Singapore-based all-in-one finance platform Aspire has announced that it secured its in-principal approval (IPA) for the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). By obtaining the IPA for the MPI licence, Aspire is set to advance its commitment to developing a user-centric finance stack for the current global economy.

The company, which until now operated under a temporary licence exemption from MAS as an MPI applicant, equips businesses with a unified suite of financial solutions, including international payments, corporate cards, and payable and receivable management, which can be accessed through a single account. The current news comes shortly after Aspire introduced Aspire AI, a suite of AI-enabled features developed to offer businesses real-time analytics and simplify financial processes. The solution included upgrades to the company’s analytics dashboard, supporting businesses in gaining a complete view of their finances and allowing them to make data-driven decisions in real-time. Scaled financial solutions offering Receiving the MPI licence is set to allow Aspire to scale its suite of services and provide more secure and comprehensive financial solutions to its customer base, which, at the time of announcement, included nearly 50,000 companies globally.

When commenting on the announcement, representatives from Aspire mentioned that securing the MPI licence from MAS allows their company to develop a safe financial ecosystem for businesses operating across Asia and beyond. Additionally, Aspire intends to advance its partnership with MAS as it continues to assist the growth of the small and medium-sized enterprise (SME) and startup sectors in Singapore. Furthermore, due to Singapore’s position as an international financial hub and gateway to Asia, Aspire is set to utilise the region’s regulatory environment and market landscape to deploy localised solutions that meet the specific needs, demands, and preferences of businesses while also scaling its global reach. To further assist its development strategy, Aspire made several moves to expand its presence and solutions.

For example, back in May 2024, the company announced that it obtained a Money Service Operator (MSO) licence from the Hong Kong Customs and Excise Department. Through this, Aspire was allowed to offer its unified suite of financial services to SMEs in the region, with the company focusing on enabling local businesses to open accounts for payables and receivables management, international payments, and payment gateway solutions. .