Reap streamlines financial operations with a suite of products including corporate cards, payout solutions, and expense management tools. Credit: Deemerwha studio/ Shutterstock.

Paytech firm Reap has secured in-principle approval (IPA) for a Major Payment Institution (MPI) licence for its Singapore entity, Reap Singapore. 

The approval was issued by the Monetary Authority of Singapore (MAS).   

Reap and Reap Singapore promise to refine their compliance standards, ensuring the delivery of payment solutions to customers in Singapore and the APAC region. 

Reap Singapore is working to meet the necessary conditions to secure the MPI License.  

The company will allocate the required resources to support Reap Singapore in achieving this MPI licence.  

The approval is said to empower Reap in driving secure financial flows to clients and partners.  

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Set up in 2018, Reap facilitates financial connectivity and access for businesses around the world.  

Reap streamlines financial operations with a suite of products including corporate cards, payout solutions, and expense management tools.  

The company’s APIs allow businesses to integrate financial services into their offerings, from issuing Visa cards to managing cross-border payments. 

Reap co-founder Kevin Kang 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.”  

In November 2024, Reap partnered with TruBit to enhance nearshoring in Mexico and facilitate cross-border payments between Latin America and Asia.