The global technology company Wise has become the first non-bank to be granted full license set in Thailand to offer multi-currency wallet in the country.

The firm said in a statement on Tuesday that Thai citizens, businesses and foreign residents will now have the country’s first fully digital, foreign currency wallet for sending, receiving and spending money in multiple currencies all within one app.

Cited the World Bank, the statement said that 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 – highlighting the scale of money moving across Thailand’s 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, said the statement.

Wise currently serves 15.6 million customers globally, and moved $185 billion in cross-border volume to more than 160 countries last year, all underpinned through the more than 75 licenses it holds around the world.

SK Saraogi, APAC Head of Banking and Expansion at Wise, said Asia-Pacific is one of their fastest-growing regions and accounts for over 20 percent of Wise’s global revenue.

“Launching in Thailand is a key part of that growth story. We’re seeing strong demand across the region from customers who need a financial account that works seamlessly across borders,

“Being the first non-bank to secure these licences is an important milestone for us as it enables us to invest further in the infrastructure we’ve built for the last 15 years to support both local and international money movement,” he added.

Kornveena (Veena) Chatchawalworapong, Country Manager for Wise Thailand, said that in Thailand, it’s normal for people to have financial lives that stretch across borders – whether that’s parents supporting children studying overseas, small businesses paying suppliers abroad, or young professionals and freelancers working with international clients.

However, he noted there hasn’t been a single unified digital solution to serve all these needs in one place.

“International payments offered in the market are still too slow, too expensive and not transparent. That’s why launching Wise locally matters，

”We’re giving people in Thailand one simple account that works just as well for daily spending at home as it does for managing money internationally，” he added.

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