Zing, the international payments app launched by HSBC just last year, is set to close down in the bank’s latest fintech flop. HSBC is preparing to inform employees that it has decided to axe the business following a struggle to restructure Zing’s compliance functions, codenamed Project Green.
A fascinating post-mortem on why big banks keep losing the innovation war…
a blog written by Simon Taylor, Head of Strategy & Content at Sardine
The pitch was perfect: „Let’s build our own Wise! Modern UX, low fees, happy customers!”
The reality? A masterclass in how NOT to innovate:
The proposition made no sense:
– Forced existing customers to re-KYC 🤦♂️
– Vs Wise/Revolut it was just, another app and not very complete
– 3+ years of planning before real customer interaction
– $150M+ spent before a single $ of revenue
While HSBC was planning, Wise and Revolut:
– Captured the market
– Built cult-like customer loyalty
– Scaled globally
– Iterated their product rapidly around customer feedback
The Brutal Truth:
Big banks have lost consumer cross-border payments. Not because they lack talent or resources. But because they’re playing a game designed for failure.
The Real Lessons:
– Ship fast, learn faster
– Test with real customers immediately
– Keep burn low until product-market fit
HSBC eventually did the smart thing – partnered with Dandelion to modernize their internal cross-border. You have to wonder if this ultimately killed Zing.
Sometimes innovation means admitting others solved the problem better.
Every bank faces this choice: Build (and likely fail unless you can internalize the lessons) or Partner and modernize.
The age of NIH (Not Invented Here) is dead.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
