In a landmark move for Southeast Asia’s financial landscape, Wise has officially become the first non-bank entity to secure the five critical licenses required to operate in Thailand. Granted by the Bank of Thailand and the Ministry of Commerce, these approvals allow Wise to offer foreign currency wallets and issue its signature Wise cards locally, marking a significant break from the country’s traditional banking monopoly.
This move provides Thai citizens, businesses, and foreign residents with their first fully digital, multi-currency wallet for sending, receiving, and spending money globally.
Unlocking a $17 billion cross-border economy
Thailand is one of the most internationally connected economies in the region, with massive flows from tourism, overseas education, and cross-border trade. However, the financial infrastructure has historically lagged behind this demand:
- Market Scale: Over $17 billion moves across Thailand’s borders annually, with $9.46 billion in inflows and $8.03 billion in outflows.
- The “Hidden Fee” Tax: Traditional banks in the region often apply significant mark-ups to exchange rates. By switching to transparent mid market rates, Thai consumers and businesses could potentially save over $1.04 billion annually in hidden fees.
- Global Impact: In the last fiscal year alone, Wise saved its 15 million global customers approximately $2.6 billion in hidden fees.
APAC as a high-growth engine for digital finance
The expansion into Thailand is a strategic necessity for the firm’s growth in the Asia-Pacific region, which now accounts for over 20% of global revenue. In the 2025 fiscal year, revenue from the APAC region rose by 22% to reach £263.8 million, driven by intense demand for transparent money movement solutions.
SK Saraogi, APAC Head of Banking and Expansion at Wise, noted that the Thai market has long been dominated by traditional banks. They emphasized that these new licenses will allow customers to manage money seamlessly across borders, as the company continues to increase its regulatory footprint across the region.
Navigating Thailand’s complex regulatory framework
Securing five licenses simultaneously is a rare achievement due to Thailand’s rigorous requirements covering payments, electronic money, and foreign exchange services. This milestone brings the total number of regulatory licenses held by Wise to over 75 globally, following recent successes in the UAE and South Africa.
Future outlook for Thai consumers
As Wise begins its phased rollout in Thailand, the entry of a major non-bank player is expected to:
- Drive Down Costs: Force traditional banks to reconsider their fee structures and exchange rate mark-ups.
- Enhance Accessibility: Provide 24/7 access to 40+ currencies through a single digital interface.
- Support Business Growth: Enable Thai SMEs to participate more effectively in global trade by reducing the overhead of international payments.
With over $185 billion in cross-border transactions processed globally last year, the entry of Wise into the Thai market represents a “new network” for the country’s money, prioritizing speed, transparency, and cost-efficiency.
