Wise secures full Thai licences for cross-border wallets

Wise has secured five licences in Thailand, becoming the first non-bank to receive the full set of approvals needed to operate locally and issue foreign currency wallets and Wise cards.

The Bank of Thailand and the Ministry of Commerce granted the clearances. Together, they allow Wise to offer payments, electronic money and foreign exchange services, which fall under separate licensing regimes in Thailand.

Wise plans a staged rollout of its account for Thai citizens, businesses and foreign residents. Customers can join a local waitlist ahead of launch.

Wise offers a multi-currency account and debit card that lets users hold, send, receive and spend money across currencies in one app. The Thailand version will include foreign currency wallets and local card use.

Cross-border payments make up a large share of Thailand's financial flows. The World Bank recorded USD $9.46 billion in inflows to Thailand from Thais and residents abroad in 2024, and USD $8.03 billion in outflows over the same period. The figures cover personal transfers and other cross-border movements captured in the World Bank dataset.

Wise is positioning its service as an alternative to bank-led international transfers, pointing to foreign exchange mark-ups and transfer fees as persistent costs for consumers and businesses. Banks and payment providers often add a spread to the exchange rate alongside upfront charges.

Wise uses the mid-market exchange rate and applies transparent pricing. In FY25, it reported saving more than 15 million customers USD $2.6 billion in "hidden fees".

Thailand's payments market includes high inbound and outbound activity tied to tourism, overseas education and cross-border trade. It also includes many people who earn in one country and spend in another, including foreign residents and Thai nationals working abroad.

Based on Thai transaction volumes and a World Bank estimate of average global costs, Wise estimates Thai consumers could save more than USD $1.04 billion a year in hidden fees by switching to its service. The figure is an estimate, not a measure of current costs paid by Thai customers.

APAC expansion

The Thailand approvals extend Wise's reach across Asia-Pacific, an increasingly important part of its business. The region accounted for more than 20% of Wise's global revenue in FY25, according to the company.

Wise reported APAC revenue of £263.8 million in FY25, up 22% year on year, which it attributed to demand for cross-border payments that are faster and more transparent than traditional options.

Wise operates through a mix of direct licensing and local partnerships, and says it holds more than 75 regulatory licences globally. Recent approvals include full permission to launch in the UAE and conditional approval for an expansion into South Africa.

Thailand is unusual in that licensing is segmented across several activities. Providers may need separate permissions for electronic money issuance, domestic and international transfers, and foreign exchange. By securing all five licences, Wise has set a benchmark for non-bank entrants seeking a broad operating scope in the country.

Wise's core business includes international transfers and multi-currency accounts for consumers and businesses. It also sells infrastructure to banks and large companies that use its network for cross-border payments, the company said.

In FY25, Wise reported supporting around 15.6 million people and businesses and processing more than USD $185 billion in cross-border transactions.

Wise's entry into Thailand comes as regulators across the Asia-Pacific tighten oversight of payments and digital money services. Licensing frameworks often add requirements around safeguarding customer funds, reporting and transaction monitoring, particularly for foreign exchange and cross-border activity.

Wise has not provided a detailed launch timetable beyond saying it will roll out the product in stages. Availability and feature access may vary by market, depending on local requirements and operational readiness.

SK Saraogi, Wise's APAC Head of Banking and Expansion, said the company expects a shift in Thailand's cross-border payments market.

"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," said Saraogi.