Finance
UK's Wise seeks to create national trust bank in US
Published by Global Banking & Finance Review®
Posted on July 3, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 3, 2025
1 min readLast updated: January 23, 2026
Wise Plc seeks OCC approval to establish a national trust bank in the U.S., aiming to streamline dollar payments and integrate into the U.S. financial system.
(Reuters) -Money transfer company Wise Plc has applied to be directly regulated by the U.S. Office of the Comptroller of the Currency (OCC) to create a national trust bank in the United States, according to an official document.
An OCC document dated June 16 showed Wise seeking approval to operate as a nondepository trust bank in the U.S., a move first reported by Bloomberg News on Wednesday.
If the application is approved, Wise would be able to bypass intermediary banks and settle U.S. dollar payments directly with the Federal Reserve, potentially cutting costs, speeding up transfers and giving it tighter control over its largest currency flow.
It will also be a step toward deeper integration into the U.S. financial system. Trust banks can offer limited financial services.
Wise, which made its debut on the London market in 2021, is planning to move its primary listing to the U.S. from London.
The company's U.S. hub will be in Austin, Texas, where the firm already has about 450 staff.
(Reporting by Shanima A, Prerna Bedi, Atharva Singh and Niket Nishant in Bengaluru; Editing by Shinjini Ganguli and Gareth Jones)
Wise Plc has applied to be directly regulated by the U.S. Office of the Comptroller of the Currency to create a national trust bank.
If approved, Wise would bypass intermediary banks and settle U.S. dollar payments directly with the Federal Reserve, potentially cutting costs and speeding up transfers.
Wise's U.S. hub will be in Austin, Texas, where the firm already employs about 450 staff.
Wise is seeking to operate as a nondepository trust bank in the U.S., which can offer limited financial services.
Wise made its debut on the London market in 2021.
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