HSBC partners with Visa to launch Zing app for global money transfers

HSBC has partnered with Visa to develop the Zing international money app. Launched in the UK in January 2024, Zing allows users to hold funds in over 10 different currencies, send money in 30 currencies, and transact in over 200 countries and territories.

This collaboration leverages Visa’s advanced technologies, including Currencycloud for multi-currency wallets and Tink for open banking solutions, to offer a seamless and efficient financial experience.

Zing is designed to cater to the needs of globally-minded consumers, offering a range of digital services that include low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates, and person-to-person (P2P) payments. These services are all linked to a smart multi-currency Visa card, providing users with a comprehensive financial tool in a single app.

James Allan, CEO and Founder of Zing, emphasised the app’s unique position in the market: “Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative really is. The reality is that you don’t have to choose; Zing is as intuitive, quick, and transparent as anything to come out of the fintech boom – but with the benefits of 150 years of international finance experience as part of the HSBC Group.

“We shared a clear vision with our partners at Visa – that people all across the globe want easy to use, secure, and trustworthy financial products that enable them to live their best international lives. Zing delivers on that promise, and we look forward to building on this partnership in the future.”

The partnership between HSBC and Visa has been instrumental in the rapid development and deployment of Zing. Visa’s Currencycloud and Tink technologies provided ready-made solutions that were integrated into Zing’s core infrastructure, significantly reducing development time and costs.

Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa, highlighted the importance of simplicity in today’s connected world: “Consumers should be able to move money as simply and routinely as sending a text message. Yet, in many cases, consumers still rely on manual, paper-based processes, high fees and cash to send and receive money across borders.

“Our partners and customers, and more importantly, their customers, want simplicity. By combining the benefits of Tink and Currencycloud with the wider Visa solutions and brand, we have delivered a great solution in double-quick time.”

The global agreement between Visa and HSBC sets the stage for Zing to expand its reach and features. The app is poised to roll out new functionalities, support additional currencies, and enter more international markets in the near future. This partnership underscores a shared vision of providing secure, easy-to-use, and trustworthy financial products that enable users to live their best international lives.

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