From the FT:
By mid-December Zing had attracted nearly 131,000 customers, according to an internal presentation seen by the Financial Times. But on a monthly basis, the cross-border payment app had just 8,736 active users, far below its target of 12,000, the presentation showed.Analysts had raised doubts about Zing’s value proposition before its announced closure, and said that HSBC had failed to properly differentiate the app from its existing cross-border payment solution, Global Money.https://archive.ph/a2ask#selection-2395.0-2399.190“It can be hard for big banks to develop these standalone brands which may compete with their existing business lines,” said Gary Greenwood, an analyst at Shore Capital.
“If all you do is copy Wise . . . and [you] get no revenue, no differentiation, five years later, it’s not going to win,” said fintech analyst Simon Taylor, who co-founded consultancy 11:FS.