Showing posts with label International Remittance Industry in Qatar. Show all posts
Showing posts with label International Remittance Industry in Qatar. Show all posts

Monday, December 20, 2021

Qatar World Bank International Remittance Report | Weekly Funding Limit Remittance Industry in Qatar | Commission rate Banking Partners Qatar: Ken Research

Why is it important for exchange houses in Qatar to re-assess their current business positioning

Exchange houses in Qatar dominate the international remittance industry by facilitating more than 1 million transactions on a monthly basis. As of June 2021, there were 20 exchange houses operating with a total of 141 branches located in different provinces of Qatar. Al Dar for exchange works, established in 2006, operates highest number of ~21 branches across Doha, Ar Rayyan, Al Khor etc.

Everything was faring well in the industry before the onset of pandemic of COVID-19 and corresponding restrictions on mobility that deeply affected the money exchange industry. During lockdown restrictions, many expat workers, which contribute ~88% of total Qatari population, returned to their home countries and temporary closure of exchange houses made it difficult to remit money back home. While, customers with sound digital know-how were early to comply with e-KYC requirements and transact via online solutions, it was the blue collar workforce which ended up being the victim of digital divide.

Digital is the Future:

While the business activity has attained pre-COVID levels for major exchange houses, a noticeable trend has been double digit to multi-fold Growth in Online Transactions of Remittance via digital solutions offered by exchange houses. Leveraging 99% internet penetration rate in Qatar and high time spent on social media engagement, exchange houses are also envisioning to undertake investments in development of digital solutions and extending partnerships with digital players. For instance – partnership of Ooredoo Money with Al Dar Exchange, partnership of Lulu Money with Mastercard in UAE depict the growing focus of incumbents towards digitalization.

What can exchange houses do to ride the wave of digitalization?

Almost every exchange houses has launched its digital solution (web/mobile application/both), it is now pertinent for the operators to leverage it for smooth customer acquisition, high standards of servicing and connected customer retention. An ideal digital solution focuses on customer satisfaction at each stage and aims to reduce the transaction time by offering a hassle free experience.

The below table summarizes the shift in strategic focus of major exchange houses prior to and post COVID-19 on select parameters:

While, the transformation to digital solutions might put pressure on bottom-line figures in initial years; the improvement in unit-economics, expected life-time value and benefits completely outweigh the costs attached to it. Moreover, to compete with global MTOs (Western Union, Xpress Money, Wise, and Moneygram etc.), regional players (Xare, STC Pay, Denarii) and domestic start-ups (C-Wallet), it is pertinent for incumbents to re-assess their current positioning and retain customers by offering advanced solutions.

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Key Topics Covered in the Report

Overview of International Remittance Industry in Qatar (Statistics on Corridor wise Transaction volume and value)

Industry segmentation (By Type of Transfers, Type of Intermediary Operators, Corridor wise, Type of Source Entities)

Cross Comparison of Major Exchange houses on Operational and Financial Parameters (December 2020, June 2021)

Company Profile of Major Exchange Houses (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)

Growth Drivers and Challenges to Qatar International Remittance Industry

Industry trends and developments

Rules and Regulations by Government Bodies

Impact of COVID-19 and Future Outlook of Industry

For More Information, refer to below link:-

Qatar Central Bank AML Guidelines | Commission rate Banking Partners 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

Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

Monday, November 8, 2021

International Remittance Market in Qatar 2021- Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021-2027

The publication titled International Remittance Industry in Qatar covers the overview of industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Qatar. With ~88% of expat population, the value of outbound remittance transactions were recorded at QAR XX Bn in 2020, down from QAR XX Bn in 2019 due to COVID-19 restrictions and return of expat population to home countries. Given the dominance of local exchange houses, analysts have elaborated on competitive landscape of major exchange houses on the basis of operational and financial parameters, highlighted growth drivers and risk factors governing the future outlook of industry.

Overview of Industry:

The growth in expat population from XX Mn in 2010 to XX Mn in 2019 and increased share of remitted money as a proportion of salary have contributed to the increased value of remittance transactions in Qatar from QAR XX Bn in 2016 to QAR XX Bn in 2019. While, India remains the largest outbound remittance corridor, there has been tremendous growth in outbound remittance to Bangladesh with its contribution surging from XX% in 2016 to XX% in 2020. As at June 2021, there were XX local exchange houses operating via XX branches across Qatar. Al Dar for exchange works operated the highest number of XX branches in Doha, Ar Rayyan, Al Khor etc.

Drivers and Impediments to growth:

In line with the National Vision 2030 and upcoming FIFA World Cup event in 2022, remittance industry in Qatar has been witnessing introduction and adoption of digital solutions (Web and mobile application) by migrant population. The pandemic of COVID-19 compelled workers to return to their home countries while lockdown on exchange houses forced users to switch to online mediums for transactions. Further, the restrictions on daily transfer limit and corresponding daily funding issues in certain small exchange houses had led to shift of high value customers to leading players.

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

A push by Qatari Government to promote Fintech

Qatar Central Bank (QCB) has played a crucial role in promoting and regulating the industry with vigilance on compliance with Anti-Money Laundering and Combating Financing of Terrorism. Further, partnership of QCB with Qatar Development Bank and Qatar Financial Center to launch Qatar Fintech Hub has provided for incentives (waiver of application fees and first year registration fees, rent free workspaces, 100% foreign ownership and repatriation of profits etc.) aim to encourage investments in startups in Qatar. In a whitepaper released in October 2021, the stakeholders have highlighted the role of technology and its surging adoption which could pave way for Qatar as a regional hub for Fintech.

A Vibrant Future Outlook:

Given the backdrop of decrease in volume and value of outbound international remittance transactions, analysts at Ken Research expect a growth of XX% during 2020-21 and CAGR of XX% during 2020-25F. During this period, value of transactions is expected to peak in 2022 owing to arrival of more than XX Million foreign travelers for FIFA World Cup 2022 event. It is also expected that industry would witness increased level of partnerships among banks, exchange houses and financial services entities aiming to gaining ownership in value chain.

While, digitalization of services coupled with wafer-thin operating margins are here to stay for tomorrow, it is pertinent for incumbents to re-assess their business strategy and focus on creating value for customers of tomorrow.

Key Topics Covered in the Report

Overview of International Remittance Industry in Qatar (Statistics on Corridor wise Transaction volume and value)

Industry segmentation (By Type of Transfers, Type of Intermediary Operators, Corridor wise, Type of Source Entities)

Cross Comparison of Major Exchange houses on Operational and Financial Parameters (December 2020, June 2021)

Company Profile of Major Exchange Houses (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)

Growth Drivers and Challenges to Qatar International Remittance Industry

Industry trends and developments

Rules and Regulations by Government Bodies

Impact of COVID-19 and Future Outlook of Industry

For More Information, refer to below link:-

International Remittance Market Growth in Qatar

Related Reports

Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period

UAE ATM Managed Services Market Outlook to 2024 – By Off-Site and On-Site ATMs and By Type of Service (Cash Management Services, ATM Maintenance Services and ATM Supply)

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249