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)
-
- China
- Malaysia
- India
- Pakistan
- Indonesia
- Other corridors like Bangladesh, Thailand, Philippines etc.
Key Target Audience
- Banks
- Money Transfer Operators
- M-Wallet Companies
- Hawalas
- 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
Companies Covered:
- DBS Bank
- OCBC Bank
- United Overseas Bank
- Bank of China
- Standard Chartered Bank
- Western Union
- MoneyGram
- InstaReM
- TransferWise
- WorldRemit
- Singtel Dash
- FlexM
- GrabPay
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:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/singapore-remittance-payments-market/242385-93.html
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Africa. The report has covered the international and
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& 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
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Western Union, MoneyGram, Hello Paisa, Mama Money, Mukuru,
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size, segmentation on the basis of remittance flow corridors,
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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
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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
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Contact Us:
Ankur
Gupta, Head Marketing
Ken Research Private Limited
ankur@kenresearch.com
+91-9015378249
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