Global open banking platform Railsbank has announced that Singapore-based Aspire, a digital platform providing financial solutions for SMEs, has become the first SME-focused Neobank in Southeast Asia to use its Singapore Dollar (SGD) bank accounts.
It boosts Aspire’s priority to continue serving a new generation of tech-savvy businesses with a mobile-first business account.
The 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.
Nigel Verdon, co-founder and CEO of Railsbank, commented: “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.”
The Railsbank SGD bank accounts were first launched in February and are built using APIs. They seek to complement the currencies used in markets that Railsbank already operates in, including the UK, Europe, SE Asia and the US. Railsbank opened its Asia hub in Singapore in Q4, 2019.
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.”
Expert Analysis: The importance of fintech technology boosting support for SMEs has never been so elevated as the economy looks to recover from the COVID-19 pandemic. This platform can be a key boost to businesses as they seek stability during one of the most turbulent periods in modern times.
