HSBC Holdings PLC (LSE:HSBA) is reportedly set to pull the plug on what it hoped was a 'killer app' only a year after it was launched.
According to a report by Financial News, the lender is said to be on the verge of informing staff, following what is said to have been a struggle with compliance functions.
HSBC launched the forex app last January, aimed squarely at a market dominated by disruptive tech platforms Wise PLC (LSE:WISE) and Revolut.
If confirmed, it will be an ignominious end for what Bloomberg called a "killer app" at the time of its launch.
HSBC’s wealth chief at the time said Zing has "global ambition" and the aim was "to establish ourselves as a global platform for international payments, which ties perfectly with our international payments strategy for HSBC and you should see us very soon in Asia, in the Middle East and in EU markets".
Reader, we didn't.