Comfortable New Yr everybody!
Whereas a few of us are nonetheless getting over our New Yr’s Eve hangover we have now our first main product announcement of the 12 months.
HSBC has introduced Zing, a brand new retail-focused service providing cheap international alternate.
The big banks. significantly in Europe, have primarily regarded on with envy as startups like Clever and Revolut have constructed massive companies on the again of providing low-cost international alternate to tens of thousands and thousands of retail clients.
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 international alternate wants have way back switched to one of many fintech platforms.
Can HSBC play catch-up? It’s definitely not going to be simple with the fintechs now well-established incumbents relating to retail international alternate.
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 can be on the Apple and Google app shops inside days. Different nations will observe.
The pinnacle of Zing made it clear they’ve massive ambitions: “We wish to set up ourselves as a world platform for worldwide funds.”
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