HSBC’s New ‘Wise Killer’ App Vies for FX Customers

HSBC’s attack on foreign exchange fintechs began about 18 months ago, when it asked James Allan, head of FX and payment systems in the bank’s wealth and personal banking arm, to spearhead the Zing project, which it code-named Marco Polo. Allan’s small team built the new service in-house under strict secrecy, buying off-the-shelf technology from other fintechs where necessary, according to HSBC executives who asked not to be named discussing internal matters. HSBC hasn’t said how much it cost to create Zing, but UK corporate records show the bank plowed almost $74 million into MP Payments Group Ltd., the subsidiary it set up to develop the service. Some managers have referred to the project as the “Wise killer,” according to one person familiar with the initiative who asked not to be named.