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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

Region:Asia

Product Code:KR850

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Published On

August 2019

Total pages

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About the Report

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

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.

Products

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:

Historical Period - 2013-2018
Future Forecast - 2019-2023

Companies

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.

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

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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