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.
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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
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Ken
Research
Ankur
Gupta, Head Marketing & Communications
