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International Remittance Industry in Saudi Arabia: Outlook to 2025

Region:Middle East

Author(s):Lakshay Aggarwal

Product Code:KR1102

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Published On

November 2021

Total pages

18 Table of Content

Market Overview
Scope Of The Report
Product covered
Table Of Content
Research Methodology
FAQs

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About the Report

The publication titled â€˜International Remittance Industry in Saudi Arabia’ covers the overview of industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Saudi Arabia. With ~37% of expat population, the value of outbound remittance transactions were recorded at SAR xx Mn in 2020, up from SAR xx Mn in 2019.

Overview of Industry: Saudi Arabia is one of the most economically prosperous country in Asia and hence is a prominent emigration destination to a many South Asian countries. Of the current population of 33 Million, more than 37% of population comprises of expats with India, Pakistan, Nepal, Philippines, Bangladesh, Sri Lanka and Egypt being key source countries.

During 2016-19, the international remittance industry in KSA declined from SAR xx Mn to SAR xx Mn, at a CAGR of xx%. However, during 2019-20, industry size increased by xx%. India remains the largest outbound remittance corridor, accounting to xx% of the total outbound remittance. There has been growth in outbound remittance to other South Asian countries as well, like Pakistan and Bangladesh along with Egypt, Philippines etc.

International Remittance Industry in Saudi Arabia

Drivers and Impediments to growth: In line with the G20 National Remittance Plan 2019 of Saudi Arabia highlight the importance of opening the market to allow foreign MTO to set up business in KSA. This will encourage new players in the current market which is oligopoly in nature and dominated by XX players contributing to XX% market share. The Saudi remittance market is undergoing digital transformation due to emergence of digital payment players and fintech start-ups. One of the fastest growing remittance player, STC Pay and few other firms gained the digital banking license which happened first time in the country. The decline in the remittance value of remittance over the past 5 years in Saudi Arabia is a major risk for a new entrants. Due to the employment of only Saudi Nationals at higher level posts, more and more people are looking to move from Saudi Arabia, which poses a deterrent to growth.

A Vibrant Future Outlook: Given the backdrop of increase in volume and value of outbound international remittance transactions, analysts at Ken Research expect a growth of XX% during 2020-21 and CAGR of XX% during 2020-25F. During this period, value of transactions is expected to peak in 2025 which will be driven by the opening of the market for foreign MTOs and growing adoption of digital solutions.

Analysts at Ken Research further expect that digitalization of services and corresponding marketing campaigns are expected to drive the revenue of remittance industry at a CAGR of XX% during 2020-25F

Key Topics Covered in the Report

Overview of International Remittance Industry in Saudi Arabia (Statistics on Corridor wise Transaction volume and value)
Industry segmentation (By Type of Transfers, Corridor wise)
Cross Comparison of Major players on Operational and Financial Parameters (December 2020)
Company Profile of Major Players (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)
Growth Drivers and Challenges to Saudi Arabia International Remittance Industry
Industry trends and developments
Risk factors in the industry
Rules and Regulations by Government Bodies
Impact of COVID-19 and Future Outlook of Industry

Products

Saudi Arabia is one of the most economically prosperous country in Asia and hence is a prominent emigration destination to a many South Asian countries.

1. Overview of International Remittance Industry of KSA

1.1. Market size of Industry basis Value of Transactions (2016-20)

1.2. Market size of the industry basis revenue from remittance players (2016-20)

1.3. Market segmentation basis Type of Flows (Inbound and Outbound)

1.4. Market segmentation of Outbound Remittance transaction value basis Corridor (India, Nepal,
Bangladesh, Pakistan, Sri Lanka, Philippines, Egypt and others)

2. Trends and Developments in International Remittance Industry of KSA

2.1. G20 National Remittance Plan

2.2. Digitalization, Growing Fintech Space

3. Rules and Regulations in International Remittance Industry of KSA

3.1. Licensing requirements

3.2. Capital requirements

3.3. Fees and Terms & Conditions for obtaining a License

4. Competitive Landscape of International Remittance Industry of KSA

4.1. Competition scenario between major Banks

4.2. Year of Establishment, Branches in KSA and Digital Solution offering of banks

4.3. Cross-Comparison among top players basis:

4.3.1. Volume of monthly Outbound Remittance Transactions (December 2020)

4.3.2. Market share basis volume of monthly Outbound Remittance Transactions (December 2020)

4.3.3. Annual Value of Outbound Remittance Transactions in Mn (December 2020)

4.3.4. Market share basis Annual Value of Outbound Remittance Transactions in Percentage
(December 2020)

4.3.5. Market share basis revenue from outbound remittance transactions in Percentage, 2020

4.3.6. Corridor wise value of outbound transaction cost, 2020

4.3.7. Market share basis corridor wise value of outbound transaction in Percentage, 2020

5. Company Profiles of Top Players on parameters – Company Overview, Products and services

offered, USP, Branch-wise Operational Performance, Financial Performance, Impact of COVID-19 on
Business

5.1. Bank Al Rajhi

5.2. Bank Albilad

5.3. Quick Pay

5.4. STC Pay

5.5. Arab National Bank

5.6. Bank Al Jazira

5.7. Riyad Bank

5.8. Bank Saudi Central

6. Porter 5 Forces analysis

7. Risk Factors governing International remittance industry of KSA

8. Impact of COVID-19 and Future Outlook of Industry

8.1. Future market size basis value of international remittance transactions in SAR Mn, 2020-
25F

8.2. Future market size basis revenue from inbound and outbound international remittance
transactions in SAR Mn, 2025F

9. Research Methodology

9.1. Definitions

9.2. Research Methodology

9.3. Research Limitations

Disclaimer

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