Dublin, Dec. 16, 2020 (GLOBE NEWSWIRE) -- The "Singapore International Remittance Market Outlook to 2023 - by Inbound & Outbound Remittance, by Banking and Non-Banking Channel, by Inflow & Outflow Remittance Corridors" report has been added to ResearchAndMarkets.com's offering.
This report 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.
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.
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.
Time Period Captured
2013-2018 - Historical Period
2019-2023 - Future Forecast
Key Topics Covered:
1. Executive Summary
Market Overview and Size
2. Research Methodology
2.1. Market Definitions
2.3. Market Size and Modeling
Consolidated Research Approach
Market Sizing -Singapore International Remittance Market
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
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
12.3.7. 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
For more information about this report visit https://www.researchandmarkets.com/r/dnwl9e
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