Singapore-based B2B fintech firm Aspire has appointed Summer Yu as Global Head of Compliance and Tommaso Scarpa as Head of Compliance for Singapore.
These appointments aim to strengthen the company’s compliance, risk, and IT security teams, which have reportedly increased fivefold in the past 24 months.
Yu brings over 20 years of experience in international regulation from PayPal, Bytedance, and HSBC.
Meanwhile, Scarpa, formerly Group Head of Financial Crime at Currencycloud (a Visa Solution), will focus on compliance standards in Singapore and enhance Aspire’s financial crime prevention efforts.
The company’s compliance team has doubled in size over the past year, which supports Aspire in navigating the complexities of international markets.
This emphasis on compliance is crucial as Aspire expands, highlighted by its recent acquisition of an Money Service Operator (MSO) license in Hong Kong.
Given a reported 20% increase in financial crimes in the APAC region over the past year, Aspire has specialised teams working closely with risk, IT compliance, and legal departments to maintain a solid IT security framework.
The company is PCI-certified and has implemented an Information Security Management System (ISMS) aligned with current ISO standards.
Aspire serves over 20,000 businesses globally, including clients like AirAsia, Love Bonito, and Pizza Hut.
Following a US$100 million Series C funding round and achieving profitability in 2023, Aspire has also opened its Financial Technology Excellence Hub in Singapore.
“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.”
said Andrea Baronchelli, CEO of Aspire.
Featured image credit: Edited from Freepik
