Aspire enters HK to support expanding SMEs with multi-currency needs

Seven in 10 companies in Hong Kong plan to expand operations overseas.

FACILITATING multi-currency cash management for international growth has been a core goal for Aspire, and with seven in ten Hong Kong SMEs expanding abroad, entering this market was a natural step for the Singapore-based fintech company.

Since Aspire entered Hong Kong in May 2024, CEO Andrea Baronchelli has observed that most local small and medium businesses (SMBs) face two main challenges: a lack of integrated financial systems and the difficulty of paying local suppliers in their expansion markets.

“Traditionally, businesses [expanding overseas] have to open local accounts to be able to pay local businesses. If a [Hong Kong] company wants to work with suppliers based in Indonesia, [they] will need to have an Indonesian account to facilitate local payments,” Baronchelli explained.

“This can not only be difficult to manage, but many SMEs find themselves unable to open accounts with traditional banks because they’re not deemed to be established enough. For those that do manage to open overseas accounts, they often have to contend with high foreign transaction rates that impact profitability,” he added.

Aspire’s solution to this challenge is its multi-currency management platform, which allows businesses to handle transactions in multiple currencies with one account. It supports over 30 currencies in more than 130 countries, offering rates “that can be as much as three times cheaper than banks,” the Aspire CEO said.

The platform also benefits local companies not seeking overseas expansion but working with international suppliers or clients.

“In Hong Kong, the vast majority — more than 70% of businesses — pay or receive money from their clients in different currencies or jurisdictions, not only in Asia-Pacific but globally,” Baronchelli said.

Catering to a highly international market, companies in Hong Kong obtain their solutions globally, resulting in a “scattered” financial system.

To help SMBs address this issue, Aspire has made its account reconciliation solution available to its clients in Hong Kong.

Through account reconciliation, Aspire will categorise the transactions of their partner SMBs and sync all details directly to their accounting software, reducing manual entry and errors.

“For instance, payments automatically mark corresponding invoices as paid and reconciled, keeping your books up-to-date. This saves businesses hours each month and provides a clear financial overview for better decision-making,” Baronchelli explained.

Smart cards are another solution offered by Aspire. Baronchelli stressed that expanding overseas often involves international teams, making it challenging for companies to manage employee expenses across different markets.

Aspire’s smart cards allow companies to issue unlimited virtual cards with budget controls in multiple currencies to employees for different use cases and merchants.

Having smart cards allows finance teams to have a bird’s-eye view of the entire company’s spending on one platform, said the Aspire CEO.

Expounding on the advantages of the smart card, Baronchelli mentioned that a Hong Kong travel company client used them to streamline payments to air ticket suppliers in different countries, thereby saving on FX costs.

The fourth solution available to Hong Kong customers focuses on spend and budget management.

“Businesses often spend a lot of time on manual finance tasks like claims submission, invoicing, and payouts. This impact is greater on SMEs, which usually have fewer resources,” said Baronchelli.

Through the solution, Aspire consolidates all financial workflows onto a single platform, automating these tasks.

“The solution supports AI-powered receipt matching, allowing users to take a photo of their receipt, automatically populating documents with relevant data, eliminating manual data entry, and reducing human error,” he said.

Aspire has already obtained a Money Service Operator (MSO) licence from the Hong Kong Customs and Excise Department. So, towards the end of 2024, Baronchelli plans to release products specific to Hong Kong.

He also intends to invest further in their teams across commercial and marketing operations to strengthen their presence.