Reap Group Obtains MPI License from MAS to Boost Regional Payments Expansion

Fintech company Reap Group has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a major milestone in its regional expansion strategy.

The license authorizes Reap's Singapore entity to provide account issuance, domestic money transfer, and cross-border payment services under the Payment Services Act 2019. With this regulatory approval, the firm aims to strengthen its presence in Singapore while supporting small and medium-sized enterprises (SMEs) and corporates seeking more secure and efficient payment solutions across Asia.

Reap, which offers digital and blockchain-based financial management tools, said the approval further positions Singapore as its strategic hub for Southeast Asia operations and cross-border payments innovation. This complements its global headquarters in Hong Kong, with the two centers anchoring Reap's goal of building interconnected payment corridors across Asia and beyond.

The company has also grown its Singapore workforce over the past year, hiring across departments including finance, risk and compliance, product, engineering, and cybersecurity, and plans to expand its local headcount by 50% this year.

The latest development underscores Singapore's role as a fintech gateway for regional expansion and comes amid heightened competition among digital payment providers in Asia's rapidly evolving financial ecosystem.