HSBC's new FX app Zing shows slow growth 📉😬; Mastercard streamlines account opening with open banking 👐🏦; Kraken launches Institutional Arm to capitalize on surging Bitcoin ETF demand 💸🫡

FinTech is Eating the World, 29 February

Hey Everyone,

Good morning! The latest issue comes with a delay but it’s packed with knowledge and gems. Today we’re looking at HSBC's new FX app Zing which shows slow growth (it’s very slow… & what this tells us + some bonus reads inside), Mastercard that continues doubling down on open banking (why this is important and makes sense + a deeper dive into Mastercard’s latest financials), and Kraken that just launched its Institutional Arm (it’s a logical and expected move + a deep dive into Kraken’s biggest competitor). Let’s jump straight into the cool stuff 🌶

HSBC's new FX app Zing shows slow growth 📉😬

The news 🗞️ Banking giant HSBC HSBC 0.00%↑ recently launched Zing, a new foreign exchange app aimed at competing with FinTech disruptors like Wise and Revolut in the UK. At least for the start.

However, early download estimates show that the app towards which HSBC invested at least $150 million is showing a slow start when compared to the more established rivals.

Let’s take a look and see what this tells us.