How Aspire Accounts Work and Why They Keep Your Funds Safeguarded

Written by
Marissa Saini
Last Modified on
December 19, 2023

We understand that the recent turn of macro events may have raised concerns among our valued customers regarding the safety of their funds. While we continue to monitor ongoing developments, we want to assure our clients that at Aspire, we have always taken the security of client funds seriously and have implemented robust measures to ensure their safety since day one.

Aspire is not a bank. Instead, we are a payment services provider currently exempted from holding a license to provide payment services in Singapore under the Payment Services Act 2019. This allows us to offer clients our business account and spend management solutions worldwide. 

How does Aspire manage client funds?

Our client’s funds are held in a segregated account and 100% safeguarded with Tier-1 banks in Singapore, as per the requirements of the Payment Services Act 2019.

Because client funds are kept segregated from Aspire’s operational funds, Aspire cannot use any of these segregated funds to pay for our own expenses, run our business or repay our own debts. Additionally, Aspire is not allowed to lend or invest these funds, removing any potential investment risk for client funds.

Unlike Aspire, traditional banks allocate some of their customers' deposits to investments such as loans, bonds, and other assets with associated investment risks. If a bank encounters a scenario where numerous customers withdraw their deposits simultaneously due to concerns about the economy or its failure, it may undergo a liquidity crisis. 

Through segregation, we ensure that Aspire never utilises any of our client's funds. This guarantees that our clients' funds will always be accessible to them whenever they need them.

Do I get insurance on my deposits with Aspire?

Because client funds are safeguarded in a segregated account and not used in any way, we do not offer an insurance scheme on our deposits.

Why should trust my funds with Aspire?

Aspire Business Accounts offer a safe, reliable way for businesses to manage their company finances. Today, over 10,000 businesses depend on Aspire’s financial infrastructure to keep their daily operations running smoothly. Since day one, we have implemented robust measures to mitigate risks and disruptions to our users. 

  • Fast Account Setup: Aspire offers easy and quick account registration for entities incorporated worldwide and lets you get started in days, 100% online.
  • Fund Security: Aspire adheres to the strictest standards to ensure users' funds and personal information safety and security. Deposits with Aspire are 100% safeguarded under the Payment Services Act 2019 (PSA) set out by the Monetary Authority of Singapore (MAS) and will always be available to clients.  We also implement the highest digital security encryption and access protocols on our platform.
  • Funds safeguarded in Singapore: An Aspire account offers businesses the opportunity to safeguard their funds in Singapore. Singapore has always been an attractive destination for international businesses looking to diversify risk. Its stable political climate, robust economy, and highly-regulated financial environment make it an attractive option for businesses seeking financial security.
  • A Superior User Experience: Aspire’s digital-first approach allows clients to set up and manage their funds directly through the Aspire app. Our clients can be onboarded 100% remotely, and we are open to entities from 182+ countries, including the USA, BVI, and Cayman Islands. We also offer timely and prompt support via live chat and a dedicated support team.

To set up your Aspire business account, you can sign up here.

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About the author
Marissa Saini
is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
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