Jakarta, Indonesia – [11 Februari 2023] – In an era where digital connectivity is more vital than ever, recent studies have shown a significant increase in internet usage across Indonesia. With individuals spending an average of seven hours and 42 minutes online daily during the third quarter of 2022, primarily engaging in social media and streaming activities, the digital landscape is ripe for businesses to grow and thrive online.
The ability to reach wider audiences through online platforms presents a tremendous opportunity for growth and expansion. Digital marketing allows businesses to tap into larger markets beyond their immediate geographical location, enabling them to build brand awareness, engage with customers, and drive sales more effectively than traditional marketing methods.
However, as businesses strive to harness the potential of digital channels, they frequently encounter barriers that hinder their access and effective utilization of these platforms. One of the primary challenges lies in the realm of knowledge; many business owners lack the necessary understanding of how to start their digital journey and how to operate within these digital platforms efficiently. This gap in digital literacy significantly impedes their ability to establish a robust online presence.
Additionally, the payment infrastructure presents another significant hurdle. The digital economy often requires transactions to be completed through card payments, a facility not readily available to all businesses, especially small and medium-sized enterprises (MSMEs). This limitation restricts their ability to subscribe to essential digital services and platforms, thereby presenting them with challenges to act timely and tap on momentum, curbing their digital marketing efforts and overall online growth potential.
Recognizing the critical need for digital adoption among businesses, Aspire is at the forefront of facilitating this transformation for Indonesian entrepreneurs. Dedicated to empowering business owners to scale up and harness the power of digital platforms, Aspire is simplifying transactions with its user-friendly debit card payment solutions and accessible cash retail outlet options. These initiatives are designed to minimize transactional friction for merchants, making it easier for them to operate online.
Aligning with this vision, the Indonesian Chamber of Commerce and Industry (Kadin Indonesia) is partnering with Aspire to bolster its mission of supporting businesses across the nation. Kadin Indonesia has been instrumental in advocating for the growth and development of Indonesian businesses, with a particular focus on bridging the knowledge and technology gap faced by small and medium-sized enterprises (MSMEs) compared to their larger counterparts.
In an effort to further support merchants in their digital journey, Aspire is introducing incentives for business spend on digital ads and software subscriptions, as well as hosting educational events in collaboration with industry experts. These initiatives are aimed at equipping business owners with the knowledge and tools they need to succeed in the digital economy.
Ferdy Nandes, General Manager at Aspire Indonesia, stated, “Our goal is to lift these hurdles, enabling SMEs to maximise their potential, including access to market their business easily. We are committed to simplifying financial processes and helping hardworking SMEs grow in the digital age with an all-in-one business solution tailored to the market.”
This partnership between Aspire and Kadin marks a significant step towards fostering a more digital-savvy business environment in Indonesia. Through combined efforts in hosting educational events and offering incentives for digitalization, both organizations are committed to ensuring that Indonesian businesses can operate more effectively and sustainably in the digital era.
Vice Chairman of Kadin Indonesia in Entrepreneurship, Aldi Haryopratomo, enthusiastically welcomed the collaboration with Aspire as it aligns with Kadin Indonesia vision to provide more useful benefits for MSMEs. “There are many MSMEs that still have to go through a third party provider to buy services that requires a credit card, such as buying Instagram or FB ads. The partnership with ASPIRE, which not only gives access to these services, but by being a Kadin Member, they will get a discount that is larger than what they can find elsewhere.,” said Aldi.
As digital transformation continues to be a key driver for economic growth, the partnership between Aspire and Kadin is a testament to the shared commitment towards enabling Indonesian businesses to leverage digital opportunities for their growth and sustainability.
About Aspire
Aspire is the all-in-one finance software for growing businesses. The company serves over 15,000 startups and SMBs in Southeast Asia, helping them save time and money with multi-currency accounts and cards, expense management, payable management, and receivable management solutions - all in one account.
Headquartered in Singapore, Aspire has over 500 employees across four countries and is backed by global top tier VCs, including Sequoia, Lightspeed, and Y-Combinator.
About Kadin Indonesia
Established in 1968, the Indonesian Chamber of Commerce and Industry (Kadin) is the umbrella organization for all chambers of commerce and business associations in Indonesia, including foreign chambers of commerce in Indonesia. Kadin Indonesia serves as the voice of the private sector and maintains intimate relationships with government institutions. Kadin Indonesia has a mission to support the vital, sustainable, and equitable economic growth in Indonesia. Kadin Indonesia networks, which includes 34 Provincial Chambers of Commerce and 544 district branches, represents the voice of all business associations covering all relevant sectors of the Indonesian economy. Partnering with key government institutions, Kadin Indonesia actively participates in business and economic reforms. Kadin Indonesia is the first point of contact for foreign companies and opens doors to the dynamic private sector in Indonesia.
Steven Polhaupesy
Head of Communications Sekretariat Kadin Indonesia
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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