Global fintech company Wise has become the first non-bank to secure five regulatory licences in Thailand, allowing it to expand its services and operate locally, the company said in a press release.
Wise is a global financial technology company that offers international money transfers and multi-currency accounts. Its platform allows users to hold, send and spend money in different currencies through one app, often at lower cost than traditional banks.
The licences, granted by the Bank of Thailand and the Ministry of Commerce, enable Wise to offer a fully digital foreign currency wallet and issue its payment cards in the country.
New services for users
Wise was already available to customers in Thailand, but the new approvals allow the company to offer more integrated services locally, including sending, receiving and spending money across multiple currencies within one app.
The move is expected to benefit individuals and businesses making cross-border payments, including expatriates in Thailand who regularly transfer money abroad.
More than 17 billion dollars move in and out of Thailand each year, creating strong demand for faster and cheaper international payments.
Wise said the approvals mark another step in its expansion across Asia-Pacific, one of its fastest-growing regions.
