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.
Singapore International
Remittance Market
Market Overview: Singapore International
Remittance Market has been analyzed to be concentrated for banks whereas
moderately fragmented for non-banking institutes in 2018. The market has been
positioned to be at mature stage. The market comprises of banks, money transfer
operators, mobile wallets, postal networks as major entities wherein it is
majorly dominated by Banks and MTOs. Prominent business strategies adopted by
major players to position themselves in the market include forming an extensive
network & improved reach, new services launched & service innovation
and better pricing & handy/transparent operations offered. The market has
been fuelled by increased migration, better legislative environment in form of
relaxed policies, increased awareness towards digitalized remittance services
and developments in digital payment networks & Fintech space. In the next 5
years, players would be expanding through acquisitions, tie-ups, increased
digital modes of money transfer like mobile applications and M-wallets, lowered
cost of sending money and faster transfer speed. The proportion of inbound
remittance in total remittance declined registering a CAGR of -2% while
outbound penetration increased at around 1% during 2019 in terms of remittance
value. In terms of volume of transactions, outbound transaction increased
manifold in terms of CAGR registered by inbound transactions during the review
period.
Market Size: The market has displayed a
steady growth in terms of transaction value supported by an increase in both
inbound and outbound international remittances. The total transaction value expanded
displaying a CAGR of close to 2%. This was majorly fueled by a rise in the
international outbound remittances, which is led by a stronger growth in the
employment prospects in Singapore. Moreover, the surge in the Fintech startups
and government rolling out mobile payments application contributed to this
development. Volume of remittance transactions increased registering a CAGR of
close to 3% while cost of remitting money declined registering close to -1% CAGR during 2013-2018. Commission charged
by entities for remitting money declined registering CAGR of close to -3% while
total income generated also declined registering close to -1% CAGR during
2013-2018.
Market Segmentation
By Channel: Choice of a remittance
channel depends on the ease of access for payer and payee, cost involved, range
of products and services offered, amount of remittance and various other
factors. Prime remittance channels in Singapore are Banks and Non-Banks, where
non-banks can be further segmented into MTOs, M-wallets, Post Offices and
informal channel. Non-banks is mainly dominated by MTOs. Post Offices have
partnered with Western Union, and as a result, all the transactions of post
offices are undertaken by Western Union in the country. Banks have majority of
market share in international inbound
remittance market by total volume of transactions in 2018. Whereas
non-banks hold slightly higher markets share in terms of volume of transactions
in the international
outbound remittance
market.
By Corridors: Singapore international
outbound remittance market is majorly concentrated with a few prominent
corridors contributing close to 80% of the total value of outbound remittance
flow in 2017. The major corridors are mainly concentrated in South-Asia as most
of the migrant stock is from these destination countries itself. Owing to the
vast opportunities in education, employment and better living conditions
offered by the country, people from Malaysia, Indonesia, China, India and
Pakistan migrate to Singapore in huge number. Singapore’s remittance corridor
with China accounted for the highest share in the remittance market in terms of
transaction value in 2018. This was followed by Singapore-Malaysia corridor and
Singapore-India corridor respectively. The other major corridors are Singapore-Pakistan
and Singapore-Indonesia corridor. People from these countries were found
working for wide ranging sectors including IT and Software companies to being
domestic helpers and construction workers.
Competition Stage and Positioning: Singapore market is highly concentrated for banks while
moderately fragmented for non banking entities in 2018. There are 5 major Banks
in the market namely DBS Bank, OCBC Bank, UOB, Bank of China Singapore and
Standard Chartered bank. MTOs include 5 major names including Western Union,
MoneyGram, TransferWise, InstaReM and WorldRemit. Major competing parameters
for the entities include fees charged, transfer speed, services offered, reach
of the service providers, payout networks, and trust value attached, technological
advancements, promotional offers and transparency in costs.
Future Market Size
& Growth Drivers: The international outbound remittance market is expected to
showcase a CAGR close to 5% and the international inbound remittance market is
anticipated to showcase a CAGR close to -2% by value of transactions during
2018-2023. 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 the same period. 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.
Keywords
Singapore International
Remittance Market
Singapore International
Remittance Market Size
Singapore International
Remittance Market Overview
Singapore International
Remittance Report
Singapore International
Remittance Market Analysis
Major Players in Singapore
International Remittance Market
Singapore International Remittance
Transaction Volume
Singapore International Remittance Transaction Value Singapore
International Remittance Average Transaction Size
Remittance Industry
Singapore International Inbound Remittance Market
Singapore International Outbound Remittance Market
Singapore International Remittance Market Future Analysis
Remittance Service Providers in Singapore
Major Players in Singapore International Remittance Market
DBS Bank Remittance Singapore Market share
OCBC Bank Remittance Singapore competition
UOB Remittance Singapore transaction size
Bank of China Remittance Singapore volume transactions
Standard Chartered Bank Remittance Singapore value
transactions
Western Union Remittance Singapore transactions
Money Gram Remittance Singapore major player
InstaReM Remittance Singapore market share
Transferwise Remittance Singapore volume transactions
WorldRemit Remittance Singapore value transactions
Competition Scenario in Singapore International Remittance
Market
Market Share in Singapore International Remittance market
Customer Pain Points Singapore International Remittance
Market
Decision Making Process in Singapore International Remittance
Market
Average Transaction Size
International Remittance Singapore
Average Transaction Size International
Inbound Remittance Singapore
Average Transaction Size International
Outbound Remittance Singapore
Money Transfer Operations
Singapore
Remittance Commission Income
Singapore
Remittance Income Singapore
Key Remittance Operators
Singapore International Remittance Market
Hawalas Singapore Remittance
Government Remittance Licenses for Banks Singapore
Government Licenses for MTOs Singapore
Government Licenses for
Retailers Singapore
Government Licenses for Remittance Services Providers
Singapore
Operating Regulations Remittance Market Singapore
Branch Pick-up Singapore International Remittance Market
Mobile Payment & Online Transactions Singapore International
Remittance Market
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, andGrabPay.
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 research
report, refer to below link:
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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
