Wise becomes first non-bank to secure full Thai regulatory license, targets $1.7bn cross-border market

Key facts

• Wise received all four categories of financial licenses from the Bank of Thailand on March 18, 2026.
• It is the first non-bank and first foreign company to obtain such a comprehensive license set in Thailand.
• Thailand's cross-border flows totaled $9.46 billion inbound and $8.03 billion outbound in 2024.
• Hidden FX spreads cost Thai users over $1.04 billion per year, per World Bank data.
• Wise processed $185 billion in global transaction volume in fiscal 2025, serving 15.6 million customers.
• The company's APAC region contributes more than 20% of global revenue.
• Wise will launch a multi-currency account supporting over 40 currencies, with local account numbers from 10 countries.

A regulatory first opens the door to full-service digital banking

Wise, the London-based financial technology company formerly known as TransferWise, has become the first non-bank and the first foreign firm to secure a complete set of financial business licenses from the Bank of Thailand. The announcement on March 18, 2026, marks a strategic pivot for the company in Southeast Asia, allowing it to offer a full suite of cross-border financial services under a single platform. The licenses cover electronic money services, electronic fund transfers, international remittance agency services, and a general e-money operator permit. Together they enable Wise to receive, transfer, and hold foreign currencies within Thailand, bypassing the traditional banking infrastructure that has long dominated the country's financial landscape.

A $1.7 billion market with $1 billion in hidden costs

Thailand's cross-border payment market is substantial. the country received $9.46 billion in inbound remittances and sent $8.03 billion outbound, reflecting growing economic activity in trade, education, and skilled labor. Yet the same data reveals a persistent inefficiency: hidden fees embedded in foreign exchange spreads cost Thai consumers and businesses more than $1.04 billion annually. Wise is positioning itself as the antidote. The company's core value proposition is the mid-market exchange rate — the same rate visible on Google or Reuters — with transparent, upfront fees. In its fiscal 2025, Wise processed $185 billion in global transaction volume across 15.6 million customers, saving users an estimated $2.6 billion in fees compared to traditional banks.

Asia-Pacific as the growth engine

The Asia-Pacific region already accounts for more than 20% of Wise's global revenue, making it a critical growth driver. Thailand, with its deep cross-border flows and large unbanked or under-banked population, represents a strategic beachhead for expanding the company's digital infrastructure across ASEAN. Wise's platform connects to over 160 countries, and its new Thai license will allow it to offer local account numbers in 10 currencies — including GBP, USD, and EUR — enabling both individuals and businesses to receive payments as if they held domestic accounts in those markets.

What the new service will look like

Wise will launch a waitlist for Thai users to access a multi-currency account supporting more than 40 currencies. The account will allow users to hold and exchange foreign money, send remittances to 70 countries, and receive funds via local account numbers from 10 countries. A Wise card will be available for global spending, and QR code payments will work within Thailand. However, there are notable limitations. Users cannot transfer directly between two foreign bank accounts — for example, from a US dollar account to a Singapore dollar account — without first converting to Thai baht. Similarly, foreign currency held in a Wise account cannot be sent directly to an overseas bank account; the system will convert it to Thai baht at the prevailing rate, deduct fees, and credit the baht amount to the Wise account. ATM withdrawals within Thailand are not supported, though withdrawals abroad remain possible.

Implications for Thailand's financial sector

Wise's entry challenges the dominance of traditional Thai banks, which have long profited from opaque FX margins and high remittance fees. By offering mid-market rates and transparent pricing, Wise could force incumbents to lower costs or risk losing market share, particularly among tech-savvy consumers and small businesses engaged in international trade. The move also aligns with the Bank of Thailand's broader push to modernize the country's payment infrastructure and promote financial inclusion. By licensing a non-bank player, the central bank signals openness to competition from fintech firms, potentially paving the way for other digital financial services providers.

What comes next

Wise has not disclosed a specific launch date for its full-service offering in Thailand, but the waitlist is now open. The company will need to navigate local regulations, build partnerships with Thai banks for settlement, and educate consumers about the benefits of transparent exchange rates. The success of this expansion could serve as a template for Wise's broader ASEAN strategy. If the Thai market responds strongly, the company may accelerate its licensing efforts in neighboring countries such as Indonesia, Vietnam, and the Philippines — all of which have large remittance corridors and growing digital economies.

The bottom line

• Wise is the first non-bank and first foreign firm to receive a full set of financial licenses from the Bank of Thailand.
• Thailand's cross-border flows exceed $17 billion annually, with over $1 billion lost to hidden FX fees.
• Wise's mid-market exchange rate model could save Thai users significant costs compared to traditional banks.
• The new service includes multi-currency accounts, remittances to 70 countries, and local account numbers from 10 countries.
• Limitations include no direct foreign-to-foreign transfers and no domestic ATM withdrawals.
• The move signals a shift in Thailand's regulatory stance toward fintech competition.