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Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, Outward Digital Remittance), Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others), and End User (Business and Personal) - Global Opportunity Analysis and Industry Forecast, 2018-2025

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Pages: 152
Jul 2018 | 813 Views
 
Author's : Rachita Rake
Tables: 57
Charts: 33
 

Asia-Pacific Digital Remittance Market Overview:

Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to a growing global consensus on lowering remittance transaction fees drive the penetration of digital channels. The Asia-Pacific digital remittance market size was valued at $31,234 million in 2016, and is projected to reach at $215,817 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025.

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The money transfer operator segment dominated the overall market in 2016, and is expected to continue this trend in the near future, as a number of traditional money transfer operators are expanding their digital footprint in the Asia-Pacific region.

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The personal segment dominated the overall market in 2016, and is expected to continue this trend in the near future, owing to the introduction of bitcoin and other cryptocurrencies to introduce new mobile applications for migrant labor workforce as well as entry of start-ups and well-established companies in Asia-Pacific due to rise in number of migrant workers.

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China dominated the overall market in 2016, due to the factors such as major shift towards digital or mobile payments from traditional banking and card infrastructure at an accelerating rate, rise in focus on the launch of electronic cross-boundary remittance services, ramp-up on wallets, and others. However, Singapore is expected to witness the highest growth rate during the forecasted period.

The report focuses on the growth prospects and restraints of the market based on the analysis of Asia-Pacific digital remittance market trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

Segment Review

The Asia-pacific Digital Remittance Market is segmented into remittance type, remittance channel, end user, and country. Based on remittance type, the market is bifurcated into inward and outward digital remittance. On the basis of remittance channel, it is categorized into banks, money transfer operator, and others. By end user, it is divided into personal and business. Country wise, it is analyzed across China, Japan, India, Hong Kong, Singapore, Taiwan, Indonesia, and rest of Asia-Pacific.

The key players operating in the Asia-Pacific digital remittance market include InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd., TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

Top Impacting Factors

Rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, and surge in adoption of banking & financial services act as the major drivers of the market. However, slowdown of the remittance industry in Asia-Pacific and lack of awareness towards the use of digital channels to remit money are expected to hamper the market growth during the forecast period.

Rise in Cross-border Transactions & Mobile-Based Payment Channels

Rise in cross-border transactions and increase in preference for mobile banking & mobile-based payment solutions dominate payment trends in Asia-Pacific, which are expected to drive the growth of the market. For instance, Malaysia is undergoing major shift from paper to electronic methods of payment to support initiatives taken by the Bank Negara Malaysia to accelerate migration to electronic payment. In addition, in December 2016, Malayan Banking Berhad (Maybank) and Western Union launched the first digital remittance service in Malaysia through its Maybank2u mobile banking app. The service allows Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries.

Reduced Remittance Cost & Transfer Time

Adoption of digital transfer network such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identification, and others to remit money has made cross-border payments negligible in cost, instant, auditable, and accessible to everyone. Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, which currently contribute to sustaining high transaction fees. In addition, it is projected to address many risks, barriers, and costs associated with know-your-customer (KYC) and security. Hence, banks and money transfer operators adopt digital technology to offer remittance services at significantly lower costs than traditional over-the-counter services, thereby increasing the penetration of digital remittance in Asia-Pacific.

Upsurge in Adoption of Banking & Financial Services

The need for remittance services is on an increase, owing to the growth in adoption of banking and financial services. China and India have experienced the highest adoption rates of FinTech largely, being driven by financial innovation from technology-first players in adjacent sectors, high level of internet & mobile penetration, flexible regulatory environment, access to capital, and less competition from incumbents.

Key Benefits

  • This study includes the analytical depiction of the Asia-Pacific digital remittance market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
  • Porters Five Forces analysis illustrates the potency of buyers & suppliers in the Asia-Pacific digital remittance industry.

Asia-Pacific Digital Remittance Market Key Segments:

By Remittance Type

  • Inward Digital Remittance
  • Outward Digital Remittance

By Remittance Channel

  • Banks
  • Money Transfer Operator
  • Others

By End User

  • Personal
  • Business

By Region

  • China
  • Japan
  • India
  • Hong Kong
  • Singapore
  • Taiwan
  • Indonesia
  • Rest of Asia-Pacific

Key Market Players

  • InstaReM
  • Remitly, Inc.
  • Flywire
  • SingX Pte Ltd.
  • Azimo Limited
  • WorldRemit Ltd.
  • TransferWise Ltd.
  • Ripple
  • MoneyGram
  • TNG Wallet
 

Chapter: 1: INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS FOR STAKEHOLDERS
1.3. RESEARCH METHODOLOGY

1.3.1. Secondary research
1.3.2. Primary research
1.3.3. Analyst tools & models

Chapter: 2: EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3: MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies

3.3. PORTER'S FIVE FORCES ANALYSIS
3.4. DEMOGRAPHIC AND PSYCHOGRAPHIC ANALYSIS OF CUSTOMERS
3.5. KEY INSIGHTS ON TICKET SIZE
3.6. KEY PLAYER POSITIONING, 2016
3.7. MARKET DYNAMICS

3.7.1. Drivers

3.7.1.1. Rise in cross-border transactions and mobile-based payment channels
3.7.1.2. Reduced remittance cost & transfer time
3.7.1.3. Growth in adoption of banking & financial services

3.7.2. Restraints

3.7.2.1. Slowdown of the remittance industry in Asia-Pacific
3.7.2.2. Lack of awareness

3.7.3. Opportunities

3.7.3.1. Technological innovations in digital remittance industry
3.7.3.2. Rise in Internet and Mobile penetration

Chapter: 4: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE TYPE

4.1. OVERVIEW
4.2. INWARD DIGITAL REMITTANCE

4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast, by country
4.2.4. Market analysis by country

4.3. OUTWARD DIGITAL REMITTANCE

4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast, by country
4.3.4. Market analysis by country

Chapter: 5: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL

5.1. OVERVIEW
5.2. BANKS

5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast, by country
5.2.4. Market analysis by country

5.3. MONEY TRANSFER OPERATOR

5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast, by country
5.3.4. Market analysis by country

5.4. OTHERS

5.4.1. Key market trends
5.4.2. Key growth factors and opportunities
5.4.3. Market size and forecast, by country
5.4.4. Market analysis by country

Chapter: 6: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY END USER

6.1. OVERVIEW
6.2. BUSINESS

6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast, by country
6.2.4. Market analysis by country

6.3. PERSONAL

6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast, by country
6.3.4. Market analysis by country

6.3.4.1. Personal digital remittance market size and forecast by type

6.3.4.1.1. White Collar Workforce

6.3.4.1.1.1. Key growth factors and opportunities
6.3.4.1.1.2. White collar workforce market size and forecast, by type

6.3.4.1.2. Blue Collar Workforce

6.3.4.1.2.1. Key growth factors and opportunities
6.3.4.1.2.2. Blue collar workforce market size and forecast, by type

Chapter: 7: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY COUNTRY

7.1. OVERVIEW
7.2. CHINA

7.2.1. Key growth factors and opportunities
7.2.2. Market size and forecast, by remittance channel
7.2.3. Market size and forecast, by end user
7.2.4. China digital remittance Market size by top 10 corridor (Outward, 2017)
7.2.5. China outward digital remittance market size

7.3. JAPAN

7.3.1. Key growth factors and opportunities
7.3.2. Market size and forecast, by remittance channel
7.3.3. Market size and forecast, by end user
7.3.4. Japan digital remittance market size by top 10 corridor (Outward, 2017)
7.3.5. Japan outward digital remittance market size

7.4. INDIA

7.4.1. Key growth factors and opportunities
7.4.2. Market size and forecast, by remittance channel
7.4.3. Market size and forecast, by end user
7.4.4. India digital remittance Market size by top 10 corridor (Outward, 2017)
7.4.5. India outward digital remittance market size

7.5. HONG KONG

7.5.1. Key growth factors and opportunities
7.5.2. Market size and forecast, by remittance channel
7.5.3. Market size and forecast, by end user
7.5.4. Hong Kong digital remittance Market size by top 10 corridor (Outward, 2017)
7.5.5. Hong Kong outward digital remittance market size

7.6. SINGAPORE

7.6.1. Key growth factors and opportunities
7.6.2. Market size and forecast, by remittance channel
7.6.3. Market size and forecast, by end user
7.6.4. Singapore digital remittance Market size by top 10 corridor (Outward, 2017)
7.6.5. Singapore outward digital remittance market size

7.7. TAIWAN

7.7.1. Key growth factors and opportunities
7.7.2. Market size and forecast, by remittance channel
7.7.3. Market size and forecast, by end user
7.7.4. Taiwan digital remittance Market size by top 10 corridor (Outward, 2017)
7.7.5. Taiwan outward digital remittance market size

7.8. INDONESIA

7.8.1. Key growth factors and opportunities
7.8.2. Market size and forecast, by remittance channel
7.8.3. Market size and forecast, by end user
7.8.4. Indonesia digital remittance Market size by top 10 corridor (Outward, 2017)
7.8.5. Indonesia outward digital remittance market size

7.9. REST OF ASIA-PACIFIC

7.9.1. Key growth factors and opportunities
7.9.2. Market size and forecast, by remittance channel
7.9.3. Market size and forecast, by end user

Chapter: 8: COMPANY PROFILES

8.1. AZIMO LTD.

8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Product portfolio
8.1.4. Key strategic moves and developments

8.2. FLYWIRE CORPORATION.

8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Product portfolio
8.2.4. Key strategic moves and developments

8.3. INSTAREM

8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Product portfolio
8.3.4. Key strategic moves and developments

8.4. MONEYGRAM INTERNATIONAL, INC.

8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Product portfolio
8.4.5. Business performance
8.4.6. Key strategic moves and developments

8.5. REMITLY, INC.

8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Key strategic moves and developments

8.6. RIPPLE

8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Product portfolio
8.6.4. Key strategic moves and developments

8.7. SINGX PTE LTD

8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Product portfolio
8.7.4. Key strategic moves and developments

8.8. TNG FINTECH GROUP INC.

8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio
8.8.4. Key strategic moves and developments

8.9. TRANSFERWISE LTD.

8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Product portfolio
8.9.4. Key strategic moves and developments

8.10. WORLDREMIT LTD

8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Product portfolio
8.10.4. Key strategic moves and developments

LIST OF TABLES

 TABLE 01. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY REMITTANCE TYPE, 2017-2025 ($MILLION)
TABLE 02. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR INWARD DIGITAL REMITTANCE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 03. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR OUTWARD DIGITAL REMITTANCE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 04. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 05. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR BANKS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 06. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR MONEY TRANSFER OPERATOR, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 07. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR OTHERS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 08. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY END USER, 2017-2025 ($MILLION)
TABLE 09. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR BUSINESS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 10. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR PERSONAL, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 11. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR PERSONAL, BY TYPE, 2017-2025 ($MILLION)
TABLE 12. WHITE COLLAR WORKFORCE MARKET REVENUE, BY TYPE, 2017-2025 ($MILLION)
TABLE 13. BLUE COLLAR WORKFORCE MARKET REVENUE, BY TYPE, 2017-2025 ($MILLION)
TABLE 14. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 15. CHINA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 16. CHINA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 17. CHINA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 18. JAPAN DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 19. JAPAN DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 20. JAPAN OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 21. INDIA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 22. INDIA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 23. INDIA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 24. HONG KONG DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 25. HONG KONG DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 26. HONG KONG OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 27. SINGAPORE DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 28. SINGAPORE DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 29. SINGAPORE OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 30. TAIWAN DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 31. TAIWAN DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 32. TAIWAN OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 33. INDONESIA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 34. INDONESIA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 35. INDONESIA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 36. REST OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 37. REST OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 38. AZIMO LTD.: COMPANY SNAPSHOT
TABLE 39. AZIMO LTD.: PRODUCT PORTFOLIO
TABLE 40. FLYWIRE CORPORATION: COMPANY SNAPSHOT
TABLE 41. FLYWIRE CORPORATION: PRODUCT PORTFOLIO
TABLE 42. INSTAREM: COMPANY SNAPSHOT
TABLE 43. INSTAREM: PRODUCT PORTFOLIO
TABLE 44. MONEYGRAM INTERNATIONAL, INC: COMPANY SNAPSHOT
TABLE 45. MONEYGRAM INTERNATIONAL, INC: OPERATING SEGMENTS
TABLE 46. MONEYGRAM INTERNATIONAL, INC: PRODUCT PORTFOLIO
TABLE 47. REMITLY, INC: COMPANY SNAPSHOT
TABLE 48. RIPPLE: COMPANY SNAPSHOT
TABLE 49. RIPPLE: PRODUCT PORTFOLIO
TABLE 50. SINGX PTE LTD: COMPANY SNAPSHOT
TABLE 51. SINGX PTE LTD: PRODUCT PORTFOLIO
TABLE 52. TNG FINTECH GROUP INC: COMPANY SNAPSHOT
TABLE 53. TNG FINTECH GROUP INC: PRODUCT PORTFOLIO
TABLE 54. TRANSFERWISE LTD: COMPANY SNAPSHOT
TABLE 55. TRANSFERWISE LTD: PRODUCT PORTFOLIO
TABLE 56. WORLDREMIT LTD: COMPANY SNAPSHOT
TABLE 57. WORLDREMIT LTD: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01. ASIA-PACIFIC DIGITAL REMITTANCE MARKET, 2016-2025
FIGURE 02. ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY COUNTRY, 2016-2025
FIGURE 03. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: KEY PLAYERS
FIGURE 04. ASIA-PACIFIC DIGITAL REMITTANCE MARKET SEGMENTATION
FIGURE 05. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: TOP IMPACTING FACTOR
FIGURE 06. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: TOP INVESTMENT POCKETS
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2016-2018* 39
FIGURE 08. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2016-2018* (%)
FIGURE 09. TOP WINNING STRATEGIES, BY COMPANY, 2016-2018*
FIGURE 10. MODERATE BARGAINING POWER OF SUPPLIER
FIGURE 11. HIGH BARGAINING POWER OF BUYER
FIGURE 12. HIGH THREAT OF SUBSTITUTES
FIGURE 13. HIGH THREAT OF NEW ENTRANTS
FIGURE 14. MODERATE-TO-HIGH COMPETITIVE RIVALRY
FIGURE 15. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: KEY PLAYER POSITIONING, 2016
FIGURE 16. DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR INWARD DIGITAL REMITTANCE, BY COUNTRY, 2017 & 2025(%)
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR OUTWARD DIGITAL REMITTANCE, BY COUNTRY, 2017 & 2025(%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR BANKS, BY COUNTRY, 2017 & 2025(%) 68
FIGURE 20. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR MONEY TRANSFER OPERATOR, BY COUNTRY, 2017 & 2025(%)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR OTHERS, BY COUNTRY, 2017 & 2025(%)
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR BUSINESS, BY COUNTRY, 2017 & 2025(%)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR PERSONAL, BY COUNTRY, 2017 & 2025(%)
FIGURE 24. CHINA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 25. JAPAN DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 26. INDIA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 27. HONG KONG DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 28. SINGAPORE DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 29. TAIWAN DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 30. INDONESIA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 31. MONEYGRAM INTERNATIONAL, INC: REVENUE, 2015-2017 ($MILLION)
FIGURE 32. MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 33. MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

 

The remittance industry shifts its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to growth in global consensus on lowering remittance transaction fees drive the penetration of digital channels. Existing remittance service providers in Asia-Pacific embrace digital channels to complement their existent services network whilst new entrants such as TerraPay focus on a pure mobile strategy to connect better with users and create greater business value. Numerous benefits of using digital channels for sending money such as high speed, availability of digital channels 24 hours a day, transparency, ease of use, high security, and others create numerous opportunities for the market.

Rise in penetration of digital wallets is expected to boost the Asia-Pacific digital remittance market growth. For instance, in Bangladesh, B-Kash operates 18M wallet accounts and processes an approximate USD 26M in daily transactions. Also, in Philippines around 12M mobile wallet accounts are active. The increase in penetration of international peer to peer transactions and mobile wallets can accelerate the pace of the shift. Due to which many remittance companies leverage the advantages offered by digital to cost-efficiently expand access in Asia-Pacific. For instance, G-Cash which is a leading mobile wallet service provider in Philippines with 47M customers and a 46% share of the mobile telephony market, launched a remittance-linked medical insurance scheme. Asia-Pacific digital remittance market is highly fragmented and competitive, owing to the presence of well-diversified international and regional vendors. However, continuous increase in presence of international vendors in this region impedes the growth of the small domestic players and makes the marketplace highly competitive. Although there is intense innovation, competition, and disruption in the digital remittance market, it has already experienced some consolidation. Furthermore, key players operating in this market adopt business expansion as their key developmental strategies. For instance, in May 2018, Azimo Ltd., a UK-based online money transfer company has raised $20 million by Japanese e-commerce company Rakuten to expand its presence in Asia.

Some of the key players profiled in the report include Amazon InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd, TransferWise Ltd, Ripple, MoneyGram, and TNG Wallet. These players have adopted various strategies to enhance their service offerings and to increase their market penetration. For instance, in April 2017, MoneyGram launched MoneyGram Sendbot, a smart and convenient platform that allows customers in the U.S. to send money transfers to any of its 350,000 locations.

 

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