Southeast Asia Digital Remittance Market Growing Demand, Opportunities and Analysis 2022 to 2028

Precision Business Insights published a research report on “Southeast Asia digital remittance market by Application (Study Abroad and Travel, Small Businesses, Migrant Labor Workforce,), By Type (Digital Money Transfer Operators, Digital Remittance) and By Region (China, Japan, Korea, India and Southeast Asia) - Global/Region/Country Forecast to 2028”.

Migrant workers' remittances are described as financial lifelines sent back to their families. Digital remittances, on the other hand, are any cross-border money transactions carried out through the internet by a migrant community. Fund transfers among residents as well as non-residents, as well as wages transferred from short-term workers in other nations to their home country, are examples of remittances. It is extremely important in today's financial landscape. Despite the fact that overall remittances declined in 2020, digital remittances grew rapidly and continue to provide significant benefits to those who are able to take use of them. In that there appears to be without the need for an in-person visit to a shop or office to begin a transfer, digital remittances are analogous to a person-to-person variant of e-commerce. A web browser or an app, as well as the use of a cell phone, tablet, or computer, are required to send a digital remittance. There needs to be a digital funding method as well. Furthermore, the emergence of digital-first money transfer organisations (MTOs) has boosted digital remittances in recent years, and established MTOs have reacted by quickly adopting digital initiation and funding capabilities.

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Digital transformation is critical in this case because it enables for the development of new and better products and services while also regulating and lowering operational costs. Specialists with experience building technology are assisting the BFSI sector's greater potential. As remittances are regarded one of the sector's most essential assets, digital remittance is one of the primary reasons encouraging its growth. This is due to the fact that as the BFSI business expands, so does the Digital Remittance Market. Since around January 2021, there were over 4.80 billion internet users worldwide, accounting for nearly 59.5 percent of the global population. A world without the internet is unthinkable nowadays. Financial fraud like money laundering and terrorism financing funding, on the other hand, pose a security risk to the remittance sector, and all of these actions have negative consequences. The execution of these operations tarnishes firms' reputations and encourages them to fall behind their competitors. As a result, these realities may hinder the digital remittance market's growth.

On the basis of Type, the market is divided into Outward digital remittance and Inward digital remittance. Based on Channel, the market is segregated into money transfer operators, banks, online platforms, and others. In terms of End Use, the market is classified into personal, small businesses, migrant labor workforce, and Others.

The highest market share was held by Southeast Asia, which is expected to increase at a CAGR of 12.87 percent over the projected period. The use of compatible devices and workable networks is helping the Southeast Asian Digital Remittance Market grow rapidly. Due to the increased popularity of smart devices such as smartphones and tablets, according to the reliable source, 98 percent of the Southeast Asia population has access to multiple or more 4G/LTE networks.

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Some of the major key players in the Southeast Asia Digital Remittance Market are MoneyGram, Western Union (WU), TransferWise, PayPal/Xoom, Ria Financial Services, Azimo, WorldRemit

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