Reap Group has been granted a Main Fee Establishment (MPI) license by the Financial Authority of Singapore (MAS).
The fintech affords digital and blockchain-based options that assist companies handle accounts, spending, and funds throughout Asia.
The license permits its Singapore entity to supply account issuance, home cash switch, and cross-border cash switch companies underneath the Fee Providers Act 2019.
The milestone strengthens Reap’s regional enlargement because it deepens its presence in Singapore to serve SMEs and enterprises looking for safe and environment friendly fee administration.
Reap Singapore has expanded its headcount over the previous yr throughout finance, threat and compliance, product, buyer expertise, HR, advertising and marketing, engineering, and cybersecurity, and plans to develop its native workforce by an extra 50% this yr.
Singapore will function Reap’s strategic base for Southeast Asia operations and cross-border funds innovation, complementing its international headquarters in Hong Kong.
Collectively, the 2 hubs anchor Reap’s technique to broaden fee corridors throughout Asia and globally.
“Singapore is a cornerstone marketplace for Reap as we scale our digital monetary infrastructure options throughout Asia and globally. Securing the MPI license underscores our long-term dedication to working inside trusted regulatory frameworks whereas supporting Singapore’s imaginative and prescient of changing into a world funds hub. We’re humbled to hitch the ranks of main international and regional funds suppliers, contributing to Singapore’s vibrant and rising fintech panorama.”
mentioned Kevin Kang, Co-Founder & CEO of Reap Singapore.
