(Singapore, 30 Nov 2023)Aspire, the forward-looking finance platform for contemporary businesses, has announced a significant expansion with the official inauguration of its new headquarters in Singapore yesterday. The move underscores the company’s intensified focus on driving fintech Research and Development (R&D) and fostering innovation within the region.
Aspire boasts a robust client base of over 15,000 businesses across Asia. Notably, the company achieved profitability in 2023, solidifying its position as one of Singapore’s highest-valued fintech entities.
With its international connectivity, skilled tech workforce, and government backing for fintech innovation, Aspire remains Singapore as its operation headquater. Andrea Baronchelli, CEO and Co-Founder of Aspire, emphasized the company’s unwavering commitment to the local fintech ecosystem and outlined plans for increased investment, leveraging the nation’s strong infrastructure and foundations.
In line with its commitment, Aspire aims to double its local workforce in Singapore, anticipating a team of 300 professionals by 2025. The unveiling of the new headquarters coincides with the launch of Aspire’s financial technology excellence hub in Singapore. This hub will serve as a focal point for product R&D and strategic investments in cutting-edge technologies such as Artificial Intelligence (AI) and Cybersecurity.
Aspire has taken strides towards industry collaboration, notably with PwC Singapore. The joint publication of a whitepaper on the practical implications of AI for finance teams stands as a testament to Aspire’s commitment to innovation. The company plans to integrate insights from this collaboration directly into its product offerings.
Speaking at the opening event, Peter Ong, Chairman of Enterprise Singapore, stated Aspire for pushing the boundaries of fintech to drive growth and transformation. He highlighted Aspire’s workforce expansion in Singapore as a positive step towards fostering innovation in the local startup ecosystem.
Aspire’s dynamic growth aligns with the ongoing digital transformation in Asia. According to the 2023 e-Conomy report from Google, Bain, and Temasek, digital payments now account for over 50% of Southeast Asia’s overall transaction value, injecting an additional USD $30 billion into the digital economy. This trajectory is expected to continue, with BCG forecasting the Asia Pacific region to become the world’s largest fintech market by 2030, projecting a Compound Annual Growth Rate (CAGR) of 27%.
Andrea Baronchelli shared Aspire’s vision, stating, “The next generation of Asian businesses needs an integrated, borderless, modern finance solution. At Aspire, we’re building the future of business finance for APAC’s digital economy.” As Aspire continues to fortify its presence in Singapore, it positions itself at the forefront of shaping the financial landscape for the evolving needs of businesses in the region.