No, Aspire is not a bank, either in Singapore or in any other country where it currently operates. Aspire is a Payment Services Institution, providing financial services to customers subject to the relevant laws and regulations of the jurisdictions where it operates.
As a payment institution, Aspire can accept, hold and move client funds for the purposes of providing payment services. Aspire holds all client funds in segregated accounts with tier 1 banks, such as DBS Singapore, DBS Hong Kong, and Column N.A., Member FDIC, and does not use any client funds to finance its operations.