Thursday, December 9, 2021

International Remittance Industry in Qatar | Market share of Exchange Houses | Qatar Central Bank AML Guidelines | Future Outlook Remittance Qatar: Ken Research

Qatar – 88% of Population are Expatriates

Qatar is home 2.8 Million population with more than 88% of population comprising of expats with India, Nepal, Philippines, Bangladesh, Sri Lanka, Egypt and others being key source countries. In 2019, outward remittances were recorded at 6.5% of total GDP of country with India being the prominent corridor of outward remittance transactions. During the period of 2013-19, there has been a multi-fold growth in expat population of select countries, which have contributed immensely to the growth in international remittances of country.

During 2016-19, the International Remittance Industry in Qatar increased from QAR xx Mn to QAR xx Mn, growing at a CAGR of xx%. During 2019-20, industry size declined by xx% due to pandemic of COVID-19 and return of migrant workers to their home countries.

Given high employment of expat population, it is no doubt that outbound remittance flows contribute >95% to industry with India, Nepal and Philippines being the largest corridors.

Overview of Outbound Remittance Industry

Given the high cost of sending money back home, customers are generally incurring high transaction size to save on transaction fees again. In the past 4 years, industry has also witnessed a decline in average revenue per transaction owing to technological innovations, entry of vertical players and low-cost positioning of few exchange houses.

Correspondent banking networks remain the foremost choice of partnership of local exchange houses while for non-prominent corridors, exchange houses tie up with third party money operators and global MTOs to facilitate transactions. While, direct to account transfers are most commonly used, analysts at Ken Research expect a decline in cash pickup transfers due to focus on digitalized payments of countries across world.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NDg0NzMy

Competitive Landscape of Industry PLAYERS

The industry is dominated by exchange houses catering to the large chunk of blue collar workforce which are unable to open bank accounts in Qatar. As of June 2021, there were XX exchange houses in Qatar operating via a network of XX branches across Qatar.

It was interesting to note that there were no supernormal benefits of early starters in the industry and firms majorly compete on the basis of exchange rate offered coupled with level of quality services offered (same day credit, cash pickup service etc).

Cross-comparison Among top Exchange HouseS

Being a commodity-type industry with competitive prices being a pre-requisite, firms are generally aiming to drive volume of transactions via branches to adhere to financial and profitability goals of the exchange. It was analyzed that XX monthly outbound transactions would lead to a break-even at a branch level. Further, top 5 players contributed XX% market share to the industry size during June 2021.

The extent of partnerships with correspondent banks and third party money operators including Global MTOs also affect the choice of customer for selection of exchange house. For instance, Al Jazeera Exchange employs staff of IME Nepal within its branch to execute transactions of Nepal Corridor, Sewa Money Transfer (Nepal correspondent) has partnered with Eastern Exchange to facilitate transactions.

For More Information, refer to below link:-

Qatar Central Bank AML Guidelines | Future Outlook Remittance Qatar

Related Reports

Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition)- By Domestic Remittance Banking & Non -Banking Channels; International Remittance Flow Corridors and Channel; and Bill Payment Segment

Indonesia Domestic and International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Income Level Group and By Inflow and Outflow Remittance Corridor

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

No comments:

Post a Comment