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