Hong Kong Fintech Reap Secures Singapore Payment License, Plans 50% Hiring Increase

Reap Group, a Hong Kong-based fintech firm specializing in blockchain-enabled business payments, has obtained a Major Payment Institution (MPI) license from Singapore's Monetary Authority (MAS). The authorization allows Reap to offer regulated payment services, including account issuance and domestic and cross-border money transfers under the Payment Services Act 2019.

Singapore will serve as Reap's Southeast Asian hub as the company scales its digital financial infrastructure across the region. "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," said Kevin Kang, Reap Singapore's CEO.

The firm plans to expand its workforce by 50% this year, bolstering teams in finance, risk and compliance, product management, and cybersecurity. Reap primarily targets SMEs and corporations seeking integrated spending management solutions.