Reap Group has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The fintech offers digital and blockchain-based solutions that help businesses manage accounts, spending, and payments across Asia.
The license allows its Singapore entity to provide account issuance, domestic money transfer, and cross-border money transfer services under the Payment Services Act 2019.
The milestone strengthens Reap’s regional expansion as it deepens its presence in Singapore to serve SMEs and enterprises seeking secure and efficient payment management.
Reap Singapore has expanded its headcount over the past year across finance, risk and compliance, product, customer experience, HR, marketing, engineering, and cybersecurity, and plans to grow its local workforce by a further 50% this year.
Singapore will serve as Reap’s strategic base for Southeast Asia operations and cross-border payments innovation, complementing its global headquarters in Hong Kong.
Together, the two hubs anchor Reap’s strategy to expand payment corridors across Asia and globally.
“Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally. Securing the MPI license underscores our long-term commitment to operating within trusted regulatory frameworks while supporting Singapore’s vision of becoming a global payments hub. We’re humbled to join the ranks of leading global and regional payments providers, contributing to Singapore’s vibrant and growing fintech landscape.”
said Kevin Kang, Co-Founder & CEO of Reap Singapore.
