{
}
HSBC's mobile app Zing, launched to compete with fintech rivals, attracted nearly 131,000 customers but had only 8,736 active users before its closure, falling short of targets. Analysts criticized the app for lacking differentiation from HSBC's existing services, highlighting the challenges traditional banks face in the digital space. The bank's decision to shut Zing aligns with its broader strategy to simplify operations, reflecting a struggle to keep pace with agile fintech competitors.
HSBC has shut down its Zing initiative after burning through $150 million in a failed attempt to penetrate the international payments market, highlighting the challenges traditional banks face in innovation. The app, aimed at competing with fintechs like Wise and Revolut, suffered from execution flaws, including unnecessary re-KYC processes and a lack of differentiation. Analysts emphasize the need for banks to adopt a more agile, customer-centric approach to succeed in the rapidly evolving financial landscape.
HSBC is shutting down its payments app Zing just a year after its launch, following a strategic review. The app, aimed at young customers and international students, failed to expand beyond the UK and is part of the bank's simplification strategy under new CEO Georges Elhedery. This closure reflects the challenges traditional banks face in the competitive fintech market, as seen with other failed ventures like NatWest's Bó and Barclays' Pingit.
HSBC is reportedly set to discontinue its forex app, launched just a year ago, due to compliance challenges. Initially touted as a "killer app" to compete with Wise and Revolut, the decision marks a significant setback for the bank's ambitions in the international payments market.
In 2024, Solana's ecosystem thrived, with significant revenue growth and a surge in dApp activity, positioning it as a leader in the Layer-1 space. Meanwhile, Remittix (RTX) aims to disrupt the $150 trillion global payments market with its innovative PayFi framework, allowing instant crypto-to-fiat conversions. The $RTX presale has garnered over $1.6 million, with analysts predicting an 800% increase by the end of the presale, potentially mirroring Solana's past success.
Remittix has raised over $1 million in just two weeks, aiming to simplify cross-border payments akin to sending a text message. Unlike traditional services focused on fiat transactions, Remittix's PayFi protocol enables seamless transfers across 40 cryptocurrencies, instantly convertible to fiat for global bank deposits.The $RTX token underpins the ecosystem, facilitating governance and staking, with investors earning between 4%-8%. A tiered VIP program offers enhanced rewards, with Tier-3 investors eligible for an impressive 18% APY and premium voting rights.
UBS analyst Justin Forsythe has raised the price target for Wise plc to GBP12.40 from GBP10.50, maintaining a Buy rating. This adjustment reflects confidence in Wise's growth, driven by successful partnerships with Standard Chartered and Morgan Stanley, and highlights the company's competitive edge in the cross-border payment market. Wise's innovative platform continues to gain traction, positioning it favorably against rivals.
Remittix (RTX) is revolutionizing cross-border payments by enabling users to convert over 40 cryptocurrencies into fiat and transfer it to any global bank account. With a focus on simplicity, affordability, and transparency, it eliminates hidden fees and middlemen, making it an attractive option for unbanked individuals. The platform also allows businesses to integrate its Pay API, facilitating cryptocurrency payments while providing merchants control over cashing out in multiple fiat currencies.
Solana has surged over 10,000% since 2020, becoming a top cryptocurrency. Analysts are now highlighting Remittix (RTX), a DeFi altcoin poised to capitalize on the $250 trillion cross-border payment market, with predictions of up to 100x growth by the end of the bull market. Remittix offers instant crypto-to-fiat transactions, aiming to disrupt traditional payment systems.
British fintech firm Wise reported a 55% profit increase in the first half of its 2025 fiscal year, reaching £217.3 million, driven by a 25% rise in active customers to 11.4 million. Revenues climbed 19% year-on-year to £591.9 million, although the company anticipates a reduction in profit margins due to pricing investments. CEO Kristo Käärmann faced a £350,000 fine from the Financial Conduct Authority for tax filing issues.
Wise plc
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
hsbc shuts down zings mobile app after failing to meet targets
British Pound Sterling
Wise plc
NatWest Group plc
Revolution Medicines, Inc.
Barclays PLC
GBR
Pierre Legrand
Roula Khalaf
Gary Greenwood
Simon Taylor
Show more
06:00 02.02.2025
hsbc's zinging failure highlights challenges in banking innovation and execution
00:20 28.01.2025
hsbc closes payments app zing after one year amid fintech struggles
British Pound Sterling
United States Dollar
Euro
Wise plc
NatWest Group plc
Revolution Medicines, Inc.
Barclays PLC
GBR
Nuno Matos
Georges Elhedery
Noel Quinn
Show more
12:52 23.01.2025
hsbc to discontinue forex app amid competition from wise and revolut
10:00 23.01.2025
Remittix poised to disrupt payments market as Solana thrives in 2024
13:30 07.01.2025
remittix raises over 1 million dollars revolutionizing cross border payments with crypto
07:27 06.01.2025
ubs raises wise price target on strong growth potential and partnerships
12:46 03.01.2025
remittix revolutionizes cross-border payments with blockchain and fiat integration
09:00 22.12.2024
remittix poised to rival solana's growth in the booming crypto market
10:47 20.12.2024
wise reports 55 percent profit increase amid customer growth and market expansion
08:29 06.11.2024
Trending
Subcategory
Corporate News
Industry Trends
Startups & Entrepreneurship
Global Trade Developments
Stock Market Updates
Retail and Consumer Goods
Supply Chain Management
Industry Mergers & Acquisitions
Private Equity Deals
Fintech Startups
Government Economic Policies
Venture Capital Investments
Inflation and Monetary Impact
CEO Changes
Central Bank Actions
Workplace Trends
Corporate Social Responsibility
Finance Mergers & Acquisitions
Economic Indicators
AI Innovations
Countries:
Companies:
Apple Inc.
Google Inc.
Grab2Go AS
OLA ELECTRIC MOBILITY LTD
EFG Hermes Egypt
Delhivery Limited
Ecom Express Ltd.
NIO Inc.
Morgan Stanley
Nikkei 225
Nintendo Co., Ltd.
Goto Ltd
Mizuho Financial Group, Inc.
Mitsubishi UFJ Financial Group, Inc.
Microsoft Corporation
Scripbox.COM India Ltd.
Amazon.com, Inc.
OpenAI ERC USD
FTSE NASDAQ Dubai UAE 20 Index
JPMorgan Chase & Co.
Currencies:
United States Dollar
Indian Rupee
Euro
Chinese Yuan
Japanese Yen
United Arab Emirates Dirham
Egyptian Pound
South Korean Won
Indonesian Rupiah
Saudi Riyal
Pakistani Rupee
Hong Kong Dollar
New Taiwan Dollar
Offshore Chinese Yuan
Qatari Riyal
Malaysian Ringgit
Filipino Peso
West African CFA Franc
Thai Baht
Mexican Peso
People: