Fintech Aspire acquires CMS licence, will launch investment product for SMEs
Aspire Yield will allow these small businesses to access higher-yielding investment options with assurance of liquidity
[SINGAPORE] Business-to-business fintech platform Aspire announced on Thursday (Apr 3) that it has acquired a Capital Markets Services licence from the Monetary Authority of Singapore.
With it, Aspire will launch an investment product for its small and medium-sized enterprise (SME) customers that will allow them to earn yields on their funds. Called Aspire Yield, the product will be rolled out in the second quarter of 2025, with offerings such as next-day withdrawals and no lock-up period.
Through this product, Aspire aims to address a pain point for SMEs, which usually cannot gain access to higher-yielding investment options while having the assurance of liquidity.
Aspire Yield offers returns of up to 3.75 per cent on US dollar cash deposits, and up to 2.05 per cent on Singapore dollar cash deposits. The rates are after deducting a 0.5 per cent fee based on historical performance.
The underlying funds will likely be a mix of money market funds and government bond funds, for SME owners’ peace of mind, said Andrea Baronchelli, chief executive officer and co-founder of Aspire.
The investment product was born from feedback from Aspire’s SME customers, he added.
“They typically leave cash in their checking account, and we think that it’s not the best use of their money,” he told The Business Times, adding that these customers typically do not have access to investment products as well.
According to the customers Aspire spoke to, 90 per cent of SMEs are not used to investing – unlike individuals – due partly to limited education on the topic, as well as the lack of the necessary accounting and work processes. These factors have prevented these businesses from making investing a regular habit.
“By unlocking access to high-yield investment opportunities for global startups and small businesses, we are levelling the playing field and giving them the tools they need to thrive in an increasingly competitive landscape,” said Baronchelli.
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