Aspire Singapore: Review of features, fees, and benefits for businesses

Aspire offers a wide range of financial services designed to meet the needs of start-ups, SMEs, and first-time business owners. The platform provides multi-currency accounts that facilitate global transactions. It also offers unlimited corporate cards that allow businesses to track and control spending in real-time.

In 2023, fintech investments in Singapore reached 2.2 billion USD.¹ The payments sector in particular, makes up 19% of fintech companies in Singapore, making it the biggest segment in the industry.² Riding on this wider industry growth, Aspire opened a new HQ in Singapore to lead fintech innovation in the region.³

In this article, we will explore the features of Aspire as a financial platform for businesses and provide a step-by-step guide of how you can open an account. We’ll also look at alternative digital banking or digital payment solutions such as Airwallex and discuss how they compare to Aspire. While Aspire focuses on delivering payment solutions specifically for small and medium sized companies, Airwallex's broad range of services and wide global reach are well-suited for businesses of all sizes. Sign up for a free Airwallex account today.

Aspire Singapore: Overview

What is Aspire? 

Aspire is a Singapore-based fintech provider that offers business banking services for start-ups and SMEs. The platform provides multi-currency accounts and unlimited corporate cards to facilitate global transactions.

Unlike traditional banks like OCBC and DBS, financial technology solutions like Aspire and Airwallex offes multi-currency business accounts with no monthly fees and no minimum balance requirements, making it a more affordable business banking option for smaller companies. 

Alternative digital banking solution for global businesses: Airwallex Global Account

Handling multiple currencies is essential for Singapore SMEs with international clients and vendors. Many businesses face challenges due to the high costs of cross-border payments and transactions. When sending money abroad, traditional banks in Singapore often charge high foreign transaction fees and offer expensive exchange rates, which can add up to a significant expense over time. On the other hand, fintech platforms like Airwallex provide a more cost-effective alternative for businesses with global operations. Compared to Aspire, Airwallex offers a more comprehensive solution as an end-to-end financial platform that covers multi-currency business accounts, corporate cards, and global payment gateway. Read on to explore the differences or refer to the comparison between Aspire vs Airwallex in this article. 

In the table below, we compare the features of different business account providers, including traditional banks like OCBC business account (also check out here for our guide on DBS business account) and fintech providers like Airwallex, Aspire, and YouBiz.

Sources: Based on publicly available information from Airwallex⁴, Aspire⁵, YouBiz⁶, and OCBC⁷as of 1 August 2024

The key features and benefits of Airwallex include:

• Multi-currency business accounts. Hold and manage 23+ currencies, including SGD, USD, AUD, CAD, CNY, EUR, and GBP. Avoid unnecessary FX fees by collecting and paying in the same currency.

• Low or no international transfer fees. Airwallex has partnered with local payment rails in 120+ countries to offer low or no international transfer fees. On the other hand, traditional banks usually rely on the SWIFT network for international transfers, resulting in higher transfer fees for businesses. See how Airwallex has helped Singapore SME igloo home save $100 SGD per international transfer compared to traditional SWIFT transfers.

• Same-day international transfers: Using Airwallex, 85% of international transfers arrive within the same day. On the other hand, transfers using Aspire usually take longer since they go through another third-party provider, Wise.

• Like-for-like settlement. Receive funds in the same currency you pay suppliers, without going through multiple conversions and incurring additional FX fees.

• Unlimited physical and virtual corporate cards. Enjoy no foreign transaction fees for international purchase and unlimited 1% cashback on all transactions. By making employee cards for each employee, businesses can set different spending limits and have more control over how employees spend their money.

• Global payment gateway. Using Airwallex, you can accept payments from customers around the world through 160+ local payment methods including Alipay, WeChat Pay, PayNow, and Paylah. On the other hand, Aspire currently does not offer payment gateway services.

• Software integrations. Integrate with accounting softwares such as Xero and QuickBooks to seamlessly reconcile transactions.

Why choose Aspire Singapore for your business?

Aspire offers a basic business account solution suitable for small businesses or those just starting their journey into digital financial services. Their main features include:

Multi-currency accounts

Aspire offers multi-currency business accounts that support local payments in up to five currencies, helping businesses save on FX and foreign transaction fees when they pay overseas suppliers or run international payrolls. eCommerce businesses that operate internationally can also receive payments in various currencies. Still, when transferring funds between different Aspire accounts, businesses may run into additional extra fees and slower transaction times since Aspire uses the third-party provider Wise for money transfer services.

On the other hand, Airwallex offers multi-currency accounts that support 23+ currencies. The platform has directly partnered with 160+ local payment networks, eliminating the need for third-party providers and ensuring faster transactions with low to no transfer fees.

Corporate cards

Businesses can issue unlimited Aspire corporate cards to their employees, without worrying about any annual card fees. By adding the virtual card to their Apple Pay or Google Wallet, employees can make on-the-go payments with ease and pay directly in SGD, IDR, USD, EUR or GBP. While Aspire offers 1% cashback on digital marketing and SaaS spending, Airwallex offers unlimited 1% cashback on all domestic and international card transactions.

Accounting software integration

Aspire further simplifies business expense tracking and bookkeeping through integration with Xero and SAP. By linking their Aspire account to these softwares, businesses can automatically sync transactions in real time. Similarly, Airwallex also manages expenses and works well with popular accounting tools like Xero, SAP, Quickbooks, and NetSuite. This makes it easy for companies to make their financial operations simpler.

How to open an Aspire account?

Any Singapore incorporated company, public company limited by guarantee, and society are eligible to open an Aspire account. The organisation will be required to submit their ACRA Bizfile, letter of authorisation (for non-directors), identity card,  and proof of address during account opening.

For companies that are not incorporated within Singapore, they will need to submit their certificate of registration, letter of authorisation (for non-directors), constitution and articles, identity card, and proof of address to open an Aspire account.

Follow these steps to sign up for an Aspire account online:

1. Head to Aspire's website here.

2. Fill out your business details including your business name, UEN, entity type, size, and a description of your business activity or the address of your website.

3. Fill out your director details, including your full name, email, mobile, and a photo of your ID or passport.

4. Verify your identity with a live selfie (taken with your phone or computer camera) or with MyInfo.

5. Once registered, you will hear from Aspire in 5-7 business days. You may be requested to submit more information if needed.

Once your account has been verified, you can log onto your Aspire dashboard via their login page.

Conclusion

Aspire is a great tool for start-ups and SMEs looking to simplify their financial operations. The platform offers multi-currency accounts and corporate cards for businesses that are getting started to manage their expenses more easily.

For businesses that are scaling globally, Airwallex offers an end-to-end payment solution with wider global coverage. The platform offers payouts to 150+ countries and has 60+ licences and permits globally, giving you even greater flexibility and convenience in managing your global transactions. Sign up for a free Airwallex account today and start growing your business without borders!

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Frequently asked questions

1. Is Aspire regulated by MAS?

Aspire is a payment services institution. It has been granted an exemption from holding a licence under the Payment Services Act by MAS.⁸ On the other hand, Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution under the Payment Services Act (License No. PS20200541), which means that it is regulated by MAS.

2. How do I withdraw money from Aspire?

To withdraw money from your Aspire account, simply transfer the funds to your bank account. For SGD withdrawals, your money will be automatically transferred via FAST at no cost.

3. What is the minimum balance for Aspire?

No minimum balance is required to keep your Aspire accounts active.

4. Is Aspire a neobank?

Aspire is not a bank. It is a payment services institution that provides multi-currency accounts, corporate cards, and money transfer services.

5. How long does it take to open an Aspire Business Account?

The online application process takes less than 10 minutes to complete. After you've submitted your application, you will be contacted by Aspire in 5-7 business days.

6. How much money can I hold in my Aspire Business Account?

There are no limits on the balance you can hold in your Aspire SGD, USD, EUR and IDR Accounts.

Sources & references

1. https://www.statista.com/statistics/1010180/singapore-fintech-investments-value/

2. https://www.statista.com/statistics/1294130/singapore-fintech-companies-share-by-sector/

3. https://aspireapp.com/blog/aspire-opens-new-hq-in-singapore-to-drive-fintech-innovation

4. https://www.airwallex.com/sg

5. https://aspireapp.com/

6. https://www.you.co/biz/

7. https://www.ocbc.com/business-banking/smes/accounts

8. https://help.aspireapp.com/en/articles/9296086-is-aspire-a-bank 

*This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency.