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 and DBS Hong Kong, and does not use any client funds to finance its operations.
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.