Singapore, October 16, 2024 – Aspire, a Singapore-based all-in-one finance platform designed for modern businesses, has today announced that it has secured in-principle approval (IPA) for the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Aspire provides businesses with a comprehensive suite of financial services, including international payments, corporate cards, and payable and receivable management, all accessible through a single, user-friendly account. This achievement marks a pivotal moment in Aspire’s mission to develop the most customer-focused finance infrastructure for the global economy of the future.
Andrea Baronchelli, CEO of Aspire, said, “Obtaining in principle approval for the MPI license from MAS is a significant validation of our efforts to build a secure and resilient financial ecosystem for businesses across Asia and beyond. As a company born in Singapore, we are particularly proud to receive recognition from one of the world’s most highly respected regulators. We are excited to continue working closely with MAS as we drive further innovation and growth within the SME and startup communities across the region.”
Singapore’s strategic position as a leading international financial hub and gateway to Asia underscores the importance of this approval for Aspire. The company is uniquely positioned to capitalise on Singapore’s well-established regulatory framework and dynamic market to offer tailored solutions that meet the specific needs of Singaporean businesses while continuing to expand globally. In line with its growth strategy, Aspire recently secured the Money Service Operator license in Hong Kong, a key milestone in its international expansion.
“As we continue to scale, our focus on security and compliance remains at the heart of everything we do,” Andrea Baronchelli added. “We are not merely building a finance platform; we are shaping a future where financial institutions place their customers at the forefront, empowering businesses to flourish with confidence in the financial solutions they choose.”
Top-tier international venture capital firms like Sequoia, Lightspeed, Y-Combinator, Tencent, and PayPal support Aspire, which has over 600 employees spread across nine countries. As a trusted partner to some of Asia’s fastest-growing SMEs and startups, Aspire counts AirAsia, Love Bonito, Endowus, Pizza Hut, and Tech In Asia among its esteemed clients. The company continues to experience strong growth, having secured a $100 million USD Series C funding round and achieved profitability last year. In addition, Aspire recently launched its first Financial Technology Excellence Hub in Singapore and was recognised as one of CB Insights’ top 100 global fintech companies.
