AdvertisementAdvertisementBusinessThe logo for the money transfer company Wise is displayed on a screen during the company’s debut at the Nasdaq Market site, in New York City, U.S., May 11, 2026. REUTERS/Brendan McDermid24 Jul 2026 03:27PM Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInAdd CNA as a trusted source to help Google better understand and surface our content in search results.Read a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST July 24 : London-listed shares of Wise fell 10 per cent on Friday after the money transfer group said its application to create a national trust bank in the United States was denied by regulators, amid major changes in financial policy.The U.S. Office of the Comptroller of the Currency denied Wise's application as it was incompatible with the Federal Reserve's new policies for payment system access, the dual-listed company said. As a national trust bank, Wise sought to settle U.S. dollar payments directly with the Fed.U.S. regulations for payments have changed significantly since the firm submitted its application in June of last year, it said."With the Federal Reserve generally pausing account access for an uninsured trust bank, the approach in our application became non-viable," the firm said.Show MoreShow LessThe fintech firm plans to submit a new application for a national trust bank charter under the GENIUS Act framework, which pertains to digital assets like stablecoins.Wise said its infrastructure is well positioned to interoperate with digital assets alongside existing payment rails.The company said the regulator flagged a U.S. consent order from last year on compliance violations following which Wise has strengthened its safety processes.Source: ReutersNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST