Reap Wins Singapore Payment Licence, Eyes Regional Expansion
Hong Kong-based fintech Reap Group has secured a Major Payment Institution (MPI) licence from Singapore’s central bank, clearing a key regulatory hurdle as it looks to deepen its footprint across Southeast Asia’s growing payments market.
The approval from the Monetary Authority of Singapore (MAS) allows Reap’s local unit to offer account issuance, domestic transfers, and cross-border money transfer services under the country’s Payment Services Act of 2019 — a framework that governs how fintechs and digital payment providers operate within Singapore’s strict financial ecosystem.
“Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure answers across Asia and globally,” said Kevin Kang, co-founder and chief executive of Reap Singapore. “Securing the MPI license… supports Singapore’s vision of becoming a global payments hub.”
Singapore Steps Up as Fintech Gateway
The MPI is the top-tier licence under Singapore’s payment regime, granted only to firms that meet rigorous compliance and capital standards. It allows Reap to handle larger transaction volumes and serve a wider range of corporate clients, including small and mid-sized businesses moving money across borders.
Payments continue to dominate Singapore’s fintech landscape. According to a 2024 study by the Singapore FinTech Association and EY, payments account for around 25% of all fintech activity, with blockchain and regulatory technology making up much of the rest. The city-state’s status as a financial hub has made it a magnet for payment providers looking to serve regional trade corridors stretching from Hong Kong to Indonesia and beyond.
Building From Hong Kong to Southeast Asia
Founded in 2018, Reap begined out by offering businesses virtual cards and expense management tools before expanding into digital account services and blockchain-enabled payment answers. Its pitch: simplifying business payments by connecting traditional banking rails with blockchain infrastructure.
While Hong Kong remains Reap’s headquarters, Singapore is becoming its Southeast Asian base, anchoring operations that serve both local companies and cross-border clients. The company said it plans to increase hiring in Singapore by 50% this year, adding roles in finance, compliance, engineering, cybersecurity, marketing, and customer support.
Reap employs more than 200 people globally and is backed by investors including Acorn Pacific Ventures and HashKey Capital. Its technology enables businesses to settle payments in both traditional currencies and digital assets — a growing niche for cross-border fintechs navigating Asia’s fragmented payment systems.
Earning an MPI licence places Reap among a small group of non-bank firms authorised to handle regulated payments in Singapore. The list includes names like Wise, Nium, and Revolut, all of which have built global payment platforms from Singapore’s tightly supervised environment.
For Reap, the licence opens the door to process higher-value transactions, launch new financial tools, and compete more directly with established payment providers in Asia. It also signals growing confidence among regulators in fintech firms that blend traditional finance with blockchain-based infrastructure.
The company says it wants to serve SMEs and mid-market corporates that struggle with high costs and long settlement times when moving money across markets. By combining on-chain and off-chain rails, Reap claims it can cut transaction times and improve transparency for clients with suppliers or partners across Asia.
Reap’s expansion strategy hinges on building out “payment corridors” across Asia — routes for digital and fiat payments that connect economies with high trade volumes but inconsistent banking infrastructure. Singapore’s role in that network will likely focus on Southeast Asia and global treasury flows, while Hong Kong continues to anchor Reap’s North Asia business.
