Wise Becomes First Non-Bank to Be Granted Five Licences in Thailand, Accelerating Its Global Expansion and Growth

WHY THIS MATTERS: Securing the necessary multi-licence approval from the Bank of Thailand is a major regulatory victory that legitimizes the expansion strategy of global fintechs into historically protected markets. Thailand’s significant annual flow of remittances, exceeding $17 billion, highlights a massive, underserved corridor where incumbents dominate and consumers incur substantial hidden costs. This regulatory breakthrough allows Wise to deploy the country’s first fully digital, multi-currency Digital Wallet for retail and business use. This move establishes a key competitive benchmark, challenging traditional financial institutions to adapt their expensive and slow infrastructure. It proves that sustained regulatory effort can unlock access to high-growth, high-volume regions and solidifies the Asia-Pacific region as critical to the future of transparent cross-border payments.

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

This means that Thai citizens, businesses and foreign residents will have the country’s first fully digital, foreign currency wallet for sending, receiving and spending money in multiple currencies all within one app. Customers can join the Thailand waitlist from today to be among the first to access the Wise account as the product is rolled out in stages.

International payments remain one of the most expensive parts of the global financial system, with banks often applying hidden mark-ups to currency exchange rates on top of transfer fees. Wise saved its more than 15 million customers $2.6 billion in hidden fees in FY25 through its platform, which uses the mid-market exchange rate and transparent pricing.

Tapping into an increasingly international market

Thailand is one of Southeast Asiaʼs most internationally connected economies, with strong tourism, overseas education, cross-border trade and a large population earning and spending across multiple countries. According to the World Bank, Thailand saw a total of $9.46 billion flow into the country from Thais and residents abroad in 2024, while $8.03 billion was sent out of the country. This highlights the scale of money moving across Thailandʼs borders. Yet for all of that movement, the financial infrastructure hasn’t kept up. Based on Thai transaction volumes and World Bank global average costs, consumers could potentially save over $1.04 billion annually in hidden fees by switching to Wise.

Further accelerating expansion across APAC region expansion

The expansion into Thailand further strengthens Wiseʼs presence in Asia-Pacific, which accounts for over 20% of Wiseʼs global revenue and is one of its fastest-growing regions. In FY25, revenue from APAC rose by 22%, reaching £263.8m, reflecting strong demand for faster, cheaper and more transparent cross-border money solutions across the region.

SK Saraogi, APAC Head of Banking and Expansion at Wise, said: “Thailandʼs 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 theyʼre 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.ˮ

Strengthening regulated presence across key markets

Thailandʼs regulatory framework requires multiple licences covering payments, electronic money, and foreign exchange services, making it one of the more complex markets for international payments companies to enter. Wise now holds over 75 regulatory licences globally. It has recently received full approvals to launch its service in the UAE and conditional approval to bring its service to South Africa. 

FF NEWS TAKE: This move absolutely moves the needle, specifically by proving that the complexity of multi-licensing in Southeast Asia is surmountable with patience and compliance focus. The immediate impact will be competitive pressure on local banks to eliminate hidden fees. The next factor to watch is the speed of adoption on the ground and whether Wise can successfully integrate local payment rails, such as PromptPay, to fully embed itself in the Thai digital ecosystem.