HSBC launches new app to compete with fintech companies: HSBC Holdings is set to launch an international payment app to challenge the dominance of fintech companies
such as Revolut and Wise, which have amassed tens of millions of customers using cheap forex trading services.
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Launching App
The application will initially be launched in the United Kingdom,
but the largest bank in Europe intends to provide this service in many regions in the coming months,
as the bank aims to be a fast-growing part of a market that provides the service to wealthy customers.
The application will be available on the Apple Store and Google Play, and all people will be able to use it,
even those who are not customers of the bank, as the bank aims to control the payments market for individuals all over the world,
according to what was stated in a statement by Nuno Matos, CEO of the bank’s global wealth unit and retail banking.
Matos added that the process of registering a new user in the application takes only 3 minutes.
Zing App
Matthews said in an interview, “We at the bank aspire to bring the Zing application to the world,
and we also want to establish our name by being a global platform for international payments, which is linked to HSBC’s international payments strategy,
and you will soon see us in Asia, the Middle East and the European Union.”
This step shows the extent of the desire of the giants of the global financial sector to compete with emerging companies
that have begun to expand and spread over the past ten years and that provide various services such as savings accounts,
international payments and the ability to invest in mobile phone devices.
The value of Wise Company’s shares increased by more than 50% last year, while Revolut,
which has more than 26 million users, expects 2023 profits to rise by 70% to reach $2 billion.
Global Money
HSBC Bank offers a fee-free currency service, through Global Money, and since it launched this service in 2020,
it has attracted hundreds of thousands of customers and handled transactions worth $11 billion in the year 2022.
A big step for HSBC
Matos expects the Zing app to attract customers who want to get more banking services
through HSBC through a campaign launched last year to make the bank the leading financial institution for mobile phone users internationally.
“It is a big step for us. For the first time, the bank is providing services outside the scope
of its usual work that customers are accustomed to, and it is attacking the attempt to attract a growing customer segment.
This step serves our goals.” Mattos added
HSBC launches new app to compete with fintech companies