Aspire, a Singapore-based finance platform for businesses, has secured in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS).
This approval will allow Aspire to expand its financial services for businesses.
Currently operating under a temporary license exemption, Aspire provides services like international payments, corporate cards, and payables management through a single platform.
The license will enable the company to offer more secure financial solutions to its existing customer base of over 50,000 businesses worldwide.
Aspire, which recently obtained a Money Service Operator license in Hong Kong, views this as part of its strategic expansion plans in the region.
With more than 600 employees across nine countries, Aspire serves notable clients including AirAsia, Love Bonito, Pizza Hut, and Endowus.
Last year, the company secured a US$100 million Series C funding round and achieved profitability, which led to the opening of its first Financial Technology Excellence Hub in Singapore.
Andrea Baronchelli, CEO of Aspire, said,
“Securing the in-principle approval for the MPI license from MAS is a significant validation of our commitment to building a robust and secure financial ecosystem for businesses across Asia and beyond. As a homegrown Singapore company, we are especially proud to receive this recognition from one of the world’s most respected regulators.
We look forward to deepening our collaboration with MAS as we continue to drive innovation and growth for the SME and startup ecosystems in the region. As we continue to scale, our commitment to security and compliance remains at the core of everything we do.”