Wise Denied US Banking Licence in Blow to Expansion Plans
The rejection could limit Wise’s direct access to U.S. payment systems as the company plans a new application under the GENIUS Act framework.
- On Friday, London-listed shares of Wise fell about 10% after the Office of the Comptroller of the Currency denied the firm's application for a national trust bank charter in the United States.
- Regulators cited compliance gaps, while Wise noted the Federal Reserve's recent policy shift made their application approach "non-viable" for an uninsured trust bank.
- Direct Federal Reserve access would have let Wise custody dollar assets and bypass intermediary banks, a competitive infrastructure prize rivals such as Klarna have pursued.
- Despite the rejection, Wise stressed its day-to-day operations across 48 states remain unaffected and confirmed plans to file a new application under the recently enacted GENIUS Act framework.
- Chair David Wells called the United States "the biggest market opportunity for our products in the world today," with the country accounting for nearly half of the group's $243bn cross-border volume.
28 Articles
28 Articles
The Toronto Star
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British fintech company Wise will not be granted a US banking license. An application the company had filed more than a year ago was rejected by the regulator…
Wise shares tumble after US regulator rejects its trust bank charter bid
Shares in Wise fell about 10% on Friday after the US Office of the Comptroller of the Currency declined the money-transfer firm’s application for a national trust bank charter, the licence that would have wired it directly into the Federal Reserve’s payment systems. The London-headquartered fintech, which listed on Nasdaq in May, had spent more than a […] This story continues at The Next Web
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