Aspire Singapore review (2026): Features, fees & licensing

Key Takeaways:

• Aspire Singapore offers a multi-currency business account with no monthly fees¹, virtual and physical corporate cards, and a Yield feature that pays interest on idle cash.

• Aspire operates under a temporary exemption from Singapore's Payment Services Act 2019, not a full MAS licence, so your funds aren't covered by the Singapore Deposit Insurance Corporation (SDIC).

• If your business needs broader payment infrastructure beyond Aspire's toolkit, Airwallex offers Global Accounts, Corporate Cards, and payment acceptance built for scaling businesses.

Aspire Singapore is a fintech platform built for businesses that send, receive, and hold money in multiple currencies.

It combines a business account, corporate cards, expense management, and a payroll suite in one place, and more than 50,000 businesses worldwide use Aspire for these tools².

This review breaks down what Aspire Singapore actually offers: its features, fees, and account opening process. If your business needs broader global payment capabilities or more advanced spend management, we'll also show you where Airwallex fits in.

What is Aspire?

Aspire is a Singapore-based fintech founded in 2018³, offering an all-in-one finance platform for growing businesses.

It's headquartered in Singapore and serves more than 50,000 businesses worldwide, combining a multi-currency business account, corporate cards, expense management, payroll, and a cash management tool called Yield in one platform.

What sets Aspire apart is how it bundles these tools together. Instead of using separate software for payments, expense tracking, and payroll, you manage all of it from one account.

Aspire also connects directly with accounting platforms like Xero, QuickBooks, Oracle NetSuite, Deskera, and SAP, so your bookkeeping updates automatically as you spend.

Is Aspire regulated in Singapore?

Aspire isn't a bank. It operates under a temporary exemption from the Payment Services Act 2019, rather than holding a payment institution licence under the Act.

This means your funds aren't protected by the Singapore Deposit Insurance Corporation (SDIC), unlike deposits at a licensed bank.

To manage this risk, Aspire says it safeguards client funds in segregated accounts with Tier-1 banks, including DBS Bank, and states that it never uses your funds to finance its own operations.

Key features of Aspire Singapore

Aspire combines several tools into one account: multi-currency banking, corporate cards, cash management through Yield, and an Employer of Record service for hiring abroad.

Here's a quick summary:

This information is based on publicly available information accessed on 14 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Multi-Currency Business Account

Aspire provides local account details in four currencies, so customers and suppliers can pay you directly without extra conversion steps.

You get local and international account details for receiving payments, and you can hold balances across all four currencies at once.

Corporate Cards

Cards support Apple Pay and Google Wallet, and you can set spend limits, restrict currencies, and approve specific merchants per card¹. Card allowances scale with your plan, so larger teams on Premium get more virtual cards to issue.

Cash Management with Yield

Yield lets you earn returns on idle cash with no minimum balance and no lock-in, and withdrawals land back in your account by the next business day⁵. Two things to check before using it:⁵

• Only available to Singapore-incorporated businesses classed as active Non-Financial Entities, so check your eligibility before applying

• It's not a deposit product. Funds go into money market funds managed by Fullerton Fund Management, so your capital isn't guaranteed and returns can move

Employer of Record for Global Hiring

This is Aspire's newest product, letting you hire staff abroad without opening a local entity. Deel handles the legal employment, payroll, tax filing, and compliance side, while you manage your team through your existing Aspire account⁶.

Aspire says most onboardings finish within five days.⁶

Aspire fees and pricing

Aspire's Basic plan has no monthly fee, but Premium costs extra and unlocks lower transaction costs. Here's a breakdown:

This information is based on publicly available information accessed on 14 July 2026. Information reflects Airwallex's own research and has not been independently verified.

On FX prices: Aspire's pricing page states "0% FX on the first S$13,000/month" for Premium but does not explicitly specify which FX transaction types are included. The receive FX fee continues to be listed as "From 0.34%", so it's unclear whether the monthly allowance applies only to outbound FX or to all FX transactions.

Account opening and setup costs

Aspire doesn't charge setup fees, and there's no minimum balance or initial deposit required to open an account¹. This applies to both plans, so you only start paying once you use paid features like Premium or Yield.

Yield fees

Yield charges an annual management fee based on your average daily balance, deducted monthly⁵. This is separate from the 7-day annualised return itself, so your actual take-home return is the published rate minus this fee.

How to open an Aspire business account

Opening an Aspire account is fully digital and takes less than 10 minutes to complete⁴. The process has three steps:

Step 1: Business details

You'll provide your business name, Unique Entity Number (UEN), entity type, business size, and a short description of your business activity or website⁴.

Step 2: Director details

You'll enter the full name, nationality, country of residence, and date of birth for each registered director⁴.

Step 3: Identity verification

You verify your identity with a live selfie or through MyInfo, Singapore's government digital identity service⁴.

What you'll need

In the simplest case, you need:

• Your name and ID number

• Email and mobile number, verified by OTP

• A photo of your national ID or passport

• A live selfie taken during registration⁴

If your company has corporate shareholders holding more than 25% of ordinary shares, Aspire will also request a shareholding certificate showing the shareholders' ownership percentage and identity.

Accepted documents include certificates of incumbency, certificates of incorporation, or notarised copies of the shareholding structure⁴.

After registration, Aspire says you'll typically hear back within five business days, though it can take up to seven business days in exceptional cases if extra document checks are needed⁴.

Why Singapore businesses choose Airwallex over Aspire

Aspire works well for businesses that primarily operate in Singapore and need a straightforward multi-currency account with corporate cards and expense management.

As your business grows, you may need to hold more currencies, pay suppliers in more markets, or introduce more structured purchasing controls. That's where Airwallex comes in. Here’s what you get with Airwallex:

• More flexibility for multi-currency businesses. Airwallex lets you hold balances in 20+ currencies through Global Accounts, compared with four currencies on Aspire.

• Broader international payment coverage. Airwallex lets businesses pay suppliers in 200+ countries using local payment rails where available, while Aspire supports international transfers to 130+ countries.

• Built-in Purchase Orders. Airwallex includes Purchase Orders, while Aspire doesn't. This gives finance teams a complete procure-to-pay workflow, from purchase approval through to supplier payment.

Frequently asked questions (FAQs)

Is Aspire a bank in Singapore?

No. Aspire isn't a bank. It's a fintech company that provides business accounts and payment services under a temporary exemption from Singapore's Payment Services Act 2019. Aspire safeguards client funds in segregated accounts with Tier-1 banks, including DBS, and says it never uses these funds for its own operations.

Is Aspire regulated by MAS?

Yes, but through a temporary exemption, not a full licence. Aspire operates under a temporary exemption from the Monetary Authority of Singapore (MAS) granted under the Payment Services Act 2019. This lets it offer account issuance, money transfer, and e-money services, though it doesn't carry the same regulatory status as a licensed bank.

Is Aspire Yield safe?

Yield carries some risk, since it isn't a bank deposit. Your funds go into money market funds managed by Fullerton Fund Management, and while Aspire describes this as relatively low-risk, your capital isn't guaranteed and returns can move⁵. There's no minimum balance and no lock-in, so you can withdraw if the risk profile doesn't suit your business.

What is Aspire's Employer of Record (EOR) service?

Aspire's EOR service lets you hire employees in other countries without setting up a local legal entity there. It covers more than 150 countries, with pricing starting from US$399 per employee per month⁶. Deel handles the legal employment, payroll, and compliance side, while you manage your team through your existing Aspire account.

How does Aspire compare to Airwallex?

Both platforms offer multi-currency accounts and corporate cards with no monthly fees on their entry-level plans. Aspire holds four currencies (SGD, USD, GBP, EUR), while Airwallex supports 20+ currencies and adds payment acceptance for international customers. For a full breakdown, see our Aspire vs Airwallex comparison.

Is there a minimum balance to open an Aspire account?

No, Aspire doesn't require a minimum balance or initial deposit to open an account. This applies to both the Basic and Premium plans, so you can start using the account without holding a set amount of funds.

Sources:

1. aspireapp.com/pricing

2. aspireapp.com/sg

3. aspireapp.com

4. aspireapp.com/business-account

5. aspireapp.com/yield

6. aspireapp.com/employer-of-record

7. https://help.aspireapp.com/sg/en/articles/11625036-what-multi-currency-accounts-does-aspire-offer

8. https://help.aspireapp.com/sg/en/articles/9276162-guide-to-sending-local-transfers-from-aspire-sgd-account