RIP Zing: HSBC shutters Wise competitor after just one year 🪦🏦; Goldman Sachs’ new AI Assistant, or a bid to hire a veteran banker who never sleeps 🤖💸
FinTech is Eating the World, 23 January
Hey Everyone,
Good morning & happy Thursday! Today’s issue is really hot as we’re going to look at HSBC which has just shuttered Wise & Revolut competitor Zing after just one year (why this matters & what banks should learn here + bonus deep dives into HSBC, Wise & more), and banking giant Goldman Sachs’ new AI Assistant, which is positioned to become a veteran banker who never sleeps (what it’s all about, why it makes sense & what it means for the future of banking + bonus deep dive into Goldman & their latest financials). So let’s just jump straight into the fascinating stuff 🌶️
RIP Zing: HSBC shutters Wise competitor after just one year 🪦🏦
The (BIG?) news 🗞️ HSBC HSBC 0.00%↑ just announced the closure of Zing, its international payments application, merely a year after its launch. Ouch 🤕
The shutdown of this digital payments venture, which was designed to compete with established FinTech players like Wise and Revolut, brilliantly underscores the significant challenges traditional banks face when attempting to innovate in the FinTech space.
Let’s take a quick look at this and see what lessons banks should learn here.