HSBC has decided to shut down its international payments app Zing a year after its launch, reported Reuters, citing undisclosed sources.

The move is projected to result in about 400 redundancies as CEO Georges Elhedery intensifies cost-cutting measures in Europe.

According to the source, the employees who are at risk of layoffs will be notified, and the estimated 400 figure includes several non-HSBC external customer service employees.

A spokesperson from the bank 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."

The statement added: "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."

HSBC did not reveal the precise number of job cuts triggered by the move.

Launched in 2024, Zing is a mobile platform which aims to ease cross border payments.

Zing is a trademark of MP Payments UK Limited, part of the HSBC Group, authorised by the Financial Conduct Authority to issue electronic money and provide payments services.

The app was developed to enhance HSBC's Global Money offering, which is accessible to its international Wealth and Personal Banking clientele, while aiming to tap non-HSBC customers to expand its customer base.

Last month, the company made headlines with plans to scale back its credit card operations in China, as it struggled in establishing a profitable presence in the market.

"HSBC to shutter international payments app Zing " was originally created and published by Electronic Payments International , a GlobalData owned brand.

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