Fintech Aspire clinches money service operator license in Hong Kong

It aims to facilitate cash management and money transfers of local SMEs.

Singapore fintech Aspire has clinched a Money Service Operator (MSO) license in Hong Kong.

Issued by the Hong Kong Customs and Excise Department, the license enables Aspire the ability to open local business accounts for payables and receivables management, international payments, and payment gateway solution.

Aspire is targeting the city’s growing small and medium enterprises (SME) segment, aiming to help them facilitate multi-currency cash management, as well as domestic & cross-border money transfers, the Singapore-headquartered finance platform said in a press release.

The move comes as 93% of Hong Kong SMEs indicate that digitalisation is vital for their company’s growth. 

Hong Kong is also reportedly witnessing an entrepreneurial boom, with the number of startups rising threefold in the past decade, according to data from InvestHK.

“With Hong Kong’s digital economy growing exponentially, there’s a clear demand for dependable, integrated financial solutions,” said Andrea Baronchelli, CEO & co-founder of Aspire. 

Since being founded in 2018, Aspire has raised over $300m from investors, and now has a client base of over 15,000 businesses across Asia– including Air Asia, Carousell, Love Bonito, Endowus, and Tech In Asia. Aspire achieved profitability in 2023.

Hong Kong's SMEs has increasing financial needs that have been little served over the past five years. A separate study by consulting firm Quinlan & Associates noted that the funding gap for SMEs have grown to US$21.72b as of 2024.