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

Reap Group, a Hong Kong-headquartered fintech providing blockchain-enabled business payment solutions, has secured a Major Payment Institution (MPI) license in Singapore, enabling the company to offer regulated payment services across the city-state.

The Monetary Authority of Singapore (MAS) granted Reap's local entity authorization to provide account issuance, domestic money transfer, and cross-border money transfer services under the Payment Services Act 2019. The license positions Reap to expand operations in Singapore, which the company plans to establish as its Southeast Asian hub.

"Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally," said Kevin Kang, co-founder and CEO of Reap Singapore, in a statement on Thursday shared with Blockhead.

"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," Kang said.

Following the license approval, Reap Singapore said it plans to increase headcount by 50% this year, building on recent expansion across finance, risk and compliance, product management, customer experience, marketing, engineering, and cybersecurity teams.

The company targets small and medium enterprises and larger corporations seeking integrated solutions for spending management and payments. Reap's platform combines corporate cards with cross-border payment capabilities, incorporating blockchain technology into its infrastructure.

Singapore represents a strategic market for Reap alongside its Hong Kong headquarters. The dual-hub approach allows the company to serve both Greater China and Southeast Asian markets while expanding payment corridors across Asia and globally. Reap employs over 200 people worldwide.

Reap was among early Asian fintechs integrating blockchain into business payment solutions, though the company focuses on traditional payment infrastructure enhanced by blockchain capabilities rather than pure cryptocurrency services. The embedded finance approach targets enterprises seeking modern treasury management tools.

The company raised Series A funding from investors including Acorn Pacific Ventures and HashKey Capital, providing resources for regional expansion. The Singapore license allows Reap to compete with established business payment providers while leveraging blockchain technology for cross-border transaction efficiency.