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Failed fintech Zing lost $87m before HSBC axed it

City Correspondent

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HSBC’s failed international payments app Zing lost $87.5m in its first year of trading before the bank axed the business.

The 2024 pre-tax loss for Zing’s holding company, incorporated as MP Payments, reflected a $88.4m impairment charge on its investments in subsidiaries, according to newly released registry filings.

The UK bank shut down its international money transfer app just a year after launch

Lars Mucklejohn

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