HSBC warning with 'all accounts set to be closed down by May 2025'

James Rodger
·2-min read
The high street bank, which is rivalled by Lloyds, Nationwide, NatWest, Barclays, Santander and more, has announced it is shutting down its global payments app Zing.
-Credit:Reach Publishing Services Limited


HSBC has broken its silence over axing a popular service. The high street bank, which is rivalled by Lloyds, Nationwide, NatWest, Barclays, Santander and more, has announced it is shutting down its global payments app Zing.

The decision to shut down the business is likely to trigger 400 job losses, according to reports from Reuters. "Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC," a spokesperson for the bank says in a statement.

"HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support our clients." A message on the Zing website confirms the payments app is no longer accepting new customers. Existing customers will be able to keep using Zing until April 2, 2025, with all accounts set to officially close on May 22, 2025.

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A message on the Zing website reads: "Thank you to all our Zing members for your support, we’ll miss serving you. We will unfortunately be closing the Zing app in the coming months due to changes in strategic business priorities.

"Our mission has always been to enable Zing members to live their best international lives and we’re proud of all that we have achieved in service of that mission. Zing members have been at the heart of everything we’ve built, giving us your trust, support, and feedback to shape Zing into an award-winning international money app."

A spokesperson from HSBC said: "Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC. HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support our clients."

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