Wise to reapply for US trust-bank charter after OCC rejection

(Sharecast News) - Fintech group Wise said on Friday that the US Office of the Comptroller of the Currency had denied its application for a national trust bank charter, noting the decision relates to issues in its original submission more than a year ago. Wise said its business and compliance framework had since "evolved significantly" in response to OCC feedback and that it intends to file a fresh application that reflects both its growth and the shifting US regulatory landscape.

Wise stressed the ruling does not affect its day‑to‑day operations, which continue under its existing money‑transmitter licences across 48 states and four territories, alongside more than 80 licences globally.

The London-listed firm said the OCC's letter referenced a July 2025 multi‑state consent order issued shortly after its initial application, prompting Wise to strengthen its US compliance programme, improve investigation and reporting processes, enhance customer‑data integrity and increase resourcing.

Wise has invested heavily in bolstering controls globally, including those aimed at preventing financial crime, and continues to work closely with regulators such as the Financial Conduct Authority and the National Bank of Belgium.

With digital‑asset infrastructure becoming more prominent, Wise said its technology was well positioned to support interoperability across emerging and traditional payment rails. It has now informed the OCC that it plans to submit a new trust‑bank application under the GENIUS Act framework, maintaining what it described as a positive relationship with the regulator.

As of 1025 BST, Wise shares were down 9.15% at 822.60p.

Reporting by Iain Gilbert at Sharecast.com

See latest RNS at Investegate