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Jakarta, December 7th 2023 - The advertising landscape in Indonesia has witnessed a remarkable surge, with ad spending reaching an unprecedented US $19.2 trillion in 2023, marking a 5.02% increase from 2021.
Taking into account that Indonesia's internet penetration rate stood at 77.0 percent of the total population at the start of 2023, This growth is also driven significantly by digital channels, which account for nearly 16% (approximately US $3 trillion) of the total expenditure.
In response to this digital boom, Aspire, Meta, and Bank Aladin have joined forces to empower Small and Medium Enterprises (SMEs) in Indonesia. This partnership introduces a unique offering of productive loans in the form of credits for SMEs, made readily accessible through the Aspire corporate card. This initiative enables businesses to tap into the vast potential of digital advertising on platforms like Facebook and Instagram with ease and efficiency.
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Many smaller internet marketers encounter difficulties when trying to pay for their Meta campaigns with traditional cards, leading to delays in their campaign efforts and preventing them from maximizing their potential. This cumbersome process also results in a significant waste of their time and resources.
The collaboration between Aspire and Meta now allows the Aspire Card to be accepted as a payment method within the Meta platform. The Aspire card, supported by the Mastercard network, ensures seamless transactions, providing a reliable backbone for uninterrupted ad campaigns and various other business expenses.
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.”
Recognizing that funding is another major pain point for Indonesian SMEs, Bank Aladin has joined the partnership to address these challenges head-on. Committed to providing practical financial solutions, Bank Aladin is offering productive loans specifically designed for SMEs.
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This strategic approach not only facilitates smoother financial operations but also promotes enhanced visibility and efficient financial management, distinctly separate from the merchants' personal accounts.
Adding to this, Chief Commercial Officer of Bank Aladin Syariah, Stefen Loekito, commented, “Bank Aladin Syariah’s commitment to supporting Indonesia’s economic growth, especially in the MSME sector, by providing support through digital banking services that are in line with sharia financial principles. Bank Aladin Syariah always prioritizes banking convenience for customers and provides easy and efficient access for MSMEs. We believe that the collaboration between Bank Aladin Syariah, Aspire, and Meta is one of the keys to supporting the online presence of MSMEs to expand their market”.
In an effort to further support SMEs in enhancing their digital footprint, Aspire is offering an attractive incentive: a 1% cashback on all ad expenditures made through their corporate card.
A cornerstone of this initiative is the Aspire spend management platform. This innovative tool offers businesses complete transparency in their financial activities. Each transaction is immediately recorded on the Aspire dashboard, facilitating effective financial management and oversight. Apart from that, Aspire also offers a number of other financial solutions such as payables management, receivables management, and payment gateway services.
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Adding to this, Aldo Rambie, Head of Industry at Meta, commented, “This collaboration aligns with our vision for innovation and leverages the extensive reach of Meta's platforms. We're committed to supporting MSMEs to expand their digital presence and contributing to their success by opening access for them to reach a wider audience.”
According to data from DataReportal report Digital 2023 : Indonesia, Facebook's ad reach in Indonesia has hit 43.4% of the total population, or 56.3% of the local internet user base, as of January 2023. The report also shows that Instagram's reach has reached 32.3% of the total population, which is 41.9% of the internet user base in the country.
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Aspire’s strategic partnership with Meta underscores a shared commitment to fostering the growth of SMEs in Indonesia. By easing the financial processes associated with digital advertising, they are setting the stage for a more vibrant and inclusive digital economy.
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 Bank Aladin
PT Bank Aladin Syariah Tbk, also known as Aladin, is the first Shariah Digital Bank in Indonesia, committed to developing trustworthy banking products and providing a seamless banking experience to enhance financial inclusion.
Aladin facilitates access to digital Shariah banking services for all segments of society and collaborates with industries across various sectors. Equipped with cutting-edge technology, our aim is to develop funding products, financing solutions, and other financial services to simplify fund transfers, payments, and purchases.
Aladin has been recognized with numerous awards, including The Best Financial Performance from Tempo Financial Award (2021), The Most Promising Islamic Digital Bank from CNBC Indonesia Award (2021), 1st Rank for Shariah Commercial Bank KBMI 1, and 1st Rank for Mobile Banking Shariah Commercial Bank KBMI 1 from Infobank (2022).
Additionally, Aladin has received the ESG Award 2022 with a Disclosure rating commitment of C from Majalah Investor, CSR Award 2022 from IDX Channel as Green Tourism, Marketers Editor Choice Award as the Breakthrough Islamic Digital Bank of The Year (2022), Islamic Banking Initiative of The Year from Asian Banking Finance Award (2023), and Best New Islamic Digital Bank Indonesia from World Economic Magazine (2023).
Press Contact:
Grace Oktaviani
+62 819669967
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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