Singapore-based fintech firm Aspire has expanded its compliance, risk and IT security teams, which have grown 5x in the past 24 months, to support its global growth plans while enhancing security standards for its clients and partners.

In particular, Aspire’s global compliance team has doubled in size over the last year. It has also acquired a money service operator (MSO) licence in Hong Kong, which it considers a milestone in its expansion plans.

As part of its efforts to bolster its compliance team, the company has appointed Summer Yu as global head of compliance and Tommaso Scarpa as head of compliance for Singapore.

Yu has over 20 years of experience in international regulation at PayPal, Bytedance and HSBC. Scarpa’s experience includes serving as group head of financial crime at Visa-owned payment solutions provider Currencycloud.

“A strong compliance culture sets the foundation of Aspire’s growth,” says Aspire chief executive officer Andrea Baronchelli. “As we gear up for significant expansion, we are building a team of the best industry experts. By investing heavily in our compliance, risk, and IT security teams, we ensure that Aspire not only meets but exceeds global regulatory standards, paving the way for a robust and sustainable future.”

The firm raised US$100 million in a Series C funding round and achieved profitability in 2023. It boasts a client base of over 20,000 businesses globally, including AirAsia, Love Bonito, Endowus, Pizza Hut and Tech In Asia.