Articles

Singapore Remittance Industry, Singapore International Remittance Market: Ken Research

by Rati Ram Business Developer

The report titledSingapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridorsby 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:

Singapore International Remittance Market


Other Related Reports:

Europe International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets and others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards)


Egypt Remittance Market Outlook to 2023 - By Inbound and Outbound Remittance, By Transfer Mode (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non-Banking Transfer, By Bill Payment Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)


Kuwait Remittance Market By Inbound and Outbound International Remittance, By Mode Of Transfer (Electronic And Cash), By Channel (Bank And Non-Bank), By Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet And Electronic Transfers), By Types Of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH And Broadband Bills And Mobile Recharge Bills) And By Regions – Outlook To 2022


Philippines Money Transfer And Bill Payments Market Outlook To 2023 - By Domestic Remittance Banking And Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors And Channel; Bill Payment Segment


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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
sales@kenresearch.com
+91-9015378249


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About Rati Ram Senior   Business Developer

173 connections, 3 recommendations, 575 honor points.
Joined APSense since, February 12th, 2014, From Gurgaon, India.

Created on Aug 20th 2019 02:00. Viewed 208 times.

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