HSBC will take on the likes of Wise and Paysend with the launch of its new multi-currency payments app Zing.
The London-headquartered bank said Zing allows customers to hold 10 different currencies and access low-cost international transfers and foreign spending in over 30 currencies.
HSBC will compete with the fintechs that popularised the modern cross-border payments industry with lower charges and sleeker tech.
Zing is not just for HSBC customers, with the bank also targeting the international payments app market.
Wise, one of the larger names in the space, has amassed 16 million users since its launch in 2011, while Revolut – which offers a variety of financial services including international payments – has more than 30 million customers.
Paysend, another fintech specialising in foreign payments, last month raised £51.4m in a strategic investment from Mastercard, suggesting the space is a hot area for finance firms to move into.
HSBC said the app will be available in the UK from Wednesday and it hopes to make Zing available in two additional continents by the end of the year.
The service will be run by James Allan, an HSBC employee of more than three years who was previously the bank’s managing director of FX and payments.
“Now is the time for a new kind of international payments solution; one that combines cutting-edge innovation with the support of a global bank,” said Allan.
“Zing delivers this truly unique proposition for consumers, helping them live their best international lives.”