Core Viewpoint - Payments company Wise is considering becoming a full-fledged bank in the United Kingdom, with plans still in early stages and no banking license application submitted yet [2][3]. Group 1: Company Developments - Wise has been in discussions with experienced financial services executives regarding roles in a potential banking business over the last two months [2]. - The company, originally known as TransferWise, rebranded to Wise in February 2021 to reflect its expanded services, including bank-like offerings such as debit cards and multi-currency accounts [2]. - Wise is currently operating under electronic money rules, which means customer funds cannot be used for lending and must be ring-fenced [3]. Group 2: Strategic Implications - A banking license would allow Wise to convert safeguarded funds into deposits, enabling them to recycle these into lending opportunities [4]. - Obtaining a banking license would provide Wise with direct access to the U.K.'s payment infrastructure, reducing reliance on third-party banks for clearing and settlement, which could lower costs and operational complexity [4]. Group 3: U.S. Market Moves - In June, Wise applied to become a national trust bank in the United States, allowing it to settle dollar payments directly with the Federal Reserve, potentially reducing costs and speeding up transfers [4]. - The company announced plans to move its primary listing to a U.S. stock exchange while maintaining a secondary listing on the London Stock Exchange, which Wise co-founder and CEO Kristo Käärmann stated would bring substantial strategic and capital market benefits [5][6]. - The dual listing aims to enhance awareness of Wise in the U.S., which is viewed as the largest market opportunity for its products, and to provide better access to deep and liquid capital markets [6].