Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams

• Appointed Summer Yu as global head of Compliance
• Tommaso Scarpa has been named Head of Compliance for Singapore

Aspire, a leading all-in-one fintech company, has announced the expansion of its compliance, risk, and IT security teams, which have grown fivefold in the last 24 months. In a statement, the firm said this move supports its ambitious global growth plans while maintaining the highest security standards for its clients and partners.

It added that it is significantly investing in its global compliance team, which has doubled in size over the past year. This expansion deepens its expertise in navigating international markets, ensuring clients can internationalise with confidence. Compliance is crucial as Aspire broadens its global presence, marked by the acquisition of an MSO license in Hong Kong, a key milestone in the company’s growth plans.

The company is also strengthening its compliance team with two new strategic leadership appointments. Summer Yu (pic) has been appointed global head of Compliance, and Tommaso Scarpa (pic) as head of Compliance (Singapore). Yu brings over 20 years of experience in international regulation at PayPal, Bytedance, and HSBC, while Tommaso’s prior experience includes serving as Group Head of Financial Crime at Currencycloud (a Visa solution). Both will play critical roles in strengthening Aspire’s adherence to compliance standards and improving its financial crime prevention framework.

With increasingly sophisticated fraud attacks in APAC leading to a reported 20% increase in financial crimes in the region over the past 12 months, Aspire has specialised teams that work closely with the Risk, IT Compliance, and Legal departments to maintain a strong IT security framework.

The company is PCI-certified and has established an Information Security Management System aligned with the latest ISO standards. It has also implemented a risk management framework with periodic reviews of IT and security risk exposures, ensuring its operations align with its commitment to safeguarding information for its global client base of 20,000+ businesses.

“A strong compliance culture sets the foundation of Aspire’s growth,” said Andrea Baronchelli, CEO of Aspire. “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.”

Aspire is a trusted partner to Asia’s fastest-growing SMEs and startups. Having secured a US$100 million (RM425 million) Series C funding round and achieved profitability in 2023, the company opened its first Financial Technology Excellence Hub in Singapore and was named one of CB Insights’ top 100 global fintech companies.