Zing, the international money transfer app, set up by HSBC in just January 2024, is already set to close after just 12 months.
It was set for a huge global expansion, and operated in the UK already – although not proving too popular.
It is widely reported that there were issues with Zing’s compliance department and processes following a restructure – this is the department that ensures Zing complies with local regulations, such as the correct money laundering procedures and reporting processes.
However, it may be due to cost restructuring following internal management changes at HSBC and new directions for projects.
If you are a Zing customer, check out Wise¹ (here’s our Wise review), we think it’s one of the best money transfer options out there.
And while you’re here, check out our currency converter tool and let us know what you think!
