HSBC to compete with (Transfer)Wise and Revolut with new Zing app
Posted: January 2nd, 2024, 7:03 pm
Nothing I can find on the HSBC web-site at the time of writing, but the FT are reporting the following
Subscribers https://www.ft.com/content/0d96ef71-419e-4885-a350-2aefd4d821e2
Non-subscribers https://archive.is/fv66C#selection-2193.0-2197.245
No real details, but similar to Wise, the Zing app, [...] will be regulated by the Financial Conduct Authority as an e-money institution rather than a bank. Its deposits will not be protected under the Financial Services Compensation Scheme.
I have used Wise for many years and am generally happy with the service they provide.
HSBC is set to launch a payments app in the UK that will offer cheap foreign exchange to retail consumers as the global lender seeks to compete with fast-growing digital rivals such as Revolut and Wise.
The UK-based bank on Tuesday said it would launch a multi-currency app and debit card that will allow customers to hold money in 10 different currencies, spend money abroad cheaply and make international transfers across more than 30 currencies.
Subscribers https://www.ft.com/content/0d96ef71-419e-4885-a350-2aefd4d821e2
Non-subscribers https://archive.is/fv66C#selection-2193.0-2197.245
No real details, but similar to Wise, the Zing app, [...] will be regulated by the Financial Conduct Authority as an e-money institution rather than a bank. Its deposits will not be protected under the Financial Services Compensation Scheme.
I have used Wise for many years and am generally happy with the service they provide.