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Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors

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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” provides a comprehensive analysis of Singapore’s International Remittance Market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used and by top flow corridors) and a descriptive snapshot on the Bill Payments Market in Singapore.
Competitive landscape of major players including DBS Bank, OCBC Bank, UOB, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise and WorldRemit have been widely covered encompassing  company overview, major business strategies, USP, strengths & weaknesses, remittance services offered, transfer speed and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis and regulatory landscape, decision making process and analyst recommendations. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Singapore International Remittance Market
Market Overview: Singapore International Remittance Market has been analyzed to be concentrated for banks whereas moderately fragmented for non-banking institutes in 2018. The market has been positioned to be at mature stage. The market comprises of banks, money transfer operators, mobile wallets, postal networks as major entities wherein it is majorly dominated by Banks and MTOs. Prominent business strategies adopted by major players to position themselves in the market include forming an extensive network & improved reach, new services launched & service innovation and better pricing & handy/transparent operations offered. The market has been fuelled by increased migration, better legislative environment in form of relaxed policies, increased awareness towards digitalized remittance services and developments in digital payment networks & Fintech space. In the next 5 years, players would be expanding through acquisitions, tie-ups, increased 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 declined registering a CAGR of -2% while outbound penetration increased at around 1% during 2019 in terms of remittance value. In terms of volume of transactions, outbound transaction increased manifold in terms of CAGR registered by inbound transactions during the review period. 
Market Size: The market has displayed a steady growth in terms of transaction value supported by an increase in both inbound and outbound international remittances. The total transaction value expanded displaying a CAGR of close to 2%. This was majorly fueled by a rise in the international outbound remittances, which is led by a stronger growth in the employment prospects in Singapore. Moreover, the surge in the Fintech startups and government rolling out mobile payments application contributed to this development. Volume of remittance transactions increased registering a CAGR of close to 3% while cost of remitting money declined registering close to  -1% CAGR during 2013-2018. Commission charged by entities for remitting money declined registering CAGR of close to -3% while total income generated also declined registering close to -1% CAGR during 2013-2018.
Market Segmentation
By Channel: Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and various other factors. Prime remittance channels in Singapore are Banks and Non-Banks, where non-banks can be further segmented into MTOs, M-wallets, Post Offices and informal channel. Non-banks is mainly dominated by MTOs. Post Offices have partnered with Western Union, and as a result, all the transactions of post offices are undertaken by Western Union in the country. Banks have majority of market share in international inbound remittance market by total volume of transactions in 2018. Whereas non-banks hold slightly higher markets share in terms of volume of transactions in the international outbound remittance market.
By Corridors: Singapore international outbound remittance market is majorly concentrated with a few prominent corridors contributing close to 80% of the total value of outbound remittance flow in 2017. The major corridors are mainly concentrated in South-Asia as most of the migrant stock is from these destination countries itself. Owing to the vast opportunities in education, employment and better living conditions offered by the country, people from Malaysia, Indonesia, China, India and Pakistan migrate to Singapore in huge number. Singapore’s remittance corridor with China accounted for the highest share in the remittance market in terms of transaction value in 2018. This was followed by Singapore-Malaysia corridor and Singapore-India corridor respectively. The other major corridors are Singapore-Pakistan and Singapore-Indonesia corridor. People from these countries were found working for wide ranging sectors including IT and Software companies to being domestic helpers and construction workers.
Competition Stage and Positioning: Singapore market is highly concentrated for banks while moderately fragmented for non banking entities in 2018. There are 5 major Banks in the market namely DBS Bank, OCBC Bank, UOB, Bank of China Singapore and Standard Chartered bank. MTOs include 5 major names including Western Union, MoneyGram, TransferWise, InstaReM and WorldRemit. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.
Future Market Size & Growth Drivers: The international outbound remittance market is expected to showcase a CAGR close to 5% and the international inbound remittance market is anticipated to showcase a CAGR close to -2% by value of transactions during 2018-2023. In terms of volume of transactions the international inbound remittance market is expected to stay more or less stagnant and the international outbound remittance market is expected to showcase a CAGR close to 4% during the same period. The growth will be supported by the developments in Fintech and digital payments, with more usage of mobile wallets and mobile applications. Increasing mobile phone penetration, rise in possession of smart-phones rate and increased access and usage of internet services would propel growth. The savings ratio is expected to remain the same, yet the GDP is expected to grow by 3%. Moreover, the increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank.

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 
READ MORE

Table Of Content

Scope

1.     Executive Summary

1.1      Market Overview and Size
1.2      Market Segmentation
1.3      Competitive Analysis
1.4      Future Projections

2.     Research Methodology
2.1.      Market Definitions
2.2.      Abbreviations
2.3.      Market Size and Modeling
Consolidated Research Approach
Market Sizing –Singapore International Remittance Market
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Regression Matrix
Limitations
Final Conclusion

3.     Singapore International Remittance Market Introduction and Overview, 2013-2018

4.     Singapore International Remittance Market Evolution
4.1.      Singapore International Remittance Market Supply Side Evolution
4.2.      Singapore International Remittance Market Demand Side Evolution

5.     Singapore International Remittance Market Ecosystem, 2018

6.     Singapore International Remittance Market Size, 2013-2018

7.     Singapore International Remittance Market Segmentation, 2013-2018
7.1.      By Remittance Channel (Banks and Non-Banks), 2018
7.2.      By Major International Outbound Remittance Corridors, 2018

8.     Snapshots of Singapore Bill Payments Market, 2013-2018
8.1.      Singapore Payments Market, 2018
8.2.      Singapore P2P Transfers, 2018

9.     Regulatory Landscape In Singapore International Remittance Market

10.   Decision Making Process for Choosing Remittance Channel in Singapore International Remittance Market, 2018
10.1.    Pain Points of Singapore International Remittance Market

11.   SWOT Analysis for Singapore International Remittance Market

12.   Competitive Landscape in Singapore International Remittance Market, 2018
12.1.    Competition Scenario in Singapore International Remittance Market, 2018
12.2.    Analysis and Strengths & Weakness of Major Players Operating in Singapore International Remittance Market, 2018
12.3.    Company Profiles of Major Players Operating in Singapore International Remittance Market, 2018
12.3.1.       DBS BANK
12.3.2.       Western Union
12.3.3.       InstaReM
12.3.4.       MoneyGram
12.3.5.       TransferWise
12.3.6.       WorldRemit
12.3.7.       OCBC Bank
12.3.8.       United Overseas Bank
12.3.9.       Bank of China
12.3.10.     Standard Chartered Bank

13.   Singapore International Remittance Market Future Outlook and Projections, 2019E-2023E
13.1.    By Value & Volume of Transactions, 2019E-2023E
13.2.    By Segments, 2023E
13.2.1.       By Remittance Channel (Banks, and Non-Banks), 2023E
13.2.2.       By Outbound Corridors, 2023E

14.   Analyst Recommendation in Singapore International Remittance Market, 2018
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List Of Figure

Figure 1‑1: Singapore International Remittance Market Flow Chart on the Basis of Transaction Value in SGD Million and Volume of Transactions in Million, 2018
Figure 4‑1: Households in Singapore Possessing Smartphone (%), 2013-2018
Figure 4‑2: Mobile Internet Subscribers in Singapore (‘000), 2013-2018
Figure 4‑3: Mobile Phone Penetration Rate in Singapore (%), 2006-2017
Figure 6‑1: Singapore International Remittance Market Value (In SGD Millions), 2013 -2018
Figure 6‑2: International Inbound Remittance Market Size, Singapore (SGD Millions), 2013-2018
Figure 6‑3: International Outbound Remittance Market Size, Singapore (SGD Millions), 2013-2018
Figure 7‑1: Singapore International Inbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2018
Figure 7‑2: Singapore International Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2018
Figure 7‑3: Singapore International Remittance Market Segmentation by Major Outbound Remittance Corridors on the Basis of Transaction Value in Percentage (%), 2018
Figure 7‑4: Singapore International Remittance Market Corridor wise Cost (%), 2013-2018
Figure 8‑1: Volume of Cashless Payments in Singapore in millions and Growth Rate in Percentage (%), 2013-2018
Figure 8‑2: : Value of Cashless Payments in Singapore in SGD Billions and Growth Rate in Percentage (%), 2013-2018
Figure 8‑3: Volume of Cashless Payments in Singapore, in millions and growth rate in Percentage (%), 2013-2018
Figure 8‑4: Value of Cashless Payments in Singapore, in SGD Billions and growth rate in Percentage (%), 2013-2018
Figure 8‑3: Singapore Mobile Payments Market Market size, in SGD Billion, and Growth Rate in Percentage (%), 2015-2018
Figure 13‑1: Singapore International Remittance Market Future Projections on the Basis of Transaction Value in SGD Million and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑2: Singapore International Inbound and Outbound Remittance Market Share Future Projections by Transaction Value in Percentage (%), 2019E-2023E
Figure 13‑3: Singapore International Inbound and Outbound Remittance Market Future Projections by Transaction Value in SGD Million, 2019E-2023E
Figure 13‑4: Singapore International Inbound and Outbound Remittance Market Future Projections by Transaction Volume in Million, 2019E-2023E
Figure 13‑5: Singapore International Remittance Market Size Future Projections by Volume of Transaction in Million and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑6: Average Transaction Size in Singapore International Remittance Market Future Projections in SGD and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑7: Sinagpore International Inbound Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2023E
Figure 13‑8: Singapore International Outbound Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2023E
Figure 13‑9: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2018
Figure 13‑10: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2018
Figure 13‑11: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2023E


List Of Table

Table 2‑1: Correlation Matrix for Singapore International Inbound Remittance Market, 2018
Table 2‑2: Correlation Matrix for Singapore International Outbound Remittance Market, 2018
Table 2‑3: Regression Coefficients Output for Singapore International Inbound Remittance Market, 2018
Table 2‑4: Regression Coefficients Output for Singapore International Outbound Remittance Market, 2018
Table 3‑1: Introduction to the Sigapore International Remittance Market Introduction and Overview Including Historical Evolution, Migration and Remittances, Cost of Remittance, Regulatory Framework and Competition Scenario, 2013-2018
Table 3‑2: Average Cost of Sending Remittance from Singapore, corridor wise (%), 2013-2017
Table 3‑3: Sinagpore Immigration Statistics by Country of Origin, 2018
Table 3‑4: Singapoe Emigration Statistics by Country in Units, 2016
Table 3‑5: Remittance Flow from the Remitter to the Receiver
Table 4‑1: Singapore International Remittance Market Supply Side evolution of major players, banks and MTOs, including year of stanlishment of operations in Singapore
Table 4‑2: Singapore International Remittance Market Supply Side evolution of major players, banks and MTOs, including year of stanlishment of operations in Singapore
Table 5‑1: Singapore International Remittance Market Ecosystem, 2018
Table 6‑1: Rationale and Description for Singapore International Remittance Market Size on the Basis of Transaction Value and Volume, 2013-2018
Table 7‑1: Rationale and Description for Singapore International Inbound and Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Bnaks), 2018
Table 7‑2: Singapore International Inbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Million, 2018
Table 7‑3: Singapore International Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-banks) on the Basis of Volume of Transaction in Million, 2018
Table 7‑4: Rationale and Description for Singapore International Remittance Market Segmentation by Major Outbound Remittance Corridors, 2018
Table 7‑5: Singapore International Remittance Market Segmentation by Major Outbound Remittance Countries on the Basis of Transaction Value in SGD Million, 2017
Table 8‑1: Rationale & Description of Payments Market in Singapore and key takeaways of Cashless Payments, 2013-2018
Table 8‑2: Market Segmentation of Payments Market in Singapore on the basis of channel of payments by volume, 2013-2018
Table 8‑3: Rationale & Description Singapore Mobile Payments Market, 2018
Table 9‑1: Monetary Auhority of Singapore regualtions and licesning for Money Transfer firms operating in Singapore, 2019
Table 9‑2: Prevention of Money Laundering and Countering the Financing of Terrorism Notice 2015, Amendment 2019
Table 10‑1: Customer Preferences for Choosing Remittance Channels in Singapore International Remittance Market, 2018
Table 10‑1: Customer Preferences for Choosing Remittance Channels in Singapore International Remittance Market, 2018
Table 11‑1: SWOT Analysis of Singapore International Remittance Market, 2018
Table 12‑1: Competition Scenario in the Singapore International Remittance Market Including Competition Stage, Major Players and Competition Parameters, 2018
Table 12‑2: Strengths and Weaknesses of Major Players (DBS, OCBC Bank, UOB Bank, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise, and WorldRemit) operating in the Singapore International Remittance Market, 2018
Table 12‑3: Market Share of Major Players (DBS, OCBC Bank, UOB Bank, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise, and WorldRemit) on the basis of Transaction value in SGD millions, 2018
Table 12‑4: Company Profile of DBS Bank Including Company Overview, Company Management, Business Strategy, Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Marketing, Key Financial Takeaways, and Branches, 2018
Table 12‑5:  Company Profile of Western Union Including Company Overview, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Marketing and Distribution, Competition, and Key Financial Takeaways, 2018
Table 12‑6: Company Profile of InstaReM Including Company Overview, Company Management, Business Strategy, Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Amount Transferrable, Cosy of Transferring Money, Recent Developments, Distribution, Competition, 2018
Table 12‑7: Company Profile of MoneyGram Including Company Overview, Strategies, Business Segments, Revenue, Mode of Transfer, Cost of Sending Money, Distribution and Marketing Channels, Competition and Recent Developments, 2019
Table 12‑8: Company Profile of TransferWise Including Company Overview, Company Management, Business Strategy, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount,  Transfer Speed, Cost of Sending Money, Recent Developments, Competition and Key Financials, 2018
Table 12‑9: Company Profile of WorldRemit Including Company Overview, Company Management, Business Strategy, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, and Competition, 2018
Table 12‑10: Company Profile of WorldRemit Including Company Overview, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑11: Cost of Sending Money (by Amount), 2018
Table 12‑12: Cost of Sending Money (by Type of Remittance), 2018
Table 12‑13: Company Profile of United Overseas Bank Including Company profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑14: Cost of Sending Inward International Remittance (by Type of Remittance), 2018
Table 12‑15: Cost of Sending Inward International Remittance (by Type of Remittance), 2018
Table 12‑16: Company Profile of United Overseas Bank Including Company profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑17: Cost of Sending Money, 2018
Table 12‑18: Company Profile of United Overseas Bank Including Company Profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Maximum Transfer Amount, Recent Developments, and Branches, 2018
Table 12‑19: Cost of Sending Money, 2018
Table 13‑1: Rationale and Description for the Singapore International Remittance Market Future Projections on the Basis of Transaction Value in SGD Million and Volume of Transactions, 2019E-2023E
Table 13‑2: Singapore Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Transaction Volume in Million, FY’2023E
Table 13‑3: Singapore International Outbound Remittance Market Future Projections by Flow Corridors on the basis of Value of Transaction in SGD Million, 2023E
Table 14‑1: Analyst Recommendations for Singapore International Remittance Market, 2018
 

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Products and Companies

Products

  • 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.


Companies

DBS Bank
OCBC Bank
United Overseas Bank
Bank of China
Standard Chartered Bank
Western Union
MoneyGram
InstaReM
TransferWise
WorldRemit
Singtel Dash
FlexM
GrabPay

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” provides a comprehensive analysis of Singapore’s International Remittance Market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used and by top flow corridors) and a descriptive snapshot on the Bill Payments Market in Singapore.
Competitive landscape of major players including DBS Bank, OCBC Bank, UOB, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise and WorldRemit have been widely covered encompassing  company overview, major business strategies, USP, strengths & weaknesses, remittance services offered, transfer speed and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis and regulatory landscape, decision making process and analyst recommendations. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Singapore International Remittance Market
Market Overview: Singapore International Remittance Market has been analyzed to be concentrated for banks whereas moderately fragmented for non-banking institutes in 2018. The market has been positioned to be at mature stage. The market comprises of banks, money transfer operators, mobile wallets, postal networks as major entities wherein it is majorly dominated by Banks and MTOs. Prominent business strategies adopted by major players to position themselves in the market include forming an extensive network & improved reach, new services launched & service innovation and better pricing & handy/transparent operations offered. The market has been fuelled by increased migration, better legislative environment in form of relaxed policies, increased awareness towards digitalized remittance services and developments in digital payment networks & Fintech space. In the next 5 years, players would be expanding through acquisitions, tie-ups, increased 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 declined registering a CAGR of -2% while outbound penetration increased at around 1% during 2019 in terms of remittance value. In terms of volume of transactions, outbound transaction increased manifold in terms of CAGR registered by inbound transactions during the review period. 
Market Size: The market has displayed a steady growth in terms of transaction value supported by an increase in both inbound and outbound international remittances. The total transaction value expanded displaying a CAGR of close to 2%. This was majorly fueled by a rise in the international outbound remittances, which is led by a stronger growth in the employment prospects in Singapore. Moreover, the surge in the Fintech startups and government rolling out mobile payments application contributed to this development. Volume of remittance transactions increased registering a CAGR of close to 3% while cost of remitting money declined registering close to  -1% CAGR during 2013-2018. Commission charged by entities for remitting money declined registering CAGR of close to -3% while total income generated also declined registering close to -1% CAGR during 2013-2018.
Market Segmentation
By Channel: Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and various other factors. Prime remittance channels in Singapore are Banks and Non-Banks, where non-banks can be further segmented into MTOs, M-wallets, Post Offices and informal channel. Non-banks is mainly dominated by MTOs. Post Offices have partnered with Western Union, and as a result, all the transactions of post offices are undertaken by Western Union in the country. Banks have majority of market share in international inbound remittance market by total volume of transactions in 2018. Whereas non-banks hold slightly higher markets share in terms of volume of transactions in the international outbound remittance market.
By Corridors: Singapore international outbound remittance market is majorly concentrated with a few prominent corridors contributing close to 80% of the total value of outbound remittance flow in 2017. The major corridors are mainly concentrated in South-Asia as most of the migrant stock is from these destination countries itself. Owing to the vast opportunities in education, employment and better living conditions offered by the country, people from Malaysia, Indonesia, China, India and Pakistan migrate to Singapore in huge number. Singapore’s remittance corridor with China accounted for the highest share in the remittance market in terms of transaction value in 2018. This was followed by Singapore-Malaysia corridor and Singapore-India corridor respectively. The other major corridors are Singapore-Pakistan and Singapore-Indonesia corridor. People from these countries were found working for wide ranging sectors including IT and Software companies to being domestic helpers and construction workers.
Competition Stage and Positioning: Singapore market is highly concentrated for banks while moderately fragmented for non banking entities in 2018. There are 5 major Banks in the market namely DBS Bank, OCBC Bank, UOB, Bank of China Singapore and Standard Chartered bank. MTOs include 5 major names including Western Union, MoneyGram, TransferWise, InstaReM and WorldRemit. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.
Future Market Size & Growth Drivers: The international outbound remittance market is expected to showcase a CAGR close to 5% and the international inbound remittance market is anticipated to showcase a CAGR close to -2% by value of transactions during 2018-2023. In terms of volume of transactions the international inbound remittance market is expected to stay more or less stagnant and the international outbound remittance market is expected to showcase a CAGR close to 4% during the same period. The growth will be supported by the developments in Fintech and digital payments, with more usage of mobile wallets and mobile applications. Increasing mobile phone penetration, rise in possession of smart-phones rate and increased access and usage of internet services would propel growth. The savings ratio is expected to remain the same, yet the GDP is expected to grow by 3%. Moreover, the increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank.

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 
READ MORE

Scope

1.     Executive Summary

1.1      Market Overview and Size
1.2      Market Segmentation
1.3      Competitive Analysis
1.4      Future Projections

2.     Research Methodology
2.1.      Market Definitions
2.2.      Abbreviations
2.3.      Market Size and Modeling
Consolidated Research Approach
Market Sizing –Singapore International Remittance Market
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Regression Matrix
Limitations
Final Conclusion

3.     Singapore International Remittance Market Introduction and Overview, 2013-2018

4.     Singapore International Remittance Market Evolution
4.1.      Singapore International Remittance Market Supply Side Evolution
4.2.      Singapore International Remittance Market Demand Side Evolution

5.     Singapore International Remittance Market Ecosystem, 2018

6.     Singapore International Remittance Market Size, 2013-2018

7.     Singapore International Remittance Market Segmentation, 2013-2018
7.1.      By Remittance Channel (Banks and Non-Banks), 2018
7.2.      By Major International Outbound Remittance Corridors, 2018

8.     Snapshots of Singapore Bill Payments Market, 2013-2018
8.1.      Singapore Payments Market, 2018
8.2.      Singapore P2P Transfers, 2018

9.     Regulatory Landscape In Singapore International Remittance Market

10.   Decision Making Process for Choosing Remittance Channel in Singapore International Remittance Market, 2018
10.1.    Pain Points of Singapore International Remittance Market

11.   SWOT Analysis for Singapore International Remittance Market

12.   Competitive Landscape in Singapore International Remittance Market, 2018
12.1.    Competition Scenario in Singapore International Remittance Market, 2018
12.2.    Analysis and Strengths & Weakness of Major Players Operating in Singapore International Remittance Market, 2018
12.3.    Company Profiles of Major Players Operating in Singapore International Remittance Market, 2018
12.3.1.       DBS BANK
12.3.2.       Western Union
12.3.3.       InstaReM
12.3.4.       MoneyGram
12.3.5.       TransferWise
12.3.6.       WorldRemit
12.3.7.       OCBC Bank
12.3.8.       United Overseas Bank
12.3.9.       Bank of China
12.3.10.     Standard Chartered Bank

13.   Singapore International Remittance Market Future Outlook and Projections, 2019E-2023E
13.1.    By Value & Volume of Transactions, 2019E-2023E
13.2.    By Segments, 2023E
13.2.1.       By Remittance Channel (Banks, and Non-Banks), 2023E
13.2.2.       By Outbound Corridors, 2023E

14.   Analyst Recommendation in Singapore International Remittance Market, 2018
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List Of Figure

Figure 1‑1: Singapore International Remittance Market Flow Chart on the Basis of Transaction Value in SGD Million and Volume of Transactions in Million, 2018
Figure 4‑1: Households in Singapore Possessing Smartphone (%), 2013-2018
Figure 4‑2: Mobile Internet Subscribers in Singapore (‘000), 2013-2018
Figure 4‑3: Mobile Phone Penetration Rate in Singapore (%), 2006-2017
Figure 6‑1: Singapore International Remittance Market Value (In SGD Millions), 2013 -2018
Figure 6‑2: International Inbound Remittance Market Size, Singapore (SGD Millions), 2013-2018
Figure 6‑3: International Outbound Remittance Market Size, Singapore (SGD Millions), 2013-2018
Figure 7‑1: Singapore International Inbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2018
Figure 7‑2: Singapore International Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2018
Figure 7‑3: Singapore International Remittance Market Segmentation by Major Outbound Remittance Corridors on the Basis of Transaction Value in Percentage (%), 2018
Figure 7‑4: Singapore International Remittance Market Corridor wise Cost (%), 2013-2018
Figure 8‑1: Volume of Cashless Payments in Singapore in millions and Growth Rate in Percentage (%), 2013-2018
Figure 8‑2: : Value of Cashless Payments in Singapore in SGD Billions and Growth Rate in Percentage (%), 2013-2018
Figure 8‑3: Volume of Cashless Payments in Singapore, in millions and growth rate in Percentage (%), 2013-2018
Figure 8‑4: Value of Cashless Payments in Singapore, in SGD Billions and growth rate in Percentage (%), 2013-2018
Figure 8‑3: Singapore Mobile Payments Market Market size, in SGD Billion, and Growth Rate in Percentage (%), 2015-2018
Figure 13‑1: Singapore International Remittance Market Future Projections on the Basis of Transaction Value in SGD Million and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑2: Singapore International Inbound and Outbound Remittance Market Share Future Projections by Transaction Value in Percentage (%), 2019E-2023E
Figure 13‑3: Singapore International Inbound and Outbound Remittance Market Future Projections by Transaction Value in SGD Million, 2019E-2023E
Figure 13‑4: Singapore International Inbound and Outbound Remittance Market Future Projections by Transaction Volume in Million, 2019E-2023E
Figure 13‑5: Singapore International Remittance Market Size Future Projections by Volume of Transaction in Million and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑6: Average Transaction Size in Singapore International Remittance Market Future Projections in SGD and Growth Rate in Percentage (%), 2019E-2023E
Figure 13‑7: Sinagpore International Inbound Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2023E
Figure 13‑8: Singapore International Outbound Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Percentage (%), 2023E
Figure 13‑9: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2018
Figure 13‑10: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2018
Figure 13‑11: Singapore International Outbound Remittance Market Future Projections by Top Flow Corridors on the basis of Value of Transaction in Percentage (%), 2023E


List Of Table

Table 2‑1: Correlation Matrix for Singapore International Inbound Remittance Market, 2018
Table 2‑2: Correlation Matrix for Singapore International Outbound Remittance Market, 2018
Table 2‑3: Regression Coefficients Output for Singapore International Inbound Remittance Market, 2018
Table 2‑4: Regression Coefficients Output for Singapore International Outbound Remittance Market, 2018
Table 3‑1: Introduction to the Sigapore International Remittance Market Introduction and Overview Including Historical Evolution, Migration and Remittances, Cost of Remittance, Regulatory Framework and Competition Scenario, 2013-2018
Table 3‑2: Average Cost of Sending Remittance from Singapore, corridor wise (%), 2013-2017
Table 3‑3: Sinagpore Immigration Statistics by Country of Origin, 2018
Table 3‑4: Singapoe Emigration Statistics by Country in Units, 2016
Table 3‑5: Remittance Flow from the Remitter to the Receiver
Table 4‑1: Singapore International Remittance Market Supply Side evolution of major players, banks and MTOs, including year of stanlishment of operations in Singapore
Table 4‑2: Singapore International Remittance Market Supply Side evolution of major players, banks and MTOs, including year of stanlishment of operations in Singapore
Table 5‑1: Singapore International Remittance Market Ecosystem, 2018
Table 6‑1: Rationale and Description for Singapore International Remittance Market Size on the Basis of Transaction Value and Volume, 2013-2018
Table 7‑1: Rationale and Description for Singapore International Inbound and Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Bnaks), 2018
Table 7‑2: Singapore International Inbound Remittance Market Segmentation by Remittance Channel (Banks and Non-Banks) on the Basis of Volume of Transaction in Million, 2018
Table 7‑3: Singapore International Outbound Remittance Market Segmentation by Remittance Channel (Banks and Non-banks) on the Basis of Volume of Transaction in Million, 2018
Table 7‑4: Rationale and Description for Singapore International Remittance Market Segmentation by Major Outbound Remittance Corridors, 2018
Table 7‑5: Singapore International Remittance Market Segmentation by Major Outbound Remittance Countries on the Basis of Transaction Value in SGD Million, 2017
Table 8‑1: Rationale & Description of Payments Market in Singapore and key takeaways of Cashless Payments, 2013-2018
Table 8‑2: Market Segmentation of Payments Market in Singapore on the basis of channel of payments by volume, 2013-2018
Table 8‑3: Rationale & Description Singapore Mobile Payments Market, 2018
Table 9‑1: Monetary Auhority of Singapore regualtions and licesning for Money Transfer firms operating in Singapore, 2019
Table 9‑2: Prevention of Money Laundering and Countering the Financing of Terrorism Notice 2015, Amendment 2019
Table 10‑1: Customer Preferences for Choosing Remittance Channels in Singapore International Remittance Market, 2018
Table 10‑1: Customer Preferences for Choosing Remittance Channels in Singapore International Remittance Market, 2018
Table 11‑1: SWOT Analysis of Singapore International Remittance Market, 2018
Table 12‑1: Competition Scenario in the Singapore International Remittance Market Including Competition Stage, Major Players and Competition Parameters, 2018
Table 12‑2: Strengths and Weaknesses of Major Players (DBS, OCBC Bank, UOB Bank, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise, and WorldRemit) operating in the Singapore International Remittance Market, 2018
Table 12‑3: Market Share of Major Players (DBS, OCBC Bank, UOB Bank, Bank of China Singapore, Standard Chartered Bank, Western Union, MoneyGram, InstaReM, TransferWise, and WorldRemit) on the basis of Transaction value in SGD millions, 2018
Table 12‑4: Company Profile of DBS Bank Including Company Overview, Company Management, Business Strategy, Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Marketing, Key Financial Takeaways, and Branches, 2018
Table 12‑5:  Company Profile of Western Union Including Company Overview, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Marketing and Distribution, Competition, and Key Financial Takeaways, 2018
Table 12‑6: Company Profile of InstaReM Including Company Overview, Company Management, Business Strategy, Strengths, Services, Mode of Transfer, Mode of Payment, Maximum Amount Transferrable, Cosy of Transferring Money, Recent Developments, Distribution, Competition, 2018
Table 12‑7: Company Profile of MoneyGram Including Company Overview, Strategies, Business Segments, Revenue, Mode of Transfer, Cost of Sending Money, Distribution and Marketing Channels, Competition and Recent Developments, 2019
Table 12‑8: Company Profile of TransferWise Including Company Overview, Company Management, Business Strategy, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount,  Transfer Speed, Cost of Sending Money, Recent Developments, Competition and Key Financials, 2018
Table 12‑9: Company Profile of WorldRemit Including Company Overview, Company Management, Business Strategy, Services, Mode of Transfer, Mode of Payment, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, and Competition, 2018
Table 12‑10: Company Profile of WorldRemit Including Company Overview, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑11: Cost of Sending Money (by Amount), 2018
Table 12‑12: Cost of Sending Money (by Type of Remittance), 2018
Table 12‑13: Company Profile of United Overseas Bank Including Company profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Maximum Transfer Amount, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑14: Cost of Sending Inward International Remittance (by Type of Remittance), 2018
Table 12‑15: Cost of Sending Inward International Remittance (by Type of Remittance), 2018
Table 12‑16: Company Profile of United Overseas Bank Including Company profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Cost of Sending Money, Recent Developments, Competition, Key Financial Takeaways, and Branches, 2018
Table 12‑17: Cost of Sending Money, 2018
Table 12‑18: Company Profile of United Overseas Bank Including Company Profile, Company Management, Business Strategy, Key Strengths, Services, Mode of Transfer, Maximum Transfer Amount, Recent Developments, and Branches, 2018
Table 12‑19: Cost of Sending Money, 2018
Table 13‑1: Rationale and Description for the Singapore International Remittance Market Future Projections on the Basis of Transaction Value in SGD Million and Volume of Transactions, 2019E-2023E
Table 13‑2: Singapore Remittance Market Future Projections by Remittance Channel (Banks and Non-Banks) on the Basis of Transaction Volume in Million, FY’2023E
Table 13‑3: Singapore International Outbound Remittance Market Future Projections by Flow Corridors on the basis of Value of Transaction in SGD Million, 2023E
Table 14‑1: Analyst Recommendations for Singapore International Remittance Market, 2018
 

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Products

  • 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.


Companies

DBS Bank
OCBC Bank
United Overseas Bank
Bank of China
Standard Chartered Bank
Western Union
MoneyGram
InstaReM
TransferWise
WorldRemit
Singtel Dash
FlexM
GrabPay