For the last year, our company has been recommending Aspire to clients who are looking for a digital bank account. We wrote an article about digital banks which can be found here: https://www.singaporesecretaryservices.com/what-is-a-digital-bank/.
The main draw for most was that Aspire’s corporate account is free. There were no monthly or annual charges. Moreover, there were also no fees charged when doing transfers.
The main drawback was that there was no physical bank and hence there is no way that users of Aspire can bank in cheques. Also, the PayNow account that is provided by Aspire
However, Aspire has been upgrading its platform to add other functions. For example, the platform now includes expense, payable and receivable management.
To us, the biggest draw is the ability to issue virtual cards. Aspire users can issue virtual company debit cards. This means that if the company needs to allow an employee to charge expenses to the company, it can instantly provide a virtual card within the Aspire mobile app. The company can set up limits within the app as well as track the spending of that individual employee on the virtual card.
However, Aspire has begun to charge SGD$12 per month for businesses that are using its digital bank account.
Therefore, the current consideration for users of Aspire’s digital bank account would be whether this monthly fee is something that they are ok with forking out. Aspire’s platform is very useful for those who use its suite of products. The issue is whether companies and businesses utilise these products to justify their cost. Our company uses Aspire and we found the virtual card the biggest draw.
If your company or business is on Aspire’s platform, please take note of the change in Aspire’s pricing plan. Our company, Little Big Secretary Services Pte Ltd is an Aspire partner. You can sign up for an Aspire account under our partner page at this link.
Their pricing plan can be found at: https://hs.aspireapp.com/aspire-pricing
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
For more useful articles and videos, visit the Singapore Secretary Services resource page.