Railsbank, the leading global open banking platform, announces that Singapore-based Aspire, a digital platform providing financial solutions for small and medium businesses, is the first SME-focused Neobank in Southeast Asia to use its Singapore Dollar (SGD) bank accounts.
Aspire is serving a new generation of digital-savvy businesses with a mobile-first business account. It’s flagship Aspire Business Account can be opened online in just a few clicks with no minimum deposit and no monthly fees. It comes with a Visa Corporate Card and an instant revolving credit line for daily business expenses and other tools to help business owners with cash flow management.
The leading SME-focused fintech is currently operating across Singapore, Indonesia, Thailand, and Vietnam, and is collaborating with Railsbank’s SGD bank account to complement its unique digital banking experience for its SME customers.
The Railsbank SGD bank accounts were first launched in February and are built using APIs. They complement the currencies used in countries that Railsbank already operates in, including the UK, Europe, SE Asia and the US. Railsbank opened its Asia hub in Singapore in Q4, 2019.
Customers use Railsbank’s technology platform to rapidly integrate their core banking capabilities in their own mobile and web apps through a convenient set of APIs.
Nigel Verdon, co-founder and CEO of Railsbank, said: “We are especially pleased to be able to offer our customers Singapore Dollar (SGD) bank accounts and Aspire is a great example of the sort of dynamic customer we like to do business with. They are one of the companies which is setting a fast pace in the APAC region and we look forward to helping them fuel their continued growth.
“We consider it a great achievement that although we have been in Singapore for such a short time, we have introduced these bank accounts. We are also having a great dialogue with companies throughout the whole region on how to leverage Banking as a Platform.”
Andrea Barconchelli, CEO and co-founder of Aspire, added: “We are excited to partner with Railsbank in Singapore to complement our regional digital SME banking offering. Great to see leading open banking companies such as Railsbank setting up shop in SouthEast Asia. We see enormous value to be created in the next few years by improving banking experience for our business users in SEA.”