Wise has applied to be regulated directly by the US OCC to create a national trust bank in the country.
An OCC document dated June 16th notes that Wise is looking for approval to operate as a nondepository trust bank in the US. If the application goes through, the money transfer firm will be able to bypass intermediary banks and settle USD payments with the Federal Reserve, cutting costs and speeding up transfers, as well as having more control over its largest currency flow. Wise’s US hub will be located in Austin, Texas, where the firm already has approximately 450 staff.
Switching from London to New York
The application is a step forward for a stronger integration into the US financial system for Wise, as trust banks can offer limited financial services. The company made its debut on the London market in 2021.
Currently, it operates in the US market through mobile platforms and debit products, offering international money transfer services and multi-currency accounts. It focuses on making cross-border payments faster, cheaper, and more transparent. Wise is was previously not a bank but ofefred a multi-currency account that allows users to hold, send, receive, and spend money in various currencies.
This initiative comes as Wise shifted its main listing from London to New York to increase its appeal to US investors and optimise its overall expansion plans in the economy of the region. With this move, the company aimed to accelerate its growth and gain important capital market benefits, allowing its shares to trade on both a US stock exchange and the LSE.
Additionally, in June 2025, Wise focused on its expansion into India, gaining an in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator -Cross Border for exports, reflecting the company’s goals to expand globally.
