HSBC to launch an international payments application

Following this announcement, Zing is expected to be offered for individuals in the UK, with plans to be rolled out in other countries in the next couple of months. The app will be available on Apple Inc.’s App Store and Alphabet Inc.’s Google Play platform and will be open to non-HSBC clients as well. In addition, the launch will tie in with HSBC’s development and expansion strategy, as the bank aims to reach Asia, the Middle East, and EU markets as well.

Zing will offer services ranging from cross-border payments to savings accounts, as well as investing products on mobile devices. 

HSBC’s recent strategy of development

Headquartered in the UK, HSBC serves its worldwide clients and customers, aiming to meet their needs, preferences, and demands in an ever-evolving industry. The bank had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the globe. 

At the beginning of December 2023, HSCB announced the introduction of quantum protection for AI-enabled foreign exchange (FX) trading, in collaboration with BT, Toshiba, and Amazon Web Services (AWS). In the first trial, HSBC equipped its HSBC AI Markets trading terminal with quantum protection by using Quantum Key Distribution to safeguard a EUR 30 million trading scenario from EUR to USD. At the same time, the company planned to advance this technology into a commercially accessible and globally scalable service, as well as focusing on safeguarding trades of any value from quantum attacks. This took place while the bank prioritised the protection of highly sensitive trading data against cyber threads as well. 

According to the press release published at the time, by investing and experimenting in quantum technologies, HSBC prepared for the overall optimisation and development of the industry, while also establishing its input. By introducing quantum protection for HSBC’s FX trading, the financial institution expected an advancement in its cybersecurity services. 

Earlier in November 2023, HSBC shared the current trends in Embedded Finance and BaaS in an interview held by The Papers. In addition, the bank also talked about how Embedded Finance is implemented, as well as its approach to partnerships and strategic collaborations.