Overview

• Wise has approached senior financial services executives about roles for a potential UK banking business in recent months, according to The Times.
• The UK plan is described as exploratory with no formal licence application submitted to regulators.
• The company has applied to the U.S. Office of the Comptroller of the Currency to establish a national trust bank in Austin, Texas, according to reports.
• If approved, the trust bank would enable direct settlement of U.S. dollar transactions with the Federal Reserve, reducing use of correspondent banks and potentially speeding transfers.
• These moves track with Wise’s shareholder-backed shift to a U.S. primary listing while keeping a London presence, following recent growth in transaction volumes and revenue.