Reap, a Hong Kong-based payment technology provider, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The approval is a step forward for Reap Singapore, the company’s local entity, as it works toward meeting the conditions required to obtain the full license.
Reap intends to allocate necessary resources to support its Singapore operations and strengthen compliance standards.
Founded in 2018 in Hong Kong, Reap offers payment technology solutions, including corporate cards, payout systems, and expense management tools.
The company’s APIs enable businesses to embed financial services into their products, from issuing Visa cards to facilitating cross-border transactions.
With a team of over 100 staff globally, including Singapore, Reap is supported by investors such as Acorn Pacific Ventures, HashKey Capital, and Fresco Capital.
“At Reap, compliance has always been paramount, not only to safeguard our users but also as a fundamental pillar for growth. Receiving this IPA [in-principle approval] from the MAS, a globally renowned financial regulator, is incredibly motivating and will be a key driver of secure growth in the region.
It fuels our enthusiasm to continue collaborating closely with regulatory bodies to shape a secure and efficient money movement across the region. Reap is also committed to building a strong payment service.”
said Kevin Kang, Co-Founder of Reap.
