Reap, a payment technology provider, is pleased to announce today that it has received an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its application of the Major Payment Institution (MPI) License for its Singapore entity, Reap Singapore.
Obtaining the IPA marks a key milestone for Reap.
Reap is committed to regulatory compliance while “enhancing its capabilities and presence in Singapore and the broader Asia Pacific region.”
Although the IPA marks a step forward, Reap Singapore remains steadfast in meeting the “required conditions for the MPI License.”
Reap is also committed to dedicating the “necessary resources to support and assist Reap Singapore in achieving this goal.”
Reap and Reap Singapore will refine its compliance standards, “ensuring it delivers enhanced value and trusted solutions” to Singapore and APAC customers.
Kevin Kang, Co-Founder of Reap said:
“At Reap, compliance has always been paramount, not only to safeguard our users but also as a fundamental pillar for growth. Receiving this IPA 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.”
Singapore is integral to Reap’s mission of “enhancing global money movement.”
Its high regulatory standards and commitment to “foster sustainable innovation align seamlessly with Reap’s vision for the future of payment services.”
This alignment empowers Reap to drive “secure and efficient financial flows while delivering value to its clients and partners.”
As noted in the update, Reap group is a global payment technology provider that “enables financial connectivity and access for businesses worldwide.”
By bridging disparate economies, merging technological divides, and connecting key financial players, they are “transforming the financial landscape into a more interconnected and interoperable space for efficient money movement.”
With corporate cards, payout solutions, and expense management tools, they streamline “financial operations and empower businesses to scale.”
Their APIs enable businesses to “embed finance into their own products and services, from issuing Visa cards to facilitating cross-border payments.”
Founded in 2018 in Hong Kong, Reap has since “expanded to a team of over 100 across the globe, including Singapore.”
Reap is supported by a network of investors, including the following: Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia.
