Singapore – Aspire, a leading all-in-one finance platform headquartered in Singapore, has announced the successful acquisition of a Money Service Operator (MSO) License from the Hong Kong Customs and Excise Department. This move enables Aspire to expand its suite of financial services to small and medium-sized enterprises (SMEs) in Hong Kong, offering local business accounts, international payments, and payment gateway solutions.

Aspire’s integrated platform is designed to support Hong Kong’s burgeoning SME sector, facilitating multi-currency cash management and both domestic and cross-border money transfers. As Hong Kong grapples with macroeconomic challenges, there is a renewed focus on business digitalization. A remarkable 93% of local SMEs now view digitalization as crucial for growth, according to InvestHK. Concurrently, the city has seen a significant rise in startups, tripling in number over the past decade.

“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 MSO license acquisition is part of Aspire’s strategic expansion across Asia, underlining its commitment to adhering to regulatory standards in each market it enters. King Leung, Global Head of Financial Services and FinTech at InvestHK, welcomed Aspire, saying, “Hong Kong stands as a thriving ecosystem for startups and fintech worldwide, offering a conducive environment for growth and innovation. We are happy to welcome regional fintech startups like Aspire, and wish Aspire every success in Hong Kong.”

Baronchelli echoed these sentiments, highlighting Hong Kong’s role as a dynamic business hub with a strong focus on secure fintech infrastructure. “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,” he said.

Founded in 2018, Aspire has raised over USD $300 million from top investors and was recently named one of the Top 100 most promising fintech startups globally. The company serves over 15,000 businesses across Asia, including notable clients like AirAsia, Carousell, Love Bonito, Endowus, and Tech In Asia. Aspire also achieved profitability in 2023, marking another milestone in its growth journey.