Reap wins MAS Major Payment Institution licence in Singapore to offer account issuance and money transfers, and plans 50% headcount growth.
Global fintech company Reap Group announced that its Singapore entity has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS).
The licence authorises Reap Singapore to provide regulated services under the Payment Services Act 2019. These services include account issuance, domestic money transfer, and cross-border money transfer, enabling businesses to access compliant and scalable payments infrastructure in Singapore and beyond.
“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 licence underscores our long-term commitment to operating within trusted regulatory frameworks while supporting Singapore’s vision of becoming a global payments hub.”
According to the Singapore Fintech Association and Ernst & Young, payments continue to be a key growth driver for the country’s fintech ecosystem, with 25% of all fintech firms operating in payments. Over 55% of fintech companies in Singapore are active in payments, blockchain, and regulatory technology.
Following the approval, Reap plans to deepen its presence in Singapore, expanding hiring by 50% to better serve SMEs and enterprises seeking secure and seamless solutions for managing spending and payments.
While Hong Kong remains Reap Group’s global headquarters, Singapore will serve as the company’s strategic base for Southeast Asia operations and cross-border payments innovation.
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