.