Singapore-based finance platform Aspire said on Sunday it has received in-principle approval for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), enabling it to expand its financial services offerings.
The approval allows Aspire to broaden its suite of services, which currently includes international payments, corporate cards, and payable and receivable management accessible through a single account.
The MPI licence will enable the company to offer more comprehensive and secure financial solutions to its customer base of over 50,000 companies worldwide.
“Securing the in-principle approval for the MPI licence from MAS is a significant validation of our commitment to building a robust and secure financial ecosystem for businesses across Asia and beyond,” CEO Andrea Baronchelli said in a statement. “As a homegrown Singapore company, we are especially proud to receive this recognition from one of the world’s most respected regulators.”
Aspire has been operating under a temporary licence exemption from MAS as an MPI applicant.
The company plans to leverage Singapore’s position as an international financial hub to deploy localised solutions catering to the specific needs of Singaporean businesses while expanding its global reach.
The firm recently acquired a Money Service Operator licence in Hong Kong, marking a key milestone in its strategic expansion plans.
“As we continue to scale, our commitment to security and compliance remains at the core of everything we do,” Baronchelli added. “We’re not just building a finance platform; we’re building a future where financial institutions put their customers first.”
Founded in Singapore, Aspire employs over 600 people across nine countries and is backed by venture capital firms including Sequoia, Lightspeed, Y Combinator, Tencent, and PayPal.
Its clients in the region include AirAsia, Love Bonito, Endowus, Pizza Hut, and Tech In Asia.
After securing a $100 million Series C funding round and achieving profitability last year, Aspire opened its first Financial Technology Excellence Hub in Singapore and was named one of CB Insights’ top 100 global fintech companies.
Business News Asia
