The publication titled ‘International Remittance Industry in Saudi Arabia’ covers the overview of industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Qatar. With ~37% of expat population, the value of outbound remittance transactions were recorded at SAR xx Mn in 2020, up from SAR xx Mn in 2019.
Overview of Industry:
Saudi
Arabia is one of the most economically prosperous country in Asia and hence is
a prominent emigration destination to a many South Asian countries. Of the
current population of 33 Million, more than 37% of population comprises of
expats with India, Pakistan, Nepal, Philippines, Bangladesh, Sri Lanka and
Egypt being key source countries.
During
2016-19, the international remittance industry in KSA declined from SAR xx Mn
to SAR xx Mn, at a CAGR of xx%. However, during 2019-20, industry size
increased by xx%.
India
remains the largest outbound remittance corridor, accounting to xx% of the
total outbound remittance. There has been growth in outbound remittance to
other South Asian countries as well, like Pakistan and Bangladesh along with
Egypt, Philippines etc
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Drivers and Impediments to growth:
In
line with the G20 National Remittance Plan 2019 of Saudi Arabia highlight the
importance of opening the market to allow foreign MTO to set up business in
KSA. This will encourage new players in the current market which is oligopoly
in nature and dominated by XX players contributing to XX% market share.
The
Saudi remittance market is undergoing digital transformation due to emergence
of digital payment players and fintech start-ups. One of the fastest growing
remittance player, STC Pay and few other firms gained the digital banking
license which happened first time in the country.
The
decline in the remittance value of remittance over the past 5 years in Saudi
Arabia is a major risk for a new entrants. Due to the employment of only Saudi
Nationals at higher level posts, more and more people are looking to move from
Saudi Arabia, which poses a deterrent to growth.
A Vibrant Future Outlook:
Given
the backdrop of increase 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 2025 which will be driven
by the opening of the market for foreign MTOs and growing adoption of digital
solutions.
Analysts
at Ken Research further expect that digitalization of services and
corresponding marketing campaigns are expected to drive the revenue of
remittance industry at a CAGR of XX% during 2020-25F
Key Topics Covered in the Report
Overview
of International Remittance Industry in Saudi Arabia (Statistics on Corridor
wise Transaction volume and value)
Industry
segmentation (By Type of Transfers, Corridor wise)
Cross
Comparison of Major players on Operational and Financial Parameters (December
2020)
Company
Profile of Major Players (Overview, Products and Services, USP, Business
Strategies, Branch wise Operational Performance, Cumulative Financial
Performance, Recent Developments)
Growth
Drivers and Challenges to Saudi
Arabia International Remittance Industry
Industry
trends and developments
Risk
factors in the industry
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 Size in Saudi Arabia
Related Reports
International Remittance Industry in Qatar:
Outlook to 2025
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
