05:57 AM EST, 01/23/2025 (MT Newswires) -- HSBC Holdings ( HSBC ) said Thursday it is closing its Zing payment app and folding its functions into other banking operations.

As part of the closure, about 400 jobs will be at risk, Reuters reported Wednesday, citing an unnamed source.

"After careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC ( HSBC )," the bank said in an email to MT Newswires.

HSBC ( HSBC ) described the move as part of a "simplification" of the organization launched in October. "HSBC ( HSBC ) is focused on increasing leadership and market share in the areas where it has a clear competitive advantage," the company said.