Reap secures in-principal approval for MPI licence from MAS

Marking a significant advancement for Reap Singapore, the company’s entity in the region, the receipt of the in-principal approval for the MPI licence underlines its commitment to regulatory adherence and dedication to optimising its capabilities and presence in Singapore and the overall Asia Pacific region. Even if the in-principal approval allows the company to move forward, Reap highlighted its determination to continue to meet the required conditions for the MPI licence.

Furthermore, the company intends to contribute with the necessary resources to support Reap Singapore in achieving this objective. Teaming up, Reap and Reap Singapore are set to continue to advance compliance standards while ensuring that they provide improved value and trusted solutions to the region and the Asia Pacific customers.

Reap’s capabilities and objectives

Commenting on the announcement, representatives from Reap underlined that compliance has always been at the core of the company’s operations, with it being both targeted at safeguarding users and supporting the growth of the firm. By receiving the in-principal approval from MAS, which is a globally known financial regulator, Reap plans to further advance its footprint in the region. Additionally, the company intends to continue to collaborate with regulatory bodies to create secure money movement across the region while also developing a payment service that meets the needs, demands, and preferences of customers.

Moreover, Singapore represents a critical part of Reap’s goal of augmenting the global money movement, with the region holding high regulatory standards and being committed to fostering sustainable advancement. Through this, Reap is set to be able to deliver safe and efficient financial flows while also offering value to its clients and partners. The company’s operations are also assisted by a network of investors, including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia.