Blissful New Yr everybody!
Whereas a few of us are nonetheless getting over our New Yr’s Eve hangover we now have our first main product announcement of the yr.
HSBC has introduced Zing, a brand new retail-focused service providing cheap overseas change.
The massive banks. notably in Europe, have primarily appeared on with envy as startups like Sensible and Revolut have constructed massive companies on the again of providing low cost overseas change to tens of hundreds of thousands of retail prospects.
All of the whereas they’re consuming right into a product that at one time was a serious revenue earner for banks. However many (most?) individuals who have had severe overseas change wants have way back switched to one of many fintech platforms.
Can HSBC play catch-up? It’s actually not going to be straightforward with the fintechs now well-established incumbents relating to retail overseas change.
And what about that identify? I agree with Simon Taylor’s take. Zing evokes a foul joke, not cutting-edge monetary expertise.
Zing will launch within the UK and will probably be on the Apple and Google app shops inside days. Different nations will comply with.
The top of Zing made it clear they’ve huge ambitions: “We need to set up ourselves as a world platform for worldwide funds.”
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