Aspire and Know Your Customer to empower SMEs across Southeast Asia

Aspire, a platform designed to help a businesses with their financial needs, has partnered with RegTech provider Know Your Customer, to facilitate access to its financial products to underserved SMEs and entrepreneurs across Southeast Asia.

Founded in 2018, Aspire offers a portfolio of services to over 10,000 businesses across the region, including multi-currency accounts and cards, expense management, payable management and receivable management solutions.

Know Your Customer specialises in modular compliance solutions which enable businesses to build the corporate onboarding process that best fits their unique needs.

It is estimated that there are 70 million micro, small- and medium-sized enterprises (SMEs) in Southeast Asia today, and these are often in urgent need of financial services. Despite this, Aspire said that access to financial products remains difficult for these companies due to the challenges of financial institutions looking to verify these companies’ shareholding structures. In these instances, having real-time access to company registries is essential for any financial institution looking to serve new companies not yet present in conventional KYC databases.

The companies said that by working together, they can capture this growing demand, and enhance Aspire’s ability to digitise and streamline the crucial phase of corporate onboarding for SMEs, entrepreneurs and corporate clients across the whole region through Know Your Customer’s digital solutions.

Tarini Ponniah, head of compliance of Aspire, said, “At Aspire, we are always looking for ways to support our customers, and make sure they have a seamless onboarding journey with us. We strive to make alliances with companies that share the same vision and can assist us in providing our services in full compliance with the applicable regulations. Know Your Customer’s RegTech solution has helped us to achieve this incredible milestone in a very short time span.”

Aspire raised $158m in Series B funding last year.

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