Singapore International Remittance Market Research Report by Inbound & Outbound Remittance, By Banking and Non-Banking Channel, Size, Share, Growth, Demand, and Future Outlook: Ken Research

Singapore International Remittance Market has been analysed to be concentrated for banks whereas temperately fragmented for non-banking institutes during 2018. The market has been situated to be at mature stage. The market entails of banks, money transfer operators, mobile wallets, postal networks as key entities wherein it is majorly registered by Banks and MTOs. Prominent business strategies implemented by key players to position themselves in the market entail forming an extensive network & advanced reach, new services launched & service innovation and healthier pricing & handy/transparent operations proposed.

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The market has been propelled by augmented migration, better legislative environment in form of relaxed policies, augmented awareness towards digitalized remittance services and enhancements in digital payment networks & Fintech space. In the next 5 years, players would be enlarging through acquisitions, tie-ups, augmented the digital modes of money transfer like mobile applications and M-wallets, lowered cost of sending money and faster transfer speed. The proportion of inbound remittance in total remittance weakened registering a CAGR of -2% while outbound penetration augmented at around 1% throughout 2019 in terms of remittance value. In terms of volume of transactions, outbound transaction augmented the manifold in terms of CAGR registered by inbound transactions throughout the review period.

According to the report analysis, 'Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors' states that Singapore market is extremely concentrated for banks while moderately fragmented for non banking entities during 2018. There are 5 key Banks in the market called DBS Bank, OCBC Bank, UOB, Bank of China Singapore and Standard Chartered bank. MTOs entail 5 key names entailing Western Union, MoneyGram, TransferWise, InstaReM and WorldRemit. Major competing parameters for the entities entail fees charged, transfer speed, services proposed, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional proposes and transparency in costs.

Not only has this, the international outbound remittance market is predicted to showcase a CAGR close to 5% and the international inbound remittance market is predicted to showcase a CAGR close to -2% by value of transactions throughout 2018-2023. In terms of volume of transactions the international inbound remittance market is projected to stay more or less stagnant and the international outbound remittance market is estimated to showcase a CAGR close to 4% during the same duration.

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The growth will be assisted by the developments in Fintech and digital payments, with more utilization of mobile wallets and mobile applications. The effective growth in mobile phone penetration, augment in possession of smart-phones rate and augmented the access and utilization of internet services would propel growth. The savings ratio is estimated to remain the same, yet the GDP is projected to grow by 3%. Moreover, the growing numbers of startups in Fintech industry are predicted to push the cost of fund transfers down during the coming years. All this will be complimented by augmented the security checks and safety regulations, as have already been began by DBS bank.

For More Information, refer to below link: - 
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/singapore-remittance-payments-market/242385-93.html

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