Acquires Money Service Operator (MSO) License
SINGAPORE & HONG KONG SAR 29 May 2024 – Aspire, a leading all-in-one finance platform headquartered in Singapore, today announced that the company has successfully obtained a Money Service Operator (MSO) License issued by the Hong Kong Customs and Excise Department.
Aspire offers a unified suite of financial solutions to small and medium-sized enterprises (SMEs) in Hong Kong, including the ability to open local business accounts for payables and receivables management, international payments, as well as payment gateway solution. Aspire’s integrated solution is built to help Hong Kong’s fast-growing SME segment across industries facilitate multi-currency cash management, as well as domestic & cross-border money transfers.
Amidst the city’s macro challenges, Hong Kong is witnessing a local revisitation of business digitalization, with 93% of local SMEs recognizing digitalization as vital for their company’s growth. Simultaneously, the city is witnessing an entrepreneurial boom, with the number of startups soaring over three-fold in the past decade, according to InvestHK. Aspire is well poised to meet the needs of this new generation of increasingly digital-minded startups and SMEs, providing them with a robust and integrated platform to streamline their business finance operations, ultimately saving time and money.
“With Hong Kong’s digital economy growing exponentially, there’s a clear demand for dependable, integrated financial solutions,” said Andrea Baronchelli, CEO & Co-Founder of Aspire. “At Aspire, we’ve always believed in tailoring our offerings to the unique needs of each market and we’re proud to now be able to empower Hong Kong SMEs with the financial tools they need to drive their growth.”
The acquisition of this operating license paves the way for Aspire’s broader strategic expansion across Asia, while emphasizing its strict adherence to the regulatory requirements of each country that it operates in.
“Hong Kong stands as a thriving ecosystem for startups and fintech worldwide, offering a conducive environment for growth and innovation,” says King Leung, Global Head of Financial Services and FinTech at InvestHK. “We are happy to welcome regional fintech startups like Aspire, and wish Aspire every success in Hong Kong.”
“Hong Kong stands as a dynamic and business-minded innovation hub for Asia with a strong commitment to building a highly secure and stable fintech infrastructure,” says Andrea Baronchelli. “We take great pride in collaborating closely with Hong Kong’s regulators as we embark on this exciting chapter. Looking forward, our vision remains steadfast: to build the future of business finance for modern businesses, guided by innovation, security, and reliability.”
This achievement represents another key milestone in Aspire’s growth journey in Asia. Since being founded in 2018, Aspire has raised more than USD $300 million from world-class investors and was recently recognized as one of the Top 100 most promising fintech startups globally. It has a client base of over 15,000 businesses across Asia including Air Asia, Carousell, Love Bonito, Endowus, and Tech In Asia, and announced that it achieved profitability in 2023.
