Wise's Wager on Trust Falls Flat Wise's London listed stock price plummeted by 10% on Friday following the Office of the Comptroller of Currency's (OCC) denial of its application to establish a national trust bank in the United States.
This rejection marks another setback for fintech companies seeking to replicate traditional banking models. The OCC's decision is significant, given the shifting regulatory landscape in the US.
The Federal Reserve's new policies for payment system access have effectively rendered Wise's initial proposal incompatible with existing rules.