Reap Receives In-Principle Approval for Major Payment Institution License from Monetary Authority of Singapore

SINGAPORE,Jan. 9,2025 -- Reap,a leading payment technology provider,is thrilled to announce today that it has received an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its application of the Major Payment Institution (MPI) License for its Singapore entity,Reap Singapore.

Reap Receives IPA for MPI License in Singapore

Obtaining the IPA marks a significant milestone for Reap. Reap is committed to regulatory excellence while continuously enhancing its capabilitiesandpresenceinSingaporeandthebroader AsiaPacificregion. WhiletheIPAmarks a critical step forward,Reap Singapore remains steadfast in meeting the required conditions for theMPILicense. Reapisequally committedtodedicatingthenecessary resourcestosupportandassist ReapSingaporeinachievingthisgoal.Together,ReapandReap Singapore will continue to refine its compliance standards and beyond,ensuring it delivers enhanced value and trusted solutions to Singapore and the broader APAC customers.

"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 globallyrenowned financialregulator,isincrediblymotivatingandwillbeakeydriver 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.

SingaporeisintegraltoReap'smission ofenhancingglobalmoneymovement. Itshighregulatory standards and commitment to foster 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.

AboutReap

Reap group is a leading global payment technology provider that enables financial connectivity and access for businesses worldwide. By bridging disparate economies,merging technological divides,and connecting key financial players,we are transforming the financial landscape into a more interconnected and interoperable space for efficient money movement.

Withcorporate cards,payoutsolutions,andexpensemanagementtools,westreamlinefinancial operationsandempower businessestoscale. OurAPIsenable businessestoembed financeinto their own products and services,from issuing Visa cards to facilitating cross-border payments.

Foundedin2018inHongKong,Reaphassince expandedtoateamofover100acrossthe globe,including Singapore. Reap is supported by a strong network of investors,including Acorn PacificVentures,ArcadiaFunds,HashKey Capital,HustleFund,FrescoCapital,Abacus Ventures,and Payment Asia.

For mediaenquiries,please contact:

Christine Cheuk

Marketing&PRManager,Reap

[email protected]