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September 20, 2024

Aspire x AWS Jakarta Founders Night 2024: Scaling Traditional Businesses in a Tech-Driven World

Written by
Galih Gumelar
Last Modified on
September 20, 2024

Overcoming Challenges in Scaling Traditional Businesses

The panel kicked off by addressing the unique challenges traditional businesses face when scaling. Panelists agreed that while these businesses are adopting technology, many still focus too much on tech for its own sake, rather than using it as a growth enabler. Gian Adhitya of Peak XV Partners and Nicholas Sunjaya of AC Ventures emphasized that investors prioritise a company’s scalability and long-term potential over its use of cutting-edge technology.

The Impact of AI and Technology

Ian Holtz from AWS shared insights on how AI is transforming traditional businesses, enhancing areas such as data analysis, customer experience, and automation. Panelists emphasized that AI is not just a tool for efficiency, but a driver of innovation, helping companies like Bobobox streamline operations and improve customer experiences.

Indra Gunawan, CEO of Bobobox, explained how its modular business model allows the company to offer enhanced comfort to budget travelers while using technology to streamline the customer journey. Indra underscored that its success lies in mapping the customer journey and identifying key value drivers. Technology is essential, but only when thoughtfully integrated to enhance customer experience and operational efficiency.

Technology as a Competitive Edge

AWS representatives pointed out that technology should serve as a competitive advantage, not just to improve operations. Predictive analytics, IoT, and blockchain are among the tools that traditional businesses are starting to adopt to stay ahead of competitors. The panel concluded by advising businesses to set clear milestones before seeking investment, focusing on profitability and scalability.

The Aspire x AWS Jakarta Founders Night event was a clear demonstration that traditional businesses in Indonesia are not just surviving—they are thriving. With the right strategies, technology, and partnerships, these businesses can achieve the same level of growth typically only associated with tech startups.

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

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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Galih Gumelar
is a seasoned writer specialising in macroeconomics, business, finance and politics. With a writing history at CNN Indonesia, The Jakarta Post, and various other reputed organisations, Galih leverages his broad range of experiences to create insightful resources for those wanting to start a business.
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