Hong Kong-headquartered fintech Reap Group has gained regulatory approval from Singapore’s central bank to operate as a Major Payment Institution (MPI), marking an important milestone in its expansion across Asia.
The authorisation by the Monetary Authority of Singapore (MAS) allows its local entity, Reap Singapore, to provide account issuance, domestic money transfer, and cross-border money transfer services under the Payment Services Act 2019.
The approval positions Reap to deepen its presence in Singapore, which will serve as the company’s strategic base for Southeast Asia.
From here, Reap plans to expand its digital financial infrastructure to connect businesses across major Asian payment corridors.
The company is targeting both small and medium-sized enterprises (SMEs) and large corporations seeking streamlined ways to manage spending and payments.
Reap’s platform integrates corporate cards and cross-border payment tools with blockchain-enabled infrastructure, helping companies handle transactions securely and efficiently.
While Reap has been one of the early fintechs in Asia to incorporate blockchain into its operations, it focuses on modernising traditional payment systems rather than offering cryptocurrency-related services.
Kevin Kang, Co-Founder and Chief Executive Officer of Reap Singapore, described the city-state as pivotal to the company’s strategy.
He said,
“Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally. Securing the MPI licence reflects 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.”
Industry research from the Singapore Fintech Association and Ernst & Young shows that payments continue to drive growth in the country’s fintech ecosystem, with one in four fintech firms focusing on payment services.
L-R: Co-Founders of Reap Group, Darren Guo and Kevin Kang
More than half are active in payments, blockchain, or regulatory technology — a reflection of Singapore’s position as one of the world’s most advanced digital finance centres.
Following the licence approval, Reap Singapore plans to expand its local workforce by 50% this year.
The company has already increased hiring across finance, risk and compliance, product management, customer experience, human resources, marketing, engineering, and cybersecurity.
The team’s growth supports Reap’s broader ambition to build an innovation hub in Singapore for its Southeast Asian operations.
Source: Freepik
While Hong Kong remains Reap Group’s global headquarters, Singapore will serve as its key operational hub for regional expansion.
This dual-hub structure allows Reap to manage cross-border transactions efficiently between Greater China, Southeast Asia, and other global markets.
Reap currently employs over 200 people worldwide and continues to attract backing from prominent investors including Acorn Pacific Ventures, HashKey Capital, Arcadia Funds, Hustle Fund, and Fresco Capital.
The latest regulatory milestone positions the company to compete with established global players while leveraging blockchain technology to enhance cross-border payment efficiency across Asia.
Coinlive sees Reap’s move into Singapore as a calculated expansion, yet it raises questions about how the company will compete with established global and regional payment providers.
While the blockchain-enhanced infrastructure offers efficiency, its reliance on traditional payment corridors could limit differentiation.
Rapid workforce growth signals ambition, but scaling operations across Hong Kong and Singapore simultaneously may expose gaps in execution, risk management, and market traction.
The real challenge will be whether Reap can convert regulatory approval and technological promise into sustainable market influence, or if its current strategy leaves critical weaknesses that competitors could exploit.
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