TLDR
- Reap Group, a Hong Kong-based fintech, has secured a Major Payment Institution license in Singapore.
- The license allows Reap to offer regulated payment services under Singapore’s Payment Services Act 2019.
- Reap plans to establish Singapore as its Southeast Asian hub for business operations.
- The company aims to increase its local workforce by 50% following the license approval.
- Reap’s platform combines corporate cards with blockchain-powered cross-border payment services.
Reap Group, a Hong Kong-based fintech company, has secured a Major Payment Institution (MPI) license in Singapore. This license enables Reap to offer regulated payment services in accordance with Singapore’s Payment Services Act 2019. It enables the company to expand its operations in the city-state, aiming to make Singapore its hub in Southeast Asia.
Hong Kong’s Reap Expands with Singapore License
Reap’s recent license approval from the Monetary Authority of Singapore (MAS) positions the company to grow its local services. With the MPI license, Reap can offer account issuance, domestic money transfers, and cross-border money transfers. The fintech firm aims to expand its footprint in Singapore, a critical market for its business.
Reap’s co-founder and CEO, Kevin Kang, highlighted the strategic importance of Singapore for the company. “Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally,” he said. The company is committed to supporting Singapore’s vision of becoming a global payments hub.
Plans for Hiring and Regional Growth
Following the license approval, Reap plans to boost its local workforce by 50%. The company is looking to grow its teams across finance, compliance, product management, and engineering. The hiring push will help Reap scale its operations in Singapore and further its expansion in Southeast Asia.
Reap targets small and medium-sized enterprises as well as large corporations with integrated payment solutions. The platform combines corporate cards and blockchain-powered cross-border payment services. This integration offers businesses modern treasury management tools, streamlining payments across borders.
Reap operates with a dual-hub strategy, using its Hong Kong headquarters and Singapore to serve both Greater China and Southeast Asia. The company also plans to leverage its Singapore license to compete with other payment providers in the region. Reap employs over 200 people globally and continues to expand its reach across Asia.
