OCTIS vs Aspire vs Airwallex for Singapore businesses
Two Singapore-built multi-currency business accounts. Here is how plans, FX, cards, cashback and yield line up.
Last checked · 5 sources
Otty's short answer
Aspire has a S$0 Basic plan, 1% to 1.2% card cashback and FX from 0.46%. Airwallex lists FX at 0.4% on major currencies, and a payment gateway, but charges S$79 per month for its Grow plan. Pick Aspire for cashback cards and spend control. Pick Airwallex to collect payments, hold many currencies or earn the higher published yield. Neither is a bank.
Side by side
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| What matters | OCTISHong Kong company + OCTIS global plan | Aspire | Airwallex |
|---|---|---|---|
| Monthly fee | Not published; 10–30% below your current bill | S$0 Basic; S$15 Premium | S$0 Explore; S$79 Grow; S$399+ Accelerate |
| FX markup | Foreign exchange via licensed partners | From 0.46%; Premium 0% to S$13,000 | 0.4% major; 0.6% other currencies |
| Local SGD transfers | Collecting and sending payments via licensed partners | Free (PayNow, FAST, GIRO) | Free (PayNow, FAST, GIRO) |
| SWIFT transfer out | Set by our licensed partner; quoted before you commit | Not on pricing page | S$20 to S$35 per transfer |
| Free spend users | Set by our licensed partner; quoted before you commit | 5 Basic; 10 Premium; S$4 extra | 5 free; S$5 extra |
| Online payment gateway | Collecting payments via licensed partners | Not on pricing page | From 3.30% + S$0.50 per card |
| Currencies held | International multi-currency account via licensed partners | 8 account currencies | Not on pricing page |
| SGD yield, net | Not an OCTIS product | Up to 1.15% Basic; 1.40% Premium | 0.89% Explore to 1.38% Accelerate |
| USD yield, net | Not an OCTIS product | Up to 3.38% Basic; 3.63% Premium | Up to 4.08% (Accelerate basis) |
| MAS licence | Not a licensee; licensed partners provide the services | Temporary PSA exemption | Major Payment Institution |
| Approval time | Set up through licensed partners alongside your incorporation | As fast as 1 day | Not published |
| SDIC deposit insurance | Not offered; OCTIS is not a bank | No | No, not a bank |
If you have staff, premises or local sales in this country, its own registration and tax rules still apply. OCTIS can help you arrange them.
Data sources & disclaimer: Comparison data was compiled from publicly available sources — including the competitors' own published pricing and feature pages — captured on 9 November 2026. Figures reflect the typical or advertised pricing at that time and may have changed since; plans, inclusions and prices vary by provider, region and promotion. OCTIS is independent and not affiliated with the named companies; all trademarks belong to their respective owners. This comparison is provided in good faith for general information only and is not professional, legal or financial advice — please verify current details with each provider before deciding.
Which one fits you
OCTIS · Hong Kong company + OCTIS global plan
Choose OCTIS if you sell to customers in several countries and want your Hong Kong company, multi-currency banking via licensed partners and CRM in one place.
Aspire
Choose Aspire if you want cashback on card spend, a free plan with 5 spend users and a simple expense dashboard.
Airwallex
Choose Airwallex if you take card payments online, hold many currencies, or want a fully licensed Major Payment Institution with the higher USD yield.
What the table does not show
Plans and FX
Aspire has two Singapore plans. Basic is S$0 per month. Premium is S$15 and lifts cashback from 1% on ads and SaaS to 1.2% on all eligible spend, with 0% FX on the first S$13,000. Aspire's pricing page lists FX from 0.46% on Basic, so test your own volume. Airwallex has Explore at S$0, Grow at S$79 and Accelerate from S$399, excluding GST. Its FX markup is 0.4% on major currencies and 0.6% on others on every plan.
Licences and safeguards
Airwallex (Singapore) Pte. Ltd. is a Major Payment Institution under licence PS20200541, and Airwallex Capital holds a Capital Markets Services licence. Aspire FT Pte. Ltd. says it holds a temporary exemption from licensing under the Payment Services Act 2019 for account issuance, domestic transfers and e-money, and uses MAS-licensed partners for some cross-border services. Aspire says funds are safeguarded with a Tier 1 bank such as DBS. Neither is a bank, so balances sit outside SDIC deposit insurance.
Yield on idle cash
Both place idle cash in money market funds, and both say returns are not guaranteed and capital can be lost. Aspire uses Fullerton funds and charges 0.5% a year on Basic or 0.25% on Premium. Airwallex uses a Fullerton SGD fund and a Goldman Sachs USD fund. Its SGD rate is quoted net, assuming the S$399 Accelerate plan. On Explore the SGD figure is 0.89%. Compare the same day, because both rates move weekly.
Where OCTIS fits
Two accounts mean two statement feeds. OCTIS sells in Malaysia and Hong Kong only, so it does not keep books or file tax for a Singapore company. If you run a Malaysian or Hong Kong company with a Singapore subsidiary using Aspire or Airwallex, OCTIS bookkeeping can reconcile the home company and consolidate the foreign statements. OCTIS is not a bank and has no partnership with any provider here. Ask about 10–30% off your current bill.
Frequently asked questions
Is Aspire or Airwallex cheaper in Singapore?
Aspire is cheaper on fixed cost: S$0 Basic against S$79 for Airwallex Grow. Airwallex lists lower FX at 0.4% against Aspire's 0.46% on Basic. Cashback can offset FX, so add up your last three months of card spend, FX and transfers on both fee tables.
Is Aspire regulated by MAS?
Aspire FT Pte. Ltd. says it holds a temporary exemption from licensing under the Payment Services Act 2019 for account issuance, domestic transfers and e-money, with MAS-licensed partners for other cross-border services. Its yield product is run by AFT SG 2 Pte Ltd, licensed under the Securities and Futures Act.
Is Airwallex a bank in Singapore?
No. Airwallex (Singapore) Pte. Ltd. is a Major Payment Institution licensed by MAS, licence PS20200541. Its yield product is offered through Airwallex Capital, which holds a Capital Markets Services licence. Balances are not bank deposits and are not covered by SDIC.
Which has the better yield, Aspire or Airwallex?
On the published figures, Airwallex lists up to 4.08% on USD and 1.38% on SGD on its top plan, while Aspire lists up to 3.63% USD and 1.40% SGD on Premium. Plan fees differ. Both are indicative, variable and not guaranteed.
Can I use Aspire and Airwallex together?
Yes. Both link to Xero and QuickBooks, and neither charges to open an account. Some companies use Aspire for cards and team spend, and Airwallex for online collections and FX.
Sources
Checked on the date above. Links open the provider's or regulator's own page.