Hong Kong-based payments technology provider Reap has received in-principle approval for its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This approval is the next step. reap singaporeis the company’s local subsidiary, and is working to meet the requirements to obtain a full license.
Reap intends to allocate the necessary resources to support its operations in Singapore and strengthen its compliance standards.
Founded in Hong Kong in 2018, Reap provides payment technology solutions including corporate cards, payment systems, and expense management tools.
The company’s API allows companies to embed financial services into their products, from issuing Visa cards to facilitating cross-border transactions.
Reap has a team of over 100 staff across the world, including Singapore, and is supported by investors including Acorn Pacific Ventures, HashKey Capital and Fresco Capital.
“At Reap, compliance has always been our top priority, not only to protect our users, but also as a fundamental pillar of our growth. Receiving this is highly motivating and will be a key driver for the region’s steady growth.
This reinforces our ambition to continue to work closely with regulatory bodies to shape safe and efficient financial transfers across the region. Reap is also working on building a powerful payment service. ”
Kevin Kang, co-founder of Reap, said:
