🇸🇬Aspire

Partner, Corporate & Commercial

Concept

Aspire is a Singapore-based payment fintech (EMI provider) founded in 2018 by Y Combinator alumni led by Andrea Baronchelli (co-founder and CEO). It is not a bank, but a unified financial platform for businesses: under one account—multi-currency account, corporate cards, expense management, incoming and outgoing payments, currency exchange, and treasury products. The target audience is startups and SMEs in Southeast Asia, for whom Aspire serves as an operational payment layer: the place where a company holds working capital liquidity, pays contractors, issues cards to employees, and consolidates expenses.

Headquarters are in Singapore; according to the company, it employs more than 600 staff across nine countries, with clients represented in 30+ markets. Aspire estimates the total number of companies served at 50,000+ (over 20,000 in the Asian region). Publicly named clients include AirAsia, Love Bonito, Endowus, Pizza Hut, Tech In Asia, and Zenyum.

The anchor round was Series C for US$100 million (February 14, 2023), led by Lightspeed Venture Partners with co-leadership from Sequoia Capital Southeast Asia; the round also included PayPal Ventures, LGT Capital Partners, and existing investors Picus Capital and MassMutual Ventures. Early backers include Y Combinator and Tencent. According to the company, profitability was achieved three months after the round closed. At the time of that round, annual total payment volume (TPV) had tripled to US$12 billion.

For private capital, Aspire is relevant not as a place to hold personal funds, but as a payment layer for portfolio and operating companies—Singapore Pte. Ltd. and Hong Kong Private Limited entities through which real business is conducted.

🍓 Aspire is an EMI (electronic money institution), not a bank. Client funds are not insured by the Singapore Deposit Insurance Corporation (SDIC): protection is provided not by deposit insurance, but by segregation of funds in accounts at partner banks. Aspire is designed for operating businesses with real activity, not shell holding companies, escrow, or holding other people's money. As of 2026, the company does not work with Russian clients at all—Russia is on the explicit no-go list alongside other sanctions-sensitive jurisdictions (see "Regulation and Fund Protection" section). For profiles with Russian UBO connections, Airwallex, Statrys, or Wise are more practical.

Regulation and Fund Protection

Aspire is not a bank and does not accept deposits; it provides payment services in each jurisdiction under a separate regime. Southeast Asian regulation is not unified, so the company has built a stack of multi-jurisdictional authorizations.

Singapore—regime under the Payment Services Act 2019 (MAS). Here it is important to distinguish between formal status and operational reality. In October 2024, Aspire received in-principle approval (IPA) for a Major Payment Institution license from MAS—this is preliminary approval preceding the issuance of a full license, but not yet the license itself. Until the procedure is completed, the operating entity Aspire FT Pte. Ltd. operates under a temporary exemption from licensing under the PS Act for three services: Account Issuance, Domestic Money Transfer, and E-money Issuance, as well as under a separate exemption for narrowly defined cross-border transfers (where money is neither received nor sent in Singapore). Cross-border transfers outside this extended perimeter are provided by Aspire through partners—MAS-licensed organizations, on their terms. These statuses are confirmed in MAS registers.

Segregation and absence of deposit insurance. As a payment institution, Aspire is required to ensure the safety of client money: funds are held in segregated accounts at Tier-1 banks and are not commingled with the company's own funds. This is a key difference from a bank: funds are not covered by SDIC deposit insurance (which is only available to licensed banks and finance companies). The protection mechanism is segregation (bank undertaking / trust account), not an insurance limit.

Other jurisdictions (as of 2026). In Hong Kong, Aspire obtained a Money Service Operator (MSO) license (2025) and reports 3x growth after market entry. In 2025, the company announced a series of regulatory milestones: full Australian Financial Services Licence (AFSL) in Australia; Electronic Money Institution (EMI) license in the European Union based in the Netherlands; Money Services Business (MSB) registration and Registered Investment Adviser with the SEC in the United States. In Singapore, a Capital Markets Services (CMS) license was additionally obtained; the investment-treasury product Yield is provided by a separate entity, AFT SG 2 Pte. Ltd., licensed under the Securities and Futures Act. In April 2026, a US launch and partnership with J.P. Morgan on FX infrastructure were announced.

Compliance and sanctions perimeter. The MAS regime includes mandatory AML/CFT compliance under MAS Notice PSN01, periodic reporting, and enhanced due diligence on cross-border flows. Aspire quickly onboards companies from the accepted perimeter (SG / HK / ID / IN, etc.), but is completely closed to Russian passports and countries on OFAC / EU / UK sanctions lists.

🍓 Aspire does not work with Russian clients. Russia is on the explicit no-go list alongside Belarus, Kazakhstan, Cuba, Iran, North Korea, Syria, Sudan, South Sudan, Libya, Myanmar, and Venezuela; the criterion applies to the country of company registration, counterparties, and source of funds. UBOs from sanctions-sensitive countries with residence permits or citizenship of another jurisdiction are considered individually, but the criterion is strict—complete absence of operational ties with RF / BY / KZ in the business model.

Products

Aspire packages into one account what a traditional business usually splits between a bank, FX broker, and separate expense tools.

Multi-Currency Account

USD and local Asian currencies (SGD, HKD, IDR, INR, MYR, VND, CNY, AUD, JPY) plus EUR / GBP for international operations. Local account details for SG, HK, US (ACH / Wire), EU (SEPA), UK.

Visa Corporate Cards

Virtual and physical, including issuance for Hong Kong companies. Cashback on SaaS and advertising expenses (Google Ads, Meta Ads, AWS); roles, limits, categories, instant freeze.

Expense Management

Receipt collection with OCR, multi-stage approval chains, policy and budget controls. Replaces separate expense tools for the Asian market.

Currency Exchange (FX)

Rate close to mid-market with direct commission disclosure. Strong pairs—Asian (SGD ↔ IDR, USD ↔ CNY, HKD ↔ VND).

Payments: AP and Invoicing

Invoice receipt by email with OCR and approval chain, auto-payment, batch payouts to up to 100 recipients. Invoice issuance to clients with payment acceptance and auto-reconciliation in the accounting system.

Integrations and API

Xero, QuickBooks, NetSuite, Sage, Slack, Google Workspace, Microsoft 365. Open API for embedded scenarios. Treasury product Yield—for placing free liquidity (through licensed entity AFT SG 2).

Pricing: basic plan with no monthly fee for startups; premium plans with extended limits and cashback—for growing teams. Exact cashback rates and fees depend on the plan and currency—verify current terms at the application stage.

Who It Suits / Who It Doesn't Suit

Suits

• Venture-backed startup in Singapore or Hong Kong with active SaaS and advertising expenses (AWS, Google Ads, Meta Ads), needing a finance-ops stack: cards by department, AP pipeline, expense reports.
• SME with cross-Asian operations—purchases from suppliers in ID, MY, VN, CN; advantage on local FX pairs and settlement without SWIFT.
• E-commerce and marketplace sellers (Shopee, Lazada, TikTok Shop, Shopify): receiving through Stripe / PayPal, payouts to suppliers in CNY, cards for advertising.
• Fintech with its own payment logic—via API (issuing, mass payouts, recipient management), focused on SEA rails.

Does Not Suit

• Individuals—Aspire opens accounts only for legal entities. For personal accounts—Personal Account Abroad.
• Companies outside the accepted perimeter (US LLC without Asian ties, EU GmbH, BVI / Seychelles / Marshall) and shell holding companies without operations.
• Acquiring (accepting cards from clients on own checkout), trade finance, and bank guarantees—these are banking products, Aspire does not have them.
• Restricted categories: crypto operations and crypto exchanges, gambling, adult content, weapons and dual-use, precious metals, regulated financial services, escrow and client money.
• Solo freelancer without a team—excessive; Wise is more cost-effective.

Accepted Jurisdictions

Australia, Hong Kong, India, Indonesia, Cambodia, China, Cook Islands, Malaysia, Maldives, Mongolia, New Zealand, Singapore, Thailand, Taiwan, Philippines, Sri Lanka, South Korea, Japan. Companies from other jurisdictions without Asian ties—rejection; for such profiles, Airwallex or Wise are suitable.

Comparison with Alternatives

Comparison for a business account in Singapore. This is a positioning guide, not an offer—verify terms and tariffs at the application stage.

Q/A

What license does Aspire have and how are funds protected?

Aspire is a payment institution, not a bank. In Singapore, it operates under the Payment Services Act 2019: in October 2024, it received in-principle approval for a Major Payment Institution license from MAS, and until its final issuance, the operating entity Aspire FT Pte. Ltd. operates under a temporary exemption for Account Issuance, Domestic Money Transfer, and E-money Issuance. Client funds are held in segregated accounts at Tier-1 banks and are not insured by SDIC—protection is provided by segregation, not deposit insurance.

Can a non-resident open an account?

Yes, if the company is registered in the accepted perimeter (Singapore, Hong Kong, and several APAC countries) and conducts real activity. Personal presence is not required—the director undergoes video verification. Companies outside APAC without Asian ties, as well as classic offshore jurisdictions (BVI / Seychelles / Marshall)—rejection.

For which companies is Aspire best suited?

For venture-backed startups and growing SMEs in Southeast Asia: Singapore Pte. Ltd. is the basic wrapper, Hong Kong Private Limited is the second most common (Aspire separately issues cards for HK companies). See Company in Singapore and Company in Hong Kong. For solo freelancers, the platform is excessive.

What are the limits and fees?

Basic plan—no monthly fee; premium plans add limits and cashback on SaaS / advertising. FX rate close to mid-market with direct commission disclosure; batch payouts—up to 100 recipients. Specific rates depend on plan, currency, and turnover—verify current terms at the application stage.

Does Aspire work with Russian clients?

No. Russia is on Aspire's explicit no-go list alongside Belarus, Kazakhstan, and other sanctions-sensitive countries; the criterion applies to country of registration, counterparties, and source of funds. Profiles with Russian UBO connections are more practical to manage through Airwallex, Statrys, or Wise.

Does Aspire submit CRS / FATCA reports and is CFC notification required?

Yes, as an MAS-regulated institution, Aspire collects CRS self-certification and submits reports in participating jurisdictions. If the UBO is a tax resident of the Russian Federation, formally there is an obligation to notify about CFC (although in practice Aspire will reject such a client at the KYC stage). More details—CFC (Controlled Foreign Company).

Related Materials

• Company in Singapore
• Company in Hong Kong
• Neobanks: Rating and Review of Payment Providers
• FOMO Pay (DPT / Payment Services)
• Airwallex
• Wise Business
• Statrys
• Personal Account Abroad
• CFC (Controlled Foreign Company)

FAQ

What license does Aspire have and how are funds protected?

Aspire is a payment institution, not a bank. In Singapore, it operates under the Payment Services Act 2019: in October 2024, it received in-principle approval for a Major Payment Institution license from MAS, and until its final issuance, the operating entity Aspire FT Pte. Ltd. operates under a temporary exemption for Account Issuance, Domestic Money Transfer, and E-money Issuance. Client funds are held in segregated accounts at Tier-1 banks and are not insured by SDIC—protection is provided by segregation, not deposit insurance.

Can a non-resident open an account?

Yes, if the company is registered in the accepted perimeter (Singapore, Hong Kong, and several APAC countries) and conducts real activity. Personal presence is not required—the director undergoes video verification. Companies outside APAC without Asian ties, as well as classic offshore jurisdictions (BVI / Seychelles / Marshall)—rejection.

For which companies is Aspire best suited?

For venture-backed startups and growing SMEs in Southeast Asia: Singapore Pte. Ltd. is the basic wrapper, Hong Kong Private Limited is the second most common (Aspire separately issues cards for HK companies). See Company in Singapore and Company in Hong Kong. For solo freelancers, the platform is excessive.

What are the limits and fees?

Basic plan—no monthly fee; premium plans add limits and cashback on SaaS / advertising. FX rate close to mid-market with direct commission disclosure; batch payouts—up to 100 recipients. Specific rates depend on plan, currency, and turnover—verify current terms at the application stage.

Does Aspire work with Russian clients?

No. Russia is on Aspire's explicit no-go list alongside Belarus, Kazakhstan, and other sanctions-sensitive countries; the criterion applies to country of registration, counterparties, and source of funds. Profiles with Russian UBO connections are more practical to manage through Airwallex, Statrys, or Wise.

Does Aspire submit CRS / FATCA reports and is CFC notification required?

Yes, as an MAS-regulated institution, Aspire collects CRS self-certification and submits reports in participating jurisdictions. If the UBO is a tax resident of the Russian Federation, formally there is an obligation to notify about CFC (although in practice Aspire will reject such a client at the KYC stage). More details—CFC (Controlled Foreign Company).

Key factual claims

• Aspire is a Singapore-based payment fintech (EMI provider) founded in 2018 by Y Combinator alumni led by Andrea Baronchelli (co-founder and CEO).
• Headquarters are in Singapore; according to the company, it employs more than 600 staff across nine countries, with clients represented in 30+ markets.
• Singapore—regime under the Payment Services Act 2019 (MAS).
• Other jurisdictions (as of 2026).