Wise denied US banking licence in blow to expansion plans

cityam

Jul 24

Wise said the decision would not affect its existing US business Wise has been denied a US banking licence, setting back the payments giant in its biggest growth market just months after it switched ...

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It pointed to changes it has since made to its compliance systems, customer checks and financial crime controls.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"OCC":"Optical Cable Corporation","BK4020":"通信设备"},"translate_title":"怀斯被拒绝获得美国银行牌照，对扩张计划造成打击","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OCC":1},"content_text":"Wise said the decision would not affect its existing US business Wise has been denied a US banking licence, setting back the payments giant in its biggest growth market just months after it switched its primary stock market listing to New York.The London-founded fintech said the US Office of the Comptroller of the Currency (OCC) had rejected its application for a national trust bank licence.Wise said the decision would not affect its existing US business and that it plans to submit a new application.The regulator’s decision related to its original application which was submitted more than a year ago, Wise said. It pointed to changes it has since made to its compliance systems, customer checks and financial crime controls.\n\n“We have invested significantly in enhancing our processes and controls globally and in the U.S. since the original application for the trust charter was prepared, including those to prevent financial crime alongside other forms of risk,” the company said, adding that changes to US payment rules meant the original application was no longer the right route to securing a licence.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA banking licence would allow Wise to operate under one federal regulator rather than relying on dozens of state licences, making it easier to expand its products in the US.US expansion plansThe setback comes months after Wise moved its primary listing from London to Nasdaq while keeping a secondary listing in the UK.The company said at the time the move would give it greater visibility in what it called its “biggest market opportunity” and improve access to US investors.\n\nWise has been investing heavily to grow beyond international money transfers. It now serves around 19 million customers worldwide and processed more than $240bn of cross-border payments last year.The US has become a key battleground for European fintechs. Rival Revolut submitted a fresh application for a US banking licence earlier this year after abandoning an earlier attempt.A licence would allow firms to offer a wider range of banking products directly instead of relying on partner banks.Despite Wednesday’s decision, Wise insisted its US business would continue as normal under its existing licences across 48 states and four territories while it prepares a new application.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}