A Wise Decision: Bank of Thailand Grants Banking Licence

Wise, the global technology company building the “best way to move and manage the world's money”, has secured regulatory approval from the Bank of Thailand and the Ministry of Commerce to operate locally in Thailand.

The move grants Thai citizens, businesses and foreign residents access to the country's first fully digital, foreign currency wallet. The solution allows users to send, receive and spend money in multiple currencies within a single app. The product is currently being rolled out in stages, with availability starting immediately.

Challenging the status quo

The global financial system's most costly aspect continues to be international payments. Typically, banks charge standard transfer fees alongside hidden mark-ups on currency exchange rates. In contrast, Wise operates on a model of transparent pricing and uses the mid-market exchange rate. This approach allowed the company to save its 15 million-plus customers US$2.6bn in hidden fees during FY25.

Thailand's economy is one of the most internationally integrated in Southeast Asia, driven by strong performance in tourism, international education, and cross-border trade. This high level of connectivity is evident in substantial financial movements. For example, in 2024, the World Bank reported that US$9.46bn flowed into Thailand from Thais and residents located overseas, while US$8bn was transferred out of the country.

Despite the scale of these movements, local financial infrastructure has often lagged behind. Based on Thai transaction volumes and World Bank global average costs, consumers could potentially save over US$1bn  annually in hidden fees by switching to Wise.

Shrawan (SK) Saraogi, APAC Head of Banking and Expansion at Wise, notes: “Thailand's cross-border payments market has long been dominated by traditional banks, and Wise is bringing a faster, more transparent alternative. With these licences, customers will soon be able to manage money seamlessly whether they're sending it abroad or using it locally.

“Beyond Thailand, we see strong demand for our products across APAC and will continue to increase our regulatory footprint to bring our products to even more customers.”

Strengthening APAC operations

Wise's expansion into Thailand bolsters its position in the Asia-Pacific region. This move is significant given that APAC is one of the firm's fastest-growing markets, generating over 20% of its global revenue. In FY25, for example, APAC revenue increased by 22%, reaching £263.8m (US$35.1m), demonstrating the continued strong demand for quicker, more affordable, and clearer cross-border money transfer services.

The Thai regulatory landscape is notably rigorous, requiring the full five licences covering payments, electronic money and foreign exchange services. These requirements make it one of the more complex markets for international payments companies to enter.

With this latest approval, Wise now holds over 75 regulatory licences globally. This development follows other recent milestones for the fintech, including receiving full approvals to launch its service in the UAE and conditional approval to bring its service to South Africa.

Wise’ focus remains on navigating these complex frameworks to provide a digital-first alternative to the traditional banking models that currently define the region's financial services.