Wise Targets US Banking Charter Again Under GENIUS Act

Financial technology firm Wise is preparing a new application for a national trust bank charter. This move follows an earlier denial from the Office of the Comptroller of the Currency, which cited concerns regarding anti money laundering compliance. Wise plans to submit the upcoming paperwork under the framework of the GENIUS Act.

Securing a national charter would allow Wise to operate with greater independence across the United States. Observers note that banking regulators have tightened scrutiny on fintech companies seeking direct federal status, making compliance a top priority for applicants in the digital asset and payment sectors.

Market watchers will monitor how regulators evaluate the updated application. Successful approval could encourage other financial technology platforms to pursue similar banking charters, shifting how cross border payment providers interact with federal oversight.