Aspire App Review: A Comprehensive Guide to Its Features and Benefits

As of today, selecting the right financial platform can significantly impact efficiency and growth. Aspire App, a fintech provider for businesses in Singapore and Hong Kong, has emerged as a strong contender, offering an array of innovative features. Whether you’re a startup or an established company, understanding Aspire’s offerings can help determine if it’s the right solution for your financial needs.

In this blog, we’ll cover Aspire’s core features, safety measures, eligibility requirements, application process, and how it compares to competitors.

Is Aspire a Bank?

The short answer is no—Aspire is not a traditional bank. It is a payment services provider that offers services similar to those of a bank, including business accounts, corporate cards, and international payments.

Aspire operates through partnerships with Tier 1 banks in Singapore. This ensures that funds are held in trust accounts—a structure where your money is safeguarded in case of issues with Aspire or its partners. Tier 1 banks are categorized for their robust capital reserves and financial stability, meaning Aspire leverages highly reliable institutions to deliver its services.

Aspire’s approach is part of a broader trend among fintech companies offering digital-first solutions to simplify business banking. Competitors like Airwallex and WISE operate similarly, targeting businesses with global financial needs.

Is Aspire Safe?

Safety is a crucial factor when selecting a financial partner, and Aspire has a solid reputation in this regard.

1. User Feedback: Aspire is widely used by businesses in Asia, and many clients report positive experiences. There have been no major issues like fund mismanagement or account instability.
2. Investor Backing: Aspire has raised hundreds of millions of dollars from prominent international investors. This level of funding reflects strong confidence in Aspire’s operational model and long-term viability.
3. Fund Protection: By collaborating with Tier 1 banks, Aspire ensures that your funds are securely held.

Even if Aspire is relatively new compared to traditional banks, its strong foundation in fintech innovation and reliable infrastructure make it a safe choice for business owners.

Who Can Open an Aspire Business Account?

Aspire’s eligibility criteria depend on your company’s location:

• Businesses Incorporated in Singapore: Aspire provides full-featured multi-currency accounts supporting both SGD (Singapore Dollars) and USD.
• Businesses Outside Singapore: Aspire offers limited USD accounts, designed primarily for international transactions.

While Aspire has announced plans to introduce EUR and GBP accounts, as of 2023, these are not yet available. For businesses focusing on local operations in Singapore or international transactions in USD, Aspire’s current offerings are suitable.

Important Note: Aspire only serves businesses and does not provide accounts for individuals. If you’re a freelancer or sole proprietor without a formal business registration, Aspire won’t be an option.

How to Apply for an Aspire Account

Aspire simplifies the application process by offering an entirely online experience.

1. Register Your Company: Ensure your business is legally incorporated and meets Aspire’s eligibility requirements.
2. Submit Your Information: Provide details about your company, directors, shareholders, and business operations.
3. Identity Verification: Aspire uses secure methods like selfies or Singapore’s MyInfo platform to verify your identity.

The process typically takes 48 to 72 hours, making it faster than traditional bank account applications. Aspire’s user-friendly platform ensures a smooth onboarding experience, even for those less familiar with fintech solutions.

Aspire Business Accounts: Features and Benefits

Aspire’s business accounts are designed to support companies with multi-currency needs and global operations. Key features include:

1. Multi-Currency Capabilities
2. Aspire offers separate local account numbers and SWIFT codes for SGD and USD.
3. The SGD account supports over 30 currencies for incoming and outgoing payments. Local transfers use Singapore’s FAST system, while international transactions use SWIFT.
4. Local and International Transfers
5. SGD accounts use FAST for quick, secure local payments.
6. International payments leverage WISE, ensuring competitive mid-market exchange rates, which helps businesses save on foreign currency transactions.
7. Integration with E-Commerce Platforms
8. Aspire accounts can integrate with Stripe, a popular payment gateway for online businesses. However, USD accounts cannot be linked due to jurisdictional constraints, though SGD accounts work seamlessly with Stripe.

Aspire Corporate Cards

Aspire offers Visa corporate cards tailored to meet modern business needs, providing both physical and virtual cards. These cards are ideal for managing company expenses efficiently.

Key Features:

• Real-time monitoring of transactions, enabling better control over spending.
• Setting spending limits for individual cards, particularly useful for managing employee or contractor expenses.
• Compatibility with Apple Pay and Google Pay, allowing for seamless digital payments.
• Option to freeze or lock cards instantly for security purposes.

Corporate cards also support ATM withdrawals, although restrictions apply based on location and account type.

Foreign Exchange Services

Aspire’s Convert Money feature allows seamless currency conversion between SGD and USD within its business accounts. This feature is particularly useful for businesses dealing with suppliers or clients in both currencies.

While Aspire doesn’t explicitly state fees for this service, it’s recommended that you confirm directly with them to avoid surprises. Aspire typically offers competitive exchange rates, making it a cost-effective option for cross-border transactions.

Additional Services

Aspire goes beyond banking to offer a range of services aimed at streamlining business operations:

• Accounting Software Integration: Aspire integrates with platforms like Xero for automated bookkeeping.
• Expense Management: Tools to track and categorize expenses, improving budget control.
• Payable Management: Simplify payment workflows with intuitive tools.

Aspire also provides company incorporation services, although these are partly outsourced. If incorporation is your priority, a specialized provider may offer more comprehensive support.

Aspire vs Competitors

Aspire competes with fintech players like Airwallex and WISE. While all three offer digital-first solutions for international payments and business banking, Aspire distinguishes itself with its all-in-one approach.

However, relying solely on Aspire for both financial and corporate services might pose risks. For example, if your account is frozen for any reason, it could disrupt other linked operations. Diversifying providers can help mitigate these risks.

Final Thoughts

Aspire App is a forward-thinking solution for businesses looking to modernize their financial operations. Its multi-currency accounts, efficient payment systems, and corporate cards make it an excellent choice for companies in Singapore or those operating internationally.

However, businesses should carefully consider limitations, such as restrictions on USD account integration with Stripe and reliance on external partners for certain services. Aspire is best suited for companies prioritizing ease of use, cost savings on transactions, and digital-first solutions.

If you’re exploring fintech platforms, Aspire is worth considering, but diversifying providers may provide greater flexibility and security.