Singapore-Based Aspire Obtains Money Service Operator License in Hong Kong

Singapore-Based Aspire Obtains Money Service Operator License in Hong Kong

by May 29, 2024

Aspire, an all-in-one finance platform headquartered in Singapore, has successfully obtained a Money Service Operator (MSO) License issued by the Hong Kong Customs and Excise Department.

Aspire provides a unified suite of financial solutions to small and medium-sized enterprises (SMEs) in Hong Kong, including local business accounts for payables and receivables management, international payments, and payment gateway solutions.

Aspire’s integrated platform facilitates multi-currency cash management and domestic and cross-border money transfers, supporting the city’s fast-growing SME segment across various industries.

Amidst Hong Kong’s macroeconomic challenges, there is a resurgence in business digitalisation, with 93 percent of local SMEs recognising its importance for growth.

InvestHK reports that the number of startups in Hong Kong has tripled over the past decade. Aspire aims to meet the needs of this new generation of digital-minded startups and SMEs by offering a robust platform to streamline their business finance operations.

Andrea BaronchelliAspire Hong Kong

Andrea Baronchelli

With Hong Kong’s digital economy growing exponentially, there’s a clear demand for dependable, integrated financial solutions. 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,”

said Andrea Baronchelli, CEO & Co-Founder of Aspire.

King LeungAspire Hong Kong

King Leung

The acquisition of the MSO license marks a significant step in Aspire’s strategic expansion across Asia, highlighting its commitment to adhering to regulatory requirements in each country of operation.

“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 them every success in Hong Kong,”

said King Leung, Global Head of Financial Services and FinTech at InvestHK.

This milestone represents another key achievement in Aspire’s growth journey in Asia. Since its founding in 2018, Aspire has raised over US$300 million from investors and was recently recognised as one of the Top 100 most promising fintech startups globally.

Featured image credit: Edited from Freepik