Singapore International Remittance Market is Anticipated to Generate Transactions Valued of Over SGD 11,000 Million in Outbound Remittance Space by 2023, Primarily Owing to the Increased Growth of...
GURUGRAM, India, Sept. 11, 2019 /PRNewswire/ -- The report titled provides a comprehensive analysis of Singapore's International Remittance Market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used and by top flow corridors) and a descriptive snapshot on the Bill Payments Market in Singapore. Competitive landscape of major players including DBS Bank, OCBC Bank, UOB, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise and WorldRemit have been widely covered encompassing company overview, major business strategies, USP, strengths & weaknesses, remittance services offered, transfer speed and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis and regulatory landscape, decision making process and analyst recommendations. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Sept' 2019| Singapore News
- It is expected that by the end of 2023, Banks would continue to lead the inbound remittance space capturing more than two-third of the market. Their relative share in the market would decline at a CAGR of close to -2% during 2018-2023 losing its share to non-banking entities which includes MTOs, m-wallets and post offices. Non-banks would however lead the international outbound remittance space capturing over 60% of the space registering a robust CAGR of close to 6% during the same.
- Singapore's Corridor with China, Malaysia and India is likely to showcase the highest CAGRs of close to 7% each during 2018-2023 in terms of value of transactions. A rising influx of migrants, working as both white collar and blue collar jobs, is expected from China, India, Malaysia, Indonesia and Pakistan. In the next 5-7 years, the market growth is expected to be fueled by rising migration rates, better government regulations, rise in digitalization rates and increased use of Fintech.
The coming five years have been poised to be positive for the remittance industry of the country. The market is facing an intensified competition and new players are entering the market every year. To curb the intensity of the competition, both banks and MTOs are focusing on mobile transfers through launching their wallets and applications. The launch of mobile wallets and applications by the major players in the industry is expected to boost the use of m-wallets in Singapore, exhausting the potential opportunities in the sector. A general problem that Singaporeans have currently is the speed of transfer and cost, which will be tackled by mobile remittances that are fast, cheap and efficient. In terms of volume of transactions the international inbound remittance market is expected to stay more or less stagnant and the international outbound remittance market is expected to showcase a CAGR close to 4% during 20128-2023.
The growth will be supported by the developments in Fintech and digital payments, with more usage of mobile wallets and mobile applications. Increasing mobile phone penetration, rise in possession of smart-phones rate and increased access and usage of internet services would propel growth. The savings ratio is expected to remain the same, yet the GDP is expected to grow by 3%. Moreover, the increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank. The major point of contact in the coming years is expected to be the online and mobile transactions leaving the branch pick-up option behind.
The market is being reshaped by both traditional and new types of payment service providers. Conspicuous amongst these are new non-bank competitors, the Fintech startups mobile money players, some of whom are already well established. For instance, InstaReM and FlexM are servicing a fast-growing number of customers across the country for transfers. The fast take-up of new technology shall enable payment services to be provided at a cheaper cot, yet being efficient and effective. In an industry traditionally served by banks, these new and innovative nonbank payment providers are entering the market and rapidly gaining ground and the share of these non-banking entities is expected to grow in the review period. This development is expected to accelerate the bank initiatives and efforts in positioning themselves to offer attractive, value added propositions to both individual and corporate customers in the money transfer market.
Ken Research in its latest study "Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Channels (Banks and Non-Banks), By Inflow & Outflow Remittance Corridors" suggests that the growth key is in the hands of the major players and their expansion into Fintech and mobile remittance. This would lead the market to grow registering a CAGR close to 5% for international outbound remittance market whereas the international inbound remittance market is expected to experience a CAGR of close to -1% in terms of transaction value of the region during the forecast period 2018-2023E.
Key Segments Covered in Singapore International Remittance Market
- By International Inbound Remittance Flow
On the Basis of Channels (On the Basis of Volume of Transactions)
- Banking channels
- Non-Banking channels
- By International Outbound Remittance Flow Corridor
On the Basis of Channels (On the Basis of Volume of Transactions)
- Banking channels
- Non-Banking channels
- By Flow Corridors (On the Basis of Volume of Transactions)
- Other corridors like Bangladesh, Thailand, Philippines etc.
Key Target Audience
- Money Transfer Operators
- M-Wallet Companies
- Convenience and Retail Stores
- Supermarket Chains
- Bills and Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
Time Period Captured in the Report:
- 2013-2018 – Historical Period
- 2019-2023 – Future Forecast
- DBS Bank
- OCBC Bank
- United Overseas Bank
- Bank of China
- Standard Chartered Bank
- Western Union
- Singtel Dash
Key Topics Covered in the Report
- Market Ecosystem
- Market Overview
- Market Size on the Basis of Transaction Value, 2013–2018
- Market Size on the Basis of Transaction Volume, 2013-2018
- Market Segmentation by Remittance Channels (Volume of Transactions)
- International Outbound Remittance Market Segmentation by Remittance Channels (Volume of Transactions)
- Market Segmentation by Top Flow Corridors (Value of Transactions)
- Snapshots of Major Countries in Singapore International Remittance Market
- Regulatory Landscape in Singapore International Remittance Market
- Decision Making Process and Pain points in Singapore International Remittance Market
- SWOT Analysis in Singapore International Remittance Market
- Competition Scenario in Singapore International Remittance Market
- Strengths and Weaknesses of Major Players in Singapore International Remittance Market
- Company Profile of Major Players
- Future Outlook and Projections
- Analyst Recommendations
For more information on the market research report please refer to the link below:
Other Related Reports
Europe International Remittance Market Outlook to 2023-By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets and others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards)
The report provides a comprehensive analysis of Europe international remittance market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by sending and receiving countries, by inbound remittance point of contact and by top flow corridors) and a brief snapshot on the major sending countries in Europe Competitive landscape of major players including Western Union, MoneyGram, Ria Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds Bank, Barclays Bank and XOOM by Paypal have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, transfer speed and various other parameters. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Egypt Remittance Market Outlook to 2023 - By Inbound and Outbound Remittance, By Transfer Mode (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non-Banking Transfer, By Bill Payment Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)
The report titled provides a comprehensive analysis of International Remittance, Domestic Remittance, and Bill Payment Market in Egypt. It includes the transactions occurring in Egypt by major flow corridors, mode of transfer, inbound and outbound transactions, channel of transfer, and bill payment details such as type of bill payments and mode of bill payments. The report also covers the overall competitive landscape and company profiles of major Money Transfer Organizations in Egypt. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions for the Egypt Remittance Market.
South Africa Domestic and International Remittance Market Outlook to 2023 - By Channels Used (Banking Channels, Retailers, ADLAs & MTOs and Others), Remittance Corridors (Inbound-Outbound and Rural-Urban)
The report provides a comprehensive analysis of South Africa's Remittance Market including market evolution, overview, genesis, market size and market segmentation. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by corridors and by income level) and an extensive snapshot on the bill payment market in South Africa. The report has covered the international and domestic space exclusively focusing on over the year's computation & interpretation of change in volume, value and average ticket size of transactions in the country. Income earned & change in commission charged has been scrutinized well followed by explicit analyst explanations. Competitive landscape of major players including ABSA Bank, Capitec Bank, Bidvest Bank, Standard Bank, Western Union, MoneyGram, Hello Paisa, Mama Money, Mukuru, Shoprite, SPAR, PEP Stores and Pick n Pay have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, financials and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis, growth opportunities, upcoming trends & analyst recommendations.
Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector
The report provides a comprehensive analysis of domestic, international remittance and bill payments market in the Philippines. The report covers market size, segmentation on the basis of remittance flow corridors, remittance channel, land-based and sea-based workers, mode of remittance, major occupation group and distribution of OFWs by cash remittance sent for international remittance market. For domestic remittance market, the report covers market size, segmentation on the basis of remittance channel, type of services and major flow corridors. It also includes the bill payments market in the country covering the market size and segmentation by type of bills, mode of payments and channel of payments. The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides a detailed overview of future outlook & projections with analyst recommendations for the industry.
Ankur Gupta, Head Marketing
Ken Research Private Limited
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SOURCE Ken Research
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