Reap Group, a Hong Kong-based fintech company powering digital and blockchain-enabled business account management and embedded solutions for businesses, announced Monday its Singapore entity has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The firm said in a statement that the license authorizes Reap Singapore to provide regulated services under the payment services namely account issuance service; domestic money transfer service; and cross-border money transfer service.
Following the license, the company plans to deepen its presence in Singapore to better serve small and medium-sized enterprises (SMEs) and enterprises seeking secure and seamless ways to manage spending and payments.
“Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally,” said Kevin Kang, Co-Founder and Chief Executive Officer of Reap Singapore.
“Securing the MPI license underscores our long-term commitment to operating within trusted regulatory frameworks while supporting Singapore’s vision of becoming a global payments hub,
“We’re humbled to join the ranks of leading global and regional payments providers, contributing to Singapore’s vibrant and growing fintech landscape,” he added.
Cited research by the Singapore Fintech Association & Ernst & Young, the statement highlighted that payments remain a leading driver of Singapore’s fintech ecosystem, with 25 percent of all fintech firms operating in the payments.
In addition, over 55 percent of fintech companies in Singapore are active in payments, blockchain, and regulatory technology – reflecting its status as one of the world’s most progressive hubs for digital finance.
In Singapore, Reap SG has expanded its headcount over the past year, with new hires across finance, risk & compliance, product management and product design, customer experience, human resource, marketing, engineering and cybersecurity and others.
While Hong Kong remains Reap Group’s global headquarters, Singapore is poised to become the company’s strategic base for its Southeast Asia operations and cross-border payments innovation, said the statement.
It noted these markets represent twin bases in the company’s expansion strategy, which is focused on expanding payment corridors in Asia and globally.
Reap Singapore is expected to expand hiring by 50 percent this year, it added.
Reap is a Series A company backed by investors including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, and more.