The report titled“Singapore
International Remittance Market Outlook to 2023 - By Inbound & Outbound
Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow
Remittance Corridors” by Ken
Research believe international remittance market of Singapore has
been growing at a swift rate due to rising migration rate, plethora of services
offered by the remittance service providers, digitalization of channels, switching
to Fintech & mobile remittance, and increased tie-ups between remittance
service providers in the region. The market is further expected to be driven by
new remittance service providers registering a CAGR of 3% by total volume of
transactions during 2018-2013.
“Rising Fintech
usage and plethora of start-ups in this sector, with increasing employment
opportunities across the island are further augmenting the growth of Remittance
Market of Singapore”
Out of the total population of close to 5.8 million in 2017,
more than 2 million people have migrated to Singapore and out of 3.9 million
resident population, more than 20%are not natives of Singapore. With a low
unemployment rate and plethora of job opportunities, the country has not been
overlooked by international labour market. This is evident in the migrant stock
data released by UNICEF wherein according to the report, the total population
in the age category 25-49 is dominated by foreign-born (males and females). The
majority of outward remittance has been to Pakistan, Malaysia, China, Indonesia
and India. These are also the countries of origin of majority of migrant stock
in Singapore. The growth in the Singapore outbound international remittance
market has been trailblazing and is strengthened by developments in technology,
relaxation in regulations & licensing processes and with the surfeit of
options available to the people for global money transfers. Recent developments
in Mobile Wallets and Mobile applications of banks and MTOs and the increased
use of such technology has made sending and receiving money globally fast and
secure. Major Banks such as DBS, OCBC Bank and others have made significant
strides in order to provide such services to their vast base of customers. Such
developments have been made by keeping in mind the positive trend in possession
of smart phones and mobile internet subscribers. The Smartphone industry in
Singapore, in terms of possession, has increased on an average annual growth
rate of approximately 13%, with more than 70% of the households in Singapore
possessing a smart-phone. Moreover, the number of Mobile internet subscribers
has also seen a positive trend in the last six years, though not too drastic.
There has been an average annual growth of approximately ~%, with the maximum
growth being in the year 2016, approximately ~%. The number of subscribers has
increased, with the most recent growth rate for the year being ~%. This
positive trend in mobile internet subscribers and the possession of smart-phone
in Singapore has been perfectly taken in consideration by the banks and MTOs
and hence, rolled out some significant developments in this sector.
This trend of increased digitalization and Fintech has
increased the number of players in this sector. InstaReM leads the way. Other
startups that have started their operations in Singapore are world renowned
Fintech companies like WorldRemit, TransferWise, FlexM, Fastacash, Toast,
Rebit.ph, Azimo, and others. New high-tech players offering lower fees and
virtually instant mobile transactions are shaping up to be one of the most
disruptive forces in the financial industry. Singapore is capitalizing heavily
on this trend buoyed by its large migrant workforce and a sizeable contingent
of Singaporeans working overseas.
Key Segments
Covered in Singapore International Remittance Market
By International Inbound Remittance
Flow
On the Basis of Channels (On the
Basis of Volume of Transactions)
Banking channels
Non-Banking channels
By International Outbound Remittance
Flow Corridor
On the Basis of Channels (On the
Basis of Volume of Transactions)
Banking channels
Non-Banking channels
By Flow Corridors (On the Basis of Volume
of Transactions)
China
Malaysia
India
Pakistan
Indonesia
Other corridors like Bangladesh, Thailand, Philippines etc.
Key Target
Audience
Banks
Money Transfer Operators
M-Wallet Companies
Hawalas
Convenience and Retail Stores
Supermarket Chains
Bills and Payments Companies
Investors & Venture Capital Firms
Government Bodies
Time Period
Captured in the Report:
2013-2018 – Historical Period
2019-2023 – Future Forecast
Companies Covered: DBS Bank, OCBC Bank, United
Overseas Bank, Bank of China, Standard Chartered Bank, Western Union,
MoneyGram, InstaReM, TransferWise, WorldRemit, Singtel Dash, FlexM, and GrabPay.
Keywords
Singapore International Remittance Market
Singapore International Remittance Market Research Report
Singapore International Remittance Market Overview
Singapore International Remittance Report
Singapore International Remittance Market Analysis
Major Players in Singapore International Remittance Market
Singapore International Remittance Market Forecast
Singapore International Remittance Market Future Outlook
Singapore International Remittance Transaction Volume
Singapore International Remittance Market Size
Singapore International Remittance Market Key Players
Singapore International Remittance Market Growth
Singapore International Remittance Market Revenue
Singapore International Remittance Market share
Singapore International Remittance Market Trends
Singapore International Remittance Industry
Singapore International Remittance Industry Research Report
Average Remittance Transactions Singapore
Competitive Landscape Singapore International Remittance
For more information on the research
report, refer to below link:
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+91-9015378249
