Remittance is denoted as sending of money by foreign migrant cross border to another person via electronic payments, drafts, and check. In addition, majority of remittance services providers are aiming on digital remittance to develop their business and convey customer with easier and faster transferring services. Frequent benefits of utilizing the digital channels such as high speed, convenience of digital channels 24 hours a day, transparency, ease of use, high security, and others, for sending money generate the numerous opportunities for the remittance market.
According to the report analysis, ‘International Remittance Industry in Qatar: Outlook to 2025’ states that the growth in expat population from XX Mn during 2010 to XX Mn in 2019 and augmented share of remitted money as a proportion of salary have underwritten to the augmented 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 marvelous growth in outbound remittance to Bangladesh with its contribution surging from XX% during 2016 to XX% in 2020. As at June 2021, there were XX local exchange houses functioning via XX branches across Qatar. Al Dar for exchange works functioned the highest number of XX branches in Doha, Ar Rayyan, Al Khor etc.
In line with the National Vision 2030 and forthcoming FIFA World Cup event in 2022, remittance industry in Qatar has been observing introduction and implementation of digital solutions (Web and mobile application) by migrant population. The pandemic of COVID-19 compelled workers to return to their home regions while lockdown on exchange houses forced users to switch to online mediums for transactions. Further, the limitations on daily transfer limit and corresponding daily funding issues in certain small exchange houses had led to shift of high value consumers to the leading players.
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The effective growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost drives the growth of the market. In addition, augment in implementation of banking & financial sectors across the Qatar fuels the remittance market growth. However, augment in number of financial crimes and shortage of awareness for digital remittance is projected to impede the market growth. Furthermore, technological innovations in digital remittance market is projected to provide lucrative choices for the market growth.
Qatar Central Bank (QCB) has played a decisive role in encouraging and regulating the industry with vigilance on compliance with the 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 delivered for incentives (waiver of application fees and first year registration fees, rent free workspaces, 100% foreign ownership and repatriation of profits etc.) aim to motivate the investments in startups in Qatar. In a whitepaper discharge in October 2021, the stakeholders have highlighted the role of technology and its surging implementation which could pave manner for Qatar as a regional hub for Fintech.
Given the backdrop of deduction in volume and value of outbound ‘International Remittance Transactions’, analysts at Ken Research project a growth of XX% throughout 2020-21 and CAGR of XX% during 2020-25F. During this duration, value of transactions is projected to peak in 2022 due to arrival of more than XX Million foreign travelers for FIFA World Cup 2022 event. It is also anticipated that industry would witness augmented the level of partnerships among banks, exchange houses and financial services entities aiming to obtaining the ownership in value chain. While, digitalization of services coupled with wafer-thin functioning margins are here to stay for tomorrow, it is pertinent for incumbents to re-assess their business strategy and aim on creating value for consumers of tomorrow.
For More Information on the research report, refer to below link: -
International Remittance Industry in Qatar: Outlook to 2025
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International Remittance Industry in Saudi Arabia: Outlook to 2025
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