HSBC wants to compete in the fintech market with such successful projects as Revolut and Wise. One of Europe's largest banks is launching a new app, Zing, which will make cheap international transfers and currency exchange available. Bloomberg writes about this.
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Zing will be available residents of the UK, with plans to launch in Asia, the Middle East and the EU in the future.
According to the bank, registration in the Zing app takes just three minutes. For transactions, users only need to enter the phone number or email address of the sender and recipient.
HSBC says Zing offers competitive rates for international transfers. For example, transferring €1,000 from the UK to the US will cost just €2.99.
The launch of Zing is part of HSBC's strategy to compete with fintech startups such as Revolut and Wise. These companies quickly gained popularity among retail clients by offering cheap and convenient international transfers and currency exchange services.