October 16, 2025
By Our Correspondent
The fintech startup Reap Group, headquartered in Hong Kong, has obtained a Major Payment Institution (MPI) license in Singapore. Reap is permitted to provide regulated payment services in compliance with Singapore’s Payment Services Act 2019 thanks to this license. With the goal of making Singapore its Southeast Asian headquarters, it allows the business to grow its activities in the city-state.
The Monetary Authority of Singapore (MAS) recently approved Reap’s license, putting the business in a position to expand its local offerings. Reap is able to provide account issuance, internal money transfers, and cross-border money transactions because to its MPI license. The fintech company wants to increase its presence in Singapore, which is a vital market for its operations.
Kevin Kang, co-founder and CEO of Reap, emphasized Singapore’s strategic significance for the business. “As we expand our digital financial infrastructure solutions throughout Asia and the world, Singapore is a key market for Reap,” he stated. The business is dedicated to helping Singapore realize its goal of being a global center for payments.
After the license is granted, Reap intends to increase its local workforce by 50%. The company wants to expand its engineering, product management, finance, and compliance departments. The hiring drive will support Reap’s growth in Southeast Asia and help it scale its operations in Singapore.
With its integrated payment solutions, Reap caters to both large organizations and small and medium-sized businesses. The platform integrates corporate cards and blockchain-powered cross-border payment services. This connection streamlines cross-border payments for firms by providing them with contemporary treasury management capabilities.
Reap has a dual-hub approach, serving Greater China and Southeast Asia from its offices in Singapore and Hong Kong. In order to compete with other payment providers in the area, the company also intends to use its Singapore license. With more than 200 employees worldwide, Reap is still growing throughout Asia.
