If you’ve found this article, you may already know that Zing is an international payments app and multi-currency card.
But you may not know that Zing is part of the HSBC Group. The HSBC Group is one of the largest banking and financial services institutions in the world.
Since launching at the start of 2024, we’ve had a lot of questions from new, potential and existing members about the connection between HSBC and Zing, and what it means for their international money.
This article gives answers to some of those bigger questions.
Why did HSBC start Zing?
HSBC launched Zing to make international money easier and help more people live their best international lives. We strive to evolve the way people manage their international money needs, making it easier and more rewarding.
Zing was created within the HSBC Group but acts as an independent fintech.
Do you need to bank with HSBC to use Zing?
No – you don’t need an HSBC account to get a Zing account. Currently, you need to be a resident of the UK, be over 18, and meet other eligibility requirements.
Is Zing a bank like HSBC UK Bank plc?
No – Zing is not a bank and is separate from HSBC UK Bank plc. In the UK, Zing operates as an e-money institution. Your money isn’t kept as deposits. We use a system called “safeguarding” to keep your money safe in a separate bank account.
This means your money is not protected by the Financial Services Compensation Scheme (“FSCS”). And if you do happen to bank with HSBC already, your money kept with Zing does not count towards your total FSCS protection with HSBC UK Bank plc.
What is MP Payments UK Limited?
Someone’s been reading the small print! Zing is actually a trademark of MP Payments UK Limited. It’s MP Payments UK Limited that’s part of the global HSBC Group. This company is authorised by the Financial Conduct Authority to issue electronic money and provide payments services (under the Electronic Money Regulations 2011) with FCA registration number 983835.
Any other questions about Zing and HSBC?
You can find what you need in our Help Centre.if you’ve got the Zing app, ask our ZingCare team for further guidance.