Aspire quintupled its compliance & IT security teams

Aspire, a fintech company, has announced a substantial expansion of its compliance, risk, and IT security teams, reflecting a fivefold increase over the last 24 months. This development aims to support the startup's ambitious global growth and ensure adherence to security standards for its clients and partners.

Substantial investments are being made in Aspire's global compliance team, which has seen its size double in the past year. This move underscores the company's commitment to navigating the complexities of international markets and assisting its clients in their internationalisation efforts. Recent strategic appointments underline the importance of compliance in the company's growth strategy.

Summer Yu has been appointed as Global Head of Compliance. Yu brings over 20 years of experience in international regulation from her previous roles at PayPal, Bytedance, and HSBC. Additionally, Tommaso Scarpa has joined Aspire as Head of Compliance for Singapore. Scarpa's experience includes serving as the Group Head of Financial Crime at Currencycloud, a Visa Solution. These appointments are expected to strengthen Aspire's regulatory adherence and its financial crime prevention capabilities.

In a statement, Andrea Baronchelli, CEO of Aspire, said, "A strong compliance culture sets the foundation of Aspire's growth. 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 expansion comes at a critical time, as the Asia-Pacific region has experienced a 20% increase in financial crimes over the last year. Aspire has responded by working closely with its Risk, IT Compliance, and Legal departments to maintain a robust IT security framework. The company is PCI-certified and has established an Information Security Management System aligned with the latest ISO standards. Furthermore, Aspire has implemented a risk management framework that includes periodic reviews of IT and security risks to ensure the protection of its clients' information.

Aspire serves over 20,000 businesses globally, including well-known clients such as AirAsia, Love Bonito, Endowus, Pizza Hut, and Tech In Asia. The company has been on a strong growth trajectory, recently securing USD $100 million in a Series C funding round and achieving profitability in 2023. Furthermore, Aspire opened its first Financial Technology Excellence Hub in Singapore and was named one of CB Insights' top 100 global fintech companies.

The expansion of Aspire's compliance and IT security teams reflects the company's commitment to maintaining high standards of operational integrity and customer protection as it scales its operations internationally. The new appointments of experienced industry veterans are anticipated to play pivotal roles in shaping the company's compliance strategies and mitigating financial risks.