Singapore International Remittance Market Outlook to 2023: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit 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 the Fintech industry are expected to push the cost of funds transfers down in the coming years. All this will be complemented by increased security checks and safety regulations, as have already been started by DBS bank. Remittance Industry Singapore International Inbound Remittance Market Singapore International Outbound Remittance Market Singapore International Remittance Market Future Analysis Remittance Service Providers in Singapore Major Players in Singapore International Remittance Market DBS Bank Remittance Singapore Market share OCBC Bank Remittance Singapore competition UOB Remittance Singapore transaction size Bank of China Remittance Singapore volume transactions Standard Chartered Bank Remittance Singapore value transactions Western Union Remittance Singapore transactions Money Gram Remittance Singapore major player InstaReM Remittance Singapore market share Transferwise Remittance Singapore volume transactions WorldRemit Remittance Singapore value transactions Competition Scenario in Singapore International Remittance Market Market Share in Singapore International Remittance market Customer Pain Points Singapore International Remittance Market Decision Making Process in Singapore International Remittance Market Average Transaction Size International Remittance Singapore Average Transaction Size International Inbound Remittance Singapore Average Transaction Size International Outbound Remittance Singapore Money Transfer Operations Singapore Remittance Commission Income Singapore Remittance Income Singapore Key Remittance Operators Singapore International Remittance Market Hawalas Singapore Remittance Government Remittance Licenses for Banks Singapore Government Licenses for MTOs Singapore Government Licenses for Retailers Singapore Government Licenses for Remittance Services Providers Singapore Operating Regulations Remittance Market Singapore Branch Pick-up Singapore International Remittance Market Mobile Payment & Online Transactions Singapore International Remittance Market 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, the 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, andGrabPay. Key Topics Covered in the Report:- Market Ecosystem Market Overview Market Size on the Basis of Transaction Value, 2013–2018 Market Size on the Basis of Transaction Volume, 2013-2018 Market Segmentation by Remittance Channels (Volume of Transactions) International Outbound Remittance Market Segmentation by Remittance Channels (Volume of Transactions) Market Segmentation by Top Flow Corridors (Value of Transactions) Snapshots of Major Countries in Singapore International Remittance Market Regulatory Landscape in Singapore International Remittance Market Decision Making Process and Pain points in Singapore International Remittance Market SWOT Analysis in Singapore International Remittance Market Competition Scenario in Singapore International Remittance Market Strengths and Weaknesses of Major Players in Singapore International Remittance Market Company Profile of Major Players Future Outlook and Projections Analyst Recommendations For More Information on the research report, refer to below link:- Singapore International Remittance Market Related Reports by Ken Research:- 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 Nigeria Remittance And Bill Payments Market Outlook By Inbound And Outbound International Remittance, By Mode Of Transfer (Cash Or Electronic Transfers), By Channel (Bank And Non-Bank) – Outlook To 2022 Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Average Remittance Transactions Singapore, Average Transaction Size International Inbound Remittance Singapore, Average Transaction Size International Outbound Remittance Singapore, Average Transaction Size International Remittance Singapore, Bank of China Remittance Singapore volume transactions, Banking Channel Remittance Singapore, Bill Payments Market Singapore, Branch Pick-up Singapore International Remittance Market, Competition Scenario in Singapore International Remittance Market, Competitive Landscape Singapore International Remittance, Customer Pain Points Singapore International Remittance Market, DBS Bank Remittance Singapore Market share, Decision Making Process in Singapore International Remittance Market, Domestic Remittance Transactions Singapore, Flow Corridor Remittance Singapore, Government Licenses for MTOs Singapore, Government Licenses for Remittance Services Providers Singapore, Government Licenses for Retailers Singapore, Government Remittance Licenses for Banks Singapore, Hawalas Singapore Remittance, Inbound Remittance to Singapore, InstaReM Remittance Singapore market share, Key Remittance Operators Singapore International Remittance Market, Major Players in Singapore International Remittance Market, Market Share in Singapore International Remittance market, Mobile Payment & Online Transactions Singapore International Remittance Market, Money Gram Remittance Singapore major player, Money Transfer Operations Singapore, Money Transfer Operators in Singapore, OCBC Bank Remittance Singapore competition, OFW in Singapore, Operating Regulations Remittance Market Singapore, Pawnshops Remittance Market Singapore, Penetration Mobile Money Transfers Singapore, Remittance Commission Income Singapore, Remittance Income Singapore, Remittance Service Providers in Singapore, Singapore Bill Payments Expenditure, Singapore Bill Payments Industry, Singapore Bill Payments Market Growth, Singapore Biller Desk Market, Singapore Domestic Money Transfer Future, Singapore Domestic Remittance InMigrants, Singapore Domestic Remittance Sector, Singapore Domestic Remittance Volume, Singapore International Inbound Remittance Market, Singapore International Money Transfer Industry, Singapore International Outbound Remittance Market, Singapore International Remittance Future, Singapore International Remittance Growth, Singapore International Remittance Industry, Singapore International Remittance Industry Research Report, Singapore International Remittance Market, Singapore International Remittance Market Analysis, Singapore International Remittance Market Forecast, Singapore International Remittance Market Future Analysis, Singapore International Remittance Market Future Outlook, Singapore International Remittance Market Growth, Singapore International Remittance Market Key Players, Singapore International Remittance Market Overview, Singapore International Remittance Market Research, Singapore International Remittance Market Research Report, Singapore International Remittance Market Revenue, Singapore International Remittance Market share, Singapore International Remittance Market Size, Singapore International Remittance Market Trends, Singapore International Remittance Report, Singapore International Remittance Size, Singapore International Remittance Transaction Value Singapore International Remittance Average Transaction Size, Singapore International Remittance Transaction Volume, Singapore Remittance Industry, Standard Chartered Bank Remittance Singapore value transactions, Third Party Bill Payment Market Singapore, Transferwise Remittance Singapore volume transactions, UOB Remittance Singapore transaction size, Utilities Bill Market Singapore, Western Union Remittance Singapore transactions, WorldRemit Remittance Singapore value transactions