back Back

Reap secures In-Principle Approval for MPI License from MAS

By Gloria Mathias

January 13, 2025

  • APAC news
  • Financial Technology
  • Fintech news
Share

ReapReap, Reap Singapore, FinTech News, Fintech Solutions, Financial Technology, MPI, Monetary Authority of Singapore,, a payment technology provider, has received an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its application for the Major Payment Institution (MPI) license for its Singapore entity, Reap Singapore.

Reap is dedicated to achieving regulatory advances while continually enhancing its capabilities and presence in Singapore and the broader Asia-Pacific region. The attainment of the IPA represents a significant milestone; however, Reap Singapore is focused on fulfilling the necessary conditions to secure the MPI license.

Reap is dedicated to allocating the requisite resources to support and facilitate Reap Singapore in achieving this objective. Together, Reap and Reap Singapore will persist in elevating compliance standards and beyond, ensuring the delivery of enhanced value and reliable solutions to customers across Singapore and the wider APAC region.

“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.” stated Kevin Kang, Co-Founder of Reap.

Singapore is integral to Reap’s mission of enhancing the global money movement. Its high regulatory standards and commitment to fostering 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 exceptional value to its clients and partners.

Previous Article

January 13, 2025

First American Bank joins InvestCloud to digitise Wealth Management

Read More
Next Article

January 13, 2025

Truelayer and BR-DGE team to enhance Enterprise Payments with Pay By Bank

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 05, 2025

Tap, pay, spend: How digital payments are surging in Southeast Asia & India

Read More

February 05, 2025

Al Fardan Exchange, Visa launch real-time global remittance service

Read More

February 05, 2025

PRECISION and FinMont partner to combat payment fraud in travel

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More