Aspire Singapore: Review of fees and features (2025)

Aspire offers a wide range of financial services designed to meet the needs of start-ups, SMEs, and first-time business owners. The platform provides multi-currency accounts that facilitate global transactions. It also offers unlimited corporate cards that allow modern businesses to track and control spending in real-time.

In 2023, fintech investments in Singapore reached US$2.2 billion.¹ The payments sector in particular, makes up 19% of fintech companies in Singapore, making it the biggest segment in the industry.² Riding on this wider industry growth, Aspire opened a new HQ in Singapore to lead fintech innovation in the region.³

In this article, we'll explore the features of Aspire as a financial platform for businesses and provide a step-by-step guide of how you can open an account. We’ll also look at alternative digital banking or digital payment solutions such as Airwallex and discuss how they compare to Aspire. While Aspire focuses on delivering payment solutions specifically for small and medium-sized companies, Airwallex's broad range of services and wide global reach are well-suited for businesses of all sizes.

What is Aspire? 

Aspire is a Singapore-based fintech provider that offers business banking services for start-ups and SMEs. The platform provides multi-currency accounts and unlimited corporate cards to facilitate global transactions.

Unlike traditional banks like OCBC and DBS, fintech providers like Aspire and Airwallex offer multi-currency accounts with no monthly fees and no minimum balance requirements, making it a more affordable business banking option for smaller companies. 

Key features of Aspire Singapore

Aspire offers a basic business account solution suitable for small businesses or those just starting their journey into digital financial services. Their main features include:

Multi-currency accounts

Aspire offers multi-currency business accounts that support local payments in up to five currencies, helping businesses save on FX and foreign transaction fees when they pay overseas suppliers or run international payrolls. eCommerce businesses that operate internationally can also receive payments in various currencies. Still, when transferring funds between different Aspire accounts, businesses may run into additional extra fees and slower transaction times since Aspire uses the third-party provider Wise for money transfer services.

On the other hand, Airwallex offers multi-currency accounts that support 23+ currencies. The platform has directly partnered with 160+ local payment networks, eliminating the need for third-party providers and ensuring faster transactions with low to no transfer fees.

Corporate cards

Businesses can issue unlimited Aspire corporate cards to their employees, without worrying about any annual card fees. By adding the virtual card to their Apple Pay or Google Wallet, employees can make on-the-go payments with ease and pay directly in SGD, IDR, USD, EUR, or GBP. While Aspire offers 1% cashback on digital marketing and SaaS spending, Airwallex offers unlimited 1% cashback on all domestic and international card transactions.

Expense management tools

Aspire further simplifies business expense tracking and bookkeeping through integration with Xero and SAP. By linking their Aspire account to this software, businesses can automatically sync transactions in real time. Similarly, Airwallex also manages expenses and works well with popular accounting tools like Xero, SAP, Quickbooks, and NetSuite. Consolidating expense management tools on one platform makes it easier for you to streamline your global financial operations

How to open an Aspire business account?

Any Singapore-incorporated company, public company limited by guarantee, and society are eligible to open an Aspire account. The organisation will be required to submit their ACRA Bizfile, letter of authorisation (for non-directors), identity card,  and proof of address during account opening.

For companies that aren't incorporated within Singapore, they'll have to submit their certificate of registration, letter of authorisation (for non-directors), constitution and articles, identity card, and proof of address to open an Aspire account.

Follow these steps to sign up for an Aspire account online:

1. Head to Aspire's website.

2. Fill out your business details, including your business name, UEN, entity type, size, and a description of your business activity or the address of your website.

3. Fill out your director details, including your full name, email, mobile, and a photo of your ID or passport.

4. Verify your identity with a live selfie (taken with your phone or computer camera) or with MyInfo.

5. Once registered, you'll hear from Aspire in 5-7 business days. You may be requested to submit more information if needed.

Once your account has been verified, you can log into your Aspire dashboard via their login page.

Alternative to Aspire business account for modern businesses: consider Airwallex

Handling multiple currencies is essential for Singapore SMEs with international clients and vendors. Many businesses face challenges due to the high costs of cross-border payments and transactions. When sending funds abroad, traditional banks in Singapore often charge high foreign transaction fees and offer expensive exchange rates, which can add up to ‌significant expenses over time.

On the other hand, fintech platforms like Airwallex provide a more cost-effective alternative for businesses with global operations. Compared to Aspire, Airwallex offers a more comprehensive solution as an end-to-end financial platform that covers multi-currency accounts, corporate cards, and international payment gateway solutions. Read on to explore the differences or refer to the comparison between Aspire vs Airwallex in this article. 

In the table below, we compare the features of different business accounts from traditional banks and fintech providers like Airwallex.

Note: The information in this table has been reviewed to be accurate as of 25 July 2025.

The key features and benefits of Airwallex include:

• Multi-currency accounts with local bank details: Skip the queues and open local currency accounts across 60+ countries, allowing you to hold and manage 23+ currencies – including SGD, USD, AUD, CAD, CNY, EUR, and GBP – like a local. Avoid unnecessary FX fees by collecting and paying in the same currency.

• Low or no international transfer fees: Airwallex has partnered with local payment rails in 120+ countries to offer low or no international transfer fees. On the other hand, traditional banks usually rely on the SWIFT network for international transfers, resulting in higher transfer fees for businesses. See how Airwallex has helped Singapore SME Igloohome save S$100 per international transfer compared to traditional SWIFT transfers.

• Same-day international transfers: Using Airwallex, 85% of international transfers arrive within the same day. On the other hand, transfers using Aspire usually take longer since they go through another third-party provider, Wise.

• Like-for-like settlement: Send funds using the held balances in your multi-currency account without having to go through multiple conversions and incurring additional FX fees for 14+ major currencies.

• Physical and virtual corporate cards: Enjoy 0% foreign transaction fees and unlimited 1% cashback on all transactions. By making employee cards for each employee, businesses can set different spending limits and have more control over how employees spend their money.

• International payment gateway: Using Airwallex, you can accept payments from customers around the world through 160+ local payment methods including Alipay, WeChat Pay, PayNow, and PayLah. On the other hand, Aspire currently does not offer payment gateway services.

• Accounting software integrations: Integrate with accounting software such as Xero and QuickBooks to seamlessly reconcile transactions.

Grow globally with an all-in-one business account built for modern businesses

Offering essential tools such as multi-currency accounts and corporate cards, Aspire is an entry-level platform for start-ups and SMEs taking their first steps into digital business finance.

However, for modern businesses with global ambitions, Airwallex delivers far greater value. As a fully licensed Major Payment Institution regulated by MAS, Airwallex goes beyond basic banking by offering an end-to-end payment solution with wider global coverage. Our partnerships with local payment rails allow you to receive and send payments globally without SWIFT fees to 120+ countries, convert currencies at interbank exchange rates, and access unlimited 1% cashback on all corporate card spend.

Whether you’re managing overseas payroll, collecting payments from international customers, or scaling into new markets, Airwallex gives you the control, cost efficiency, and global reach that growing businesses demand.

Frequently asked questions (FAQs)

Is Aspire regulated by MAS?

Aspire is a payment services institution granted an exemption from holding a licence under the Payment Services Act by MAS.⁸ On the other hand, Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution under the Payment Services Act (Licence No. PS20200541), which means that it is regulated by MAS.

How do I withdraw money from Aspire?

To withdraw funds from your Aspire account, simply transfer the funds to your bank account. For SGD withdrawals, your funds will be automatically transferred via FAST at no cost.

What is the minimum balance for Aspire?

No minimum balance is required to keep your Aspire accounts active.

Is Aspire a neobank?

Aspire is not a bank. It is a payment services institution that provides multi-currency accounts, corporate cards, and money transfer services.

How long does it take to open an Aspire Business Account?

The online application process takes less than 10 minutes to complete. After you've submitted your application, you will be contacted by Aspire in 5-7 business days.

How much money can I hold in my Aspire Business Account?

There are no limits on the balance you can hold in your Aspire SGD, USD, EUR, and IDR Accounts.

Sources:

1. https://www.statista.com/statistics/1010180/singapore-fintech-investments-value/

2. https://www.statista.com/statistics/1294130/singapore-fintech-companies-share-by-sector/

3. https://aspireapp.com/blog/aspire-opens-new-hq-in-singapore-to-drive-fintech-innovation

4. https://www.airwallex.com/sg

5. https://aspireapp.com/

6. https://www.you.co/biz/

7. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

8. https://help.aspireapp.com/en/articles/9296086-is-aspire-a-bank 

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.