Provider Insights

Geographical Focus:

Zing is a digital financial service provided by MP Payments UK Limited, part of the HSBC Group, designed for UK residents with international money needs. The Zing app and debit card can hold up several currencies and can be used in more than 200 countries. Users can also send money internationally across more than 30 currencies, making it a versatile tool for global financial management.

Licenses:

Zing is provided by MP Payments UK Limited, which is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for issuing electronic money and the provision of payment services, with FCA registration number 983835. Although part of the HSBC Group, MP Payments UK Limited is not a bank, and funds held in Zing accounts are not protected by the Financial Services Compensation Scheme (FSCS). Instead, funds are safeguarded in a separate bank account.

Last Fundraising Round:

Zing is backed by HSBC and operates under its global financial framework. Specific fundraising rounds for Zing have not been disclosed separately from HSBC’s broader financial activities. However, Zing’s development and launch represent a strategic investment by HSBC to compete in the fintech space against established players like Wise and Revolut.

Investors:

As Zing is part of the HSBC Group, it benefits from the financial backing and global reach of one of the largest banking and financial services institutions in the world. While Zing operates independently as an e-money institution, it leverages HSBC’s resources and expertise to provide robust financial services to its users.