Reap Secures Major Payment Institution (MPI) License from the Monetary Authority of Singapore

Reap Group, a global fintech company powering digital and blockchain-enabled business account management and embedded solutions for businesses, today announced its Singapore entity has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). 

The license authorizes Reap Singapore to provide regulated services under the Payment Services Act 2019, namely: 

• Account issuance service; 
• Domestic money transfer service; and 
• Cross-border money transfer service. 

“Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally,” said Kevin Kang, Co-Founder & CEO of Reap Singapore. “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.” 

According to research by the Singapore Fintech Association & Ernst & Young, payments remain a leading driver of Singapore’s fintech ecosystem, with 25% of all fintech firms operating in the payments (Fintech’s State of Play, 2024). In addition, over 55% of fintech companies in Singapore are active in payments, blockchain, and regulatory technology – reflecting its status as one of the world’s most progressive hubs for digital finance. 

Following the license, the company plans to deepen its presence in Singapore to better serve SMEs and enterprises seeking secure and seamless ways to manage spending and payments. In Singapore, Reap SG has expanded its headcount over the past year, with new hires across finance, risk & compliance, product management and product design, customer experience, HR, marketing, engineering and cybersecurity and others. 

While Hong Kong remains Reap Group’s global headquarters, Singapore is poised to become the company’s strategic base for its Southeast Asia operations and cross-border payments innovation. These markets represent twin bases in the company’s expansion strategy, which is focused on expanding payment corridors in Asia and globally. Reap Singapore is expected to expand hiring by 50% this year.