HSBC Holdings is launching an international payments app designed to directly challenge the dominance of fintech giants like Revolut and Wise.  

This strategic move will see the debut of Zing, which is aimed at penetrating the lucrative market of affordable foreign exchange services, according to Bloomberg.

The solution seeks to capture a segment of the burgeoning market catering to affluent consumers, commencing its launch in the UK before expanding to other European markets.

This forex app aims to provide cost-effective foreign exchange solutions to retail customers, strategically positioning itself to cater to a growing market.

The app will soon be accessible on App Store and Google Play.

“Zing has a global ambition.We want to establish ourselves as a global platform for international payments, which ties perfectly with our international payments strategy for HSBC and you should see us very soon in Asia, in the Middle East, and in EU markets”, stated Nuno Matos, CEO of HSBC’s global wealth and personal banking business.

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