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 Fintech Startups & M-Wallet Companies: Ken Research
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:
Other Related Reports
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Ankur Gupta, Head Marketing
Ken Research Private Limited
ankur@kenresearch.com
+91-9015378249
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