Global money transfer firm Wise Plc (LSE: WISE) has formally applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a strategic move toward deeper integration into the American financial system.
According to an OCC filing dated June 16, Wise seeks approval to operate as a nondepository trust bank in the U.S. If approved, this would enable the company to bypass intermediary banks and settle U.S. dollar transactions directly through the Federal Reserve—reducing costs, accelerating transfers, and giving Wise tighter control over its largest currency flow.
The proposed U.S. trust bank will be headquartered in Austin, Texas, where Wise already employs around 450 people. This initiative aligns with Wise’s broader ambition to move its primary stock listing from London to the United States, reflecting its growing focus on the North American market.
While trust banks offer a more limited suite of services than full-service commercial banks, the regulatory approval would give Wise a significant operational edge and reinforce its status as a leading global fintech player.
Wise, which debuted on the London Stock Exchange in 2021, continues to expand its footprint amid rising demand for faster, more transparent cross-border payment solutions.
