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2022
Singapore Remittance Market

Singapore Remittance Market By Type (Inward Remittance and Outward Remittance), Channel (Banks, Money Transfer Operators, and Others), Application (Consumption, Savings, and Investment), Mode (Business-to-Business [B2B], Business-to-Consumer [B2C], Consumer-to-Business [C2B], and Customer-to-Customer [C2C]), and End User (Migrant Labor Workforce, Low-Income Households, Small Businesses, and Others): Country Opportunity Analysis and Industry Forecast, 2021–2030

A15896
Pages: 163
Mar 2022 | 351 Views
   
Author(s) : Pradeep Ravi, Kanhaiya Kathoke , Vineet Kumar
Tables: 71
Charts: 47
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Singapore Remittance Market Outlook – 2030 

The Singapore remittance market size was valued at $7.52 billion in 2020, and is projected to reach $12.53 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030. Remittance is referred to as sending money by foreign migrants to another person via electronic payments, drafts, or check also known as foreign remittance. 

The COVID-19 outbreak had a moderate impact on the Singapore remittance market as crisis had reduced demand for their services and products offered by the banks in Singapore leading to drop in the revenue. However, the digitization of various financial services by banks and financial institutions has boosted the market of remittance in the country during the pandemic


 
In addition, majority of remittance service providers in Singapore are focusing on digital remittance to enhance their business and provide customers with easier and quicker transferring services for payment remittance. Numerous benefits of using digital channels such as high speed, availability of digital channels 24 hours a day, transparency, ease of use, and high security for sending money create numerous opportunities for the market.

Singapore-Remittance-Market,-2021-2030 - Copy

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Rise in cross-border transactions, international remittance and move toward mobile banking and mobile-based payment solutions dominate payment trends in Singapore is expected to drive growth of the market. In addition, rise in international commerce, migration, and changing economic trends in Singapore drives growth of the market. In addition, growth in adoption of banking & financial sectors in Singapore fuels growth of the market. 

However, rise in number of financial crimes and lack of awareness regarding digital remittance is expected to impede the Singapore remittance market growth. On the contrary, technological innovations in the digital remittance industry in Singapore primarily to provide user-friendly apps and smarter ways to connect to domestic payment systems is expected to provide growth opportunities for the Singapore remittance market.

By type, the outward remittance segment is the largest segment in terms of volume and value in the Singapore remittance market, owing to money sent by users to their home country as they migrate to Singapore to pursue work or study. By channel, the money transfer operators segment is expected to witness growth at the highest rate in terms of volume and value, owing to presence of large number of money transfer operators in the country, which provides hassle free money transfer options with low rate of interest as compared to other channels.

Singapore Remittance Market
By Type

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Outward Remittance segment will dominate the market during the forecast period

 

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The report focuses on growth prospects, restraints, and trends of the Singapore remittance market outlook. The study provides Porter’s five forces analysis to understand 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 Singapore remittance market share.

Singapore Remittance Market
By Channel

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Money Transfer Operators segment will grow at a highest CAGR of 6.9% during 2021 - 2030

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Segment Overview

The Singapore remittance market is segmented on the basis of type, channel, application, mode, and end user. By type, it is divided into inward remittance and outward remittance. By channel, it is segmented into banks, money transfer operators, and others. In terms of application, it is classified into consumption, savings, and investment. On the basis of mode, the market is segmented into Business-to-Business (B2B), Business-to-consumer (B2C), Consumer-to-Business (C2B), and Customer-to-Customer (C2C). By end user, it is divided into migrant labor workforce (blue collar workforce and white collar workforce), low-income households, small businesses, and others. 

Singapore Remittance Market
By Application

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Consumption segment will maintain the lead throughout the forecast period

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Competitive Analysis 

The report analyses the profiles of key players operating in the Singapore remittance market such as DBS Bank Ltd., Instarem, JPMorgan Chase & Co., Moneygram, Revolut Ltd., RIA FINANCIAL SERVICES SINGAPORE PTE. LTD., SingX Pte Ltd.,

Transferwise Ltd., Western Union Holdings Inc. and Worldremit (Singapore) Pte Ltd. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Singapore Remittance Market
By Mode

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Business-to-Business (B2B) segment will exhibit the highest CAGR of 7.1% during 2021 - 2030

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Covid-19 Impact Analysis

The COVID-19 pandemic had a moderate impact on the Singapore remittance market as most of the people living in Singapore returned back to their home country during the lockdown period as there was no economic activity going on in the country.

Therefore, people did not sent or receive money to and from their family and friends. Hence it had a negative impact on the Singapore remittance market. However, there were many people that stayed back in the country and could not return back to their home country due to various reasons. Therefore they had to send and receive money to their home country. This led to an increase in the demand for remittance services in Singapore. Thus, the COVID-19 had a moderate impact on the Singapore remittance market.

Singapore Remittance Market
By End User

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Migrant Labor Workforce segment will maintain the lead during the forecast period

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Top Impacting Factors

Rise in Cross-Border Transactions and Mobile-Based Payment Channels in Singapore

Rise in cross-border transactions and move toward mobile banking and mobile-based payment solutions dominated payment trends in Singapore, which is expected to drive growth of the market. In addition, the market is growing, owing to increase in foreign trade, migration, and shifting economic patterns across the country. In addition, new developments in cross-border payments are the prospect of making real-time international payments a reality. 

Furthermore, a number of banks are striving to deliver timely cross-border remittances and value-added services using a relationship-centric approach, which fuel growth of the market. For instance, in Singapore, smartphone use and the popularity of digital access points for remittances, such as alternative payment methods (APMs), have generated new expectations that incumbents are striving to satisfy. Thus, this factor propels growth of the Singapore remittance industry.   

Rise In Number Of Financial Crimes

Remittances are known to improve earnings in a region, reduce poverty, and bring down unemployment. All this in general is expected to discourage crime. However, according to a new study, more remittances flowing into a district lead to more non-violent crimes such as burglary and cheating. Moreover, identification strategy exploits variation in rainfall as an instrument for remittance receipts. Results suggest that remittance receipts have a negative effect on violent crimes and a positive effect on nonviolent crimes. Since remittance flows mean that more economic resources are available, remittances provide an incentive for certain crimes that thrive in the presence of economic resources. 

Therefore, certain nonviolent crimes such as theft and cheating, which are positively and significantly related to remittance receipts have led to decrease in demand for remittance services in Singapore. In these cases, the benefit from crime outweighs the cost of crime. In other words, increase in economic resources creates an ideal environment for these kinds of crimes that thrive with increasing opportunities.

Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the Singapore remittance market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the Singapore remittance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Singapore remittance market forecast.
  • An extensive analysis of the key segments of the industry helps to understand the Singapore remittance market trends.
  • The quantitative analysis of the Singapore remittance market analysis from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

  • By Type
    • Inward Remittance
    • Outward Remittance
  • By Channel
    • Banks
    • Money Transfer Operators
    • Others
  • By Application
    • Consumption
    • Savings
    • Investment
  • By Mode
    • Business-to-Business (B2B)
    • Business-to-Consumer (B2C)
    • Consumer-to-Business (C2B)
    • Customer-to-Customer (C2C)
  • By End User
    • Migrant Labor Workforce
      • Blue Collar Workforce
      • White Collar Workforce
    • Low-Income Households
    • Small Businesses
    • Others
  • By Key Market Players
    • DBS Bank Ltd.
    • Instarem
    • JPMorgan Chase & Co.
    • Moneygram
    • Revolut Ltd.
    • RIA FINANCIAL SERVICES SINGAPORE PTE. LTD.
    • SingX Pte Ltd.
    • Transferwise Ltd.
    • Western Union Holdings Inc.
    • Worldremit (Singapore) Pte Ltd.
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Key Market Players
1.5.Research methodology

1.5.1.Secondary research
1.5.2.Primary research
1.5.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key Forces Shaping Singapore remittance market
3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Rise in cross-border transactions and mobile-based payment channels in Singapore
3.3.1.2.Reduced remittance cost & transfer time
3.3.1.3.Growth in adoption of banking & financial services in Singapore

3.3.2.Restraints

3.3.2.1.Rise in number of financial crimes
3.3.2.2.Lack of awareness for digital remittance

3.3.3.Opportunities

3.3.3.1.Technological innovations in the digital remittance industry
3.3.3.2.Rise in Internet and mobile penetration in the country

3.4.COVID-19 impact analysis on Singapore remittance market

3.4.1.Impact on Singapore remittance market size
3.4.2.Change in consumer trends, preferences, and budget impact, owing to COVID-19
3.4.3.Framework for market challenges faced by Singapore remittance providers
3.4.4.Economic impact on Singapore remittance providers
3.4.5.Key player strategies to tackle negative impact on the industry
3.4.6.Opportunity analysis for Singapore remittance providers

3.5.Key Regulation Analysis
3.6.Regulatory Guidelines

CHAPTER 4:SINGAPORE REMITTANCE MARKET, BY TYPE

4.1.Overview
4.2.Inward Remittance

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by volume
4.2.3.Market size and forecast, by value

4.3.Outward Remittance

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by volume
4.3.3.Market size and forecast, by value

CHAPTER 5:SINGAPORE REMITTANCE MARKET, BY CHANNEL

5.1.Overview
5.2.Banks

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by volume
5.2.3.Market size and forecast, by value

5.3.Money Transfer Operators

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by volume
5.3.3.Market size and forecast, by value

5.4.Others

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by volume
5.4.3.Market size and forecast, by value

CHAPTER 6:SINGAPORE REMITTANCE MARKET, BY APPLICATION

6.1.Overview
6.2.Consumption

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by volume
6.2.3.Market size and forecast, by value

6.3.Saving

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by volume
6.3.3.Market size and forecast, by value

6.4.Investment

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by volume
6.4.3.Market size and forecast, by value

CHAPTER 7:SINGAPORE REMITTANCE MARKET, BY MODE

7.1.Overview
7.2.Business-to-Business (B2B)

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by volume
7.2.3.Market size and forecast, by value

7.3.Business-to-Customer (B2C)

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by volume
7.3.3.Market size and forecast, by value

7.4.Customer-to-Business (C2B)

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by volume
7.4.3.Market size and forecast, by value

7.5.Customer-to-Customer (C2C)

7.5.1.Key market trends, growth factors and opportunities
7.5.2.Market size and forecast, by volume
7.5.3.Market size and forecast, by value

CHAPTER 8:SINGAPORE REMITTANCE MARKET, BY END USER

8.1.Overview
8.2.Migrant Labor Workforce

8.2.1.Key market trends, growth factors, and opportunities
8.2.2.Market size and forecast, by volume
8.2.3.Market size and forecast, by value
8.2.4.Market Size and forecast, by migrant labor workforce type

8.2.4.1.Blue-Color Labor
8.2.4.2.Market size and forecast, by volume
8.2.4.3.Market size and forecast, by value
8.2.4.4.White-Color Labor
8.2.4.5.Market size and forecast, by volume
8.2.4.6.Market size and forecast, by value

8.3.Low-Income Households

8.3.1.Key market trends, growth factors and opportunities
8.3.2.Market size and forecast, by volume
8.3.3.Market size and forecast, by value

8.4.Small Businesses

8.4.1.Key market trends, growth factors and opportunities
8.4.2.Market size and forecast, by volume
8.4.3.Market size and forecast, by value

8.5.Others

8.5.1.Key market trends, growth factors and opportunities
8.5.2.Market size and forecast, by volume
8.5.3.Market size and forecast, by value

CHAPTER 9:COMPETITIVE LANDSCAPE

9.1.Introduction

9.1.1.Market player positioning, 2020

9.2.Competitive dashboard

9.2.1.Top winning strategies

CHAPTER 10:COMPANY PROFILES

10.1.DBS BANK LTD.

10.1.1.Company overview
10.1.2.Company snapshot
10.1.3.Operating business segments
10.1.4.Product portfolio
10.1.5.Business performance

10.2.INSTAREM

10.2.1.Company overview
10.2.2.Company snapshot
10.2.3.Product portfolio
10.2.4.Key strategic moves and developments

10.3.JPMORGAN CHASE & CO.

10.3.1.Company overview
10.3.2.Company snapshot
10.3.3.Operating business segments
10.3.4.Product portfolio
10.3.5.Business performance
10.3.6.Key strategic moves and developments

10.4.MONEYGRAM INTERNATIONAL, INC.

10.4.1.Company overview
10.4.2.Company snapshot
10.4.3.Operating business segments
10.4.4.Product portfolio
10.4.5.Business performance
10.4.6.Key strategic moves and developments

10.5.REVOLUT LTD

10.5.1.Company overview
10.5.2.Company snapshot
10.5.3.Product portfolio
10.5.4.Key strategic moves and developments

10.6.RIA FINANCIAL SERVICES LTD.

10.6.1.Company overview
10.6.2.Company snapshot
10.6.4.Product portfolio
10.6.5.Business performance
10.6.6.Key strategic moves and developments

10.7.SINGX PTE LTD

10.7.1.Company overview
10.7.2.Company snapshot
10.7.3.Product portfolio

10.8.WISE PAYMENTS LIMITED

10.8.1.Company overview
10.8.2.Company snapshot
10.8.3.Product portfolio
10.8.4.Business performance

10.9.WESTERN UNION HOLDINGS, INC.

10.9.1.Company overview
10.9.2.Company snapshot
10.9.4.Product portfolio
10.9.5.Business performance
10.9.6.Key strategic moves and developments

10.10.WORLDREMIT

10.10.1.Company overview
10.10.2.Company snapshot
10.10.3.Product portfolio
10.10.4.Key strategic moves and developments

LIST OF TABLES

TABLE 01.SINGAPORE REMITTANCE MARKET VOLUME, BY TYPE, 2020–2030 ($MILLION)
TABLE 02.SINGAPORE REMITTANCE MARKET VALUE, BY TYPE, 2020–2030 ($MILLION)
TABLE 03.SINGAPORE REMITTANCE MARKET VOLUME FOR INWARD REMITTANCE, 2020–2030 ($MILLION)
TABLE 04.SINGAPORE REMITTANCE MARKET VALUE FOR INWARD REMITTANCE, 2020–2030 ($MILLION)
TABLE 05.SINGAPORE REMITTANCE MARKET VOLUME FOR OUTWARD REMITTANCE, 2020–2030 ($MILLION)
TABLE 06.SINGAPORE REMITTANCE MARKET VOLUME FOR OUTWARD REMITTANCE, 2020–2030 ($MILLION)
TABLE 07.SINGAPORE REMITTANCE MARKET VOLUME, BY CHANNEL, 2020–2030 ($MILLION)
TABLE 08.SINGAPORE REMITTANCE MARKET VALUE, BY CHANNEL, 2020–2030 ($MILLION)
TABLE 09.SINGAPORE REMITTANCE MARKET VOLUME FOR BANKS, 2020–2030 ($MILLION)
TABLE 10.SINGAPORE REMITTANCE MARKET VALUE FOR BANKS, 2020–2030 ($MILLION)
TABLE 11.SINGAPORE REMITTANCE MARKET VOLUME FOR MONEY TRANSFER OPERATORS, 2020–2030 ($MILLION)
TABLE 12.SINGAPORE REMITTANCE MARKET VALUE FOR MONEY TRANSFER OPERATORS, 2020–2030 ($MILLION)
TABLE 13.SINGAPORE REMITTANCE MARKET VOLUME FOR OTHERS, 2020–2030 ($MILLION)
TABLE 14.SINGAPORE REMITTANCE MARKET VALUE FOR OTHERS, 2020–2030 ($MILLION)
TABLE 15.SINGAPORE REMITTANCE MARKET VOLUME, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 16.SINGAPORE REMITTANCE MARKET VALUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 17.SINGAPORE REMITTANCE MARKET VOLUME FOR CONSUMPTION, 2020–2030 ($MILLION)
TABLE 18.SINGAPORE REMITTANCE MARKET VALUE FOR CONSUMPTION, 2020–2030 ($MILLION)
TABLE 19.SINGAPORE REMITTANCE MARKET VOLUME FOR SAVINGS, 2020–2030 ($MILLION)
TABLE 20.SINGAPORE REMITTANCE MARKET VALUE FOR SAVINGS, 2020–2030 ($MILLION)
TABLE 21.SINGAPORE REMITTANCE MARKET VOLUME FOR INVESTMENT, 2020–2030 ($MILLION)
TABLE 22.SINGAPORE REMITTANCE MARKET VALUE FOR INVESTMENT, 2020–2030 ($MILLION)
TABLE 23.SINGAPORE REMITTANCE MARKET VOLUME, BY MODE, 2020–2030 ($MILLION)
TABLE 24.SINGAPORE REMITTANCE MARKET VALUE, BY MODE, 2020–2030 ($MILLION)
TABLE 25.SINGAPORE REMITTANCE MARKET VOLUME FOR BUSINESS-TO-BUSINESS (B2B), 2020–2030 ($MILLION)
TABLE 26.SINGAPORE REMITTANCE MARKET VALUE FOR BUSINESS-TO-BUSINESS (B2B), 2020–2030 ($MILLION)
TABLE 27.SINGAPORE REMITTANCE MARKET VOLUME FOR BUSINESS-TO-CUSTOMER (B2C), 2020–2030 ($MILLION)
TABLE 28.SINGAPORE REMITTANCE MARKET VALUE FOR BUSINESS-TO-CUSTOMER (B2C), 2020–2030 ($MILLION)
TABLE 29.SINGAPORE REMITTANCE MARKET VOLUME FOR CUSTOMER-TO-BUSINESS (C2B), 2020–2030 ($MILLION)
TABLE 30.SINGAPORE REMITTANCE MARKET VALUE FOR CUSTOMER-TO-BUSINESS (C2B), 2020–2030 ($MILLION)
TABLE 31.SINGAPORE REMITTANCE MARKET VOLUME FOR CUSTOMER-TO-CUSTOMER (C2C), 2020–2030 ($MILLION)
TABLE 32.SINGAPORE REMITTANCE MARKET VALUE FOR CUSTOMER-TO-CUSTOMER (C2C), 2020–2030 ($MILLION)
TABLE 33.SINGAPORE REMITTANCE MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 34.SINGAPORE REMITTANCE MARKET VALUE, BY END USER, 2020–2030 ($MILLION)
TABLE 35.SINGAPORE REMITTANCE MARKET VOLUME FOR MIGRANT LABOR WORKFORCE, 2020–2030 ($MILLION)
TABLE 36.SINGAPORE REMITTANCE MARKET VALUE FOR MIGRANT LABOR WORKFORCE, 2020–2030 ($MILLION)
TABLE 37.SINGAPORE REMITTANCE MARKET VOLUME, BY MIGRANT LABOR WORKFORCE TYPE, 2020–2030 ($MILLION)
TABLE 38.SINGAPORE REMITTANCE MARKET VALUE, BY MIGRANT LABOR WORKFORCE TYPE, 2020–2030 ($MILLION)
TABLE 39.SINGAPORE REMITTANCE MARKET VOLUME FOR BLUE-COLOR LABOR 2020–2030 ($MILLION)
TABLE 40.SINGAPORE REMITTANCE MARKET VALUE FOR BLUE-COLOR LABOR, 2020–2030 ($MILLION)
TABLE 41.SINGAPORE REMITTANCE MARKET VOLUME FOR WHITE-COLOR LABOR 2020–2030 ($MILLION)
TABLE 42.SINGAPORE REMITTANCE MARKET VALUE FOR WHITE-COLOR LABOR, 2020–2030 ($MILLION)
TABLE 43.SINGAPORE REMITTANCE MARKET VOLUME FOR LOW INCOME HOUSEHOLDS, 2020–2030 ($MILLION)
TABLE 44.SINGAPORE REMITTANCE MARKET VALUE FOR LOW INCOME HOUSEHOLDS, 2020–2030 ($MILLION)
TABLE 45.SINGAPORE REMITTANCE MARKET VOLUME FOR SMALL BUSINESSES, 2020–2030 ($MILLION)
TABLE 46.SINGAPORE REMITTANCE MARKET VALUE FOR SMALL BUSINESSES, 2020–2030 ($MILLION)
TABLE 47.SINGAPORE REMITTANCE MARKET VOLUME FOR OTHERS, 2020–2030 ($MILLION)
TABLE 48.SINGAPORE REMITTANCE MARKET VALUE FOR OTHERS, 2020–2030 ($MILLION)
TABLE 49.DBS BANK LTD.: COMPANY SNAPSHOT
TABLE 50.DBS BANK LTD.: OPERATING SEGMENTS
TABLE 51.DBS BANK LTD.: PRODUCT PORTFOLIO
TABLE 52.INSTAREM: COMPANY SNAPSHOT
TABLE 53.INSTAREM: PRODUCT PORTFOLIO
TABLE 54.JPMORGAN CHASE & CO.: COMPANY SNAPSHOT
TABLE 55.JPMORGAN CHASE & CO.: OPERATING SEGMENTS
TABLE 56.JPMORGAN CHASE & CO.: PRODUCT PORTFOLIO
TABLE 57.MONEYGRAM INTERNATIONAL, INC.: COMPANY SNAPSHOT
TABLE 58.MONEYGRAM INTERNATIONAL, INC.: OPERATING SEGMENTS
TABLE 59.MONEYGRAM INTERNATIONAL, INC.: PRODUCT PORTFOLIO
TABLE 60.REVOLUT LTD: COMPANY SNAPSHOT
TABLE 61.REVOLUT LTD: PRODUCT PORTFOLIO
TABLE 62.RIA FINANCIAL SERVICES LTD.: COMPANY SNAPSHOT
TABLE 63.RIA FINANCIAL SERVICES LTD.: PRODUCT PORTFOLIO
TABLE 64.SINGX PTE LTD: COMPANY SNAPSHOT
TABLE 65.SINGX PTE LTD: PRODUCT PORTFOLIO
TABLE 66.WISE PAYMENTS LIMITED: COMPANY SNAPSHOT
TABLE 67.WISE PAYMENTS LIMITED: PRODUCT PORTFOLIO
TABLE 68.WESTERN UNION HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 69.WESTERN UNION HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 70.WORLDREMIT: COMPANY SNAPSHOT
TABLE 71.WORLDREMIT: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.SINGAPORE REMITTANCE MARKET VALUE, 2020–2030
FIGURE 03.SINGAPORE REMITTANCE MARKET VOLUME, 2020–2030
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.LOW-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 07.MODERATE BARGAINING POWER OF BUYERS
FIGURE 08.LOW-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 09.LOW-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 10.MODERATE-TO-HIGH COMPETITIVE RIVALRY
FIGURE 11.MARKET DYNAMICS: SINGAPORE REMITTANCE MARKET
FIGURE 12.SINGAPORE REMITTANCE MARKET VOLUME, BY TYPE, 2020–2030
FIGURE 13.SINGAPORE REMITTANCE MARKET VALUE, BY TYPE, 2020–2030
FIGURE 14.SINGAPORE REMITTANCE MARKET VOLUME, BY CHANNEL, 2020–2030
FIGURE 15.SINGAPORE REMITTANCE MARKET VALUE, BY CHANNEL, 2020–2030
FIGURE 16.SINGAPORE REMITTANCE MARKET VOLUME, BY APPLICATION, 2020–2030
FIGURE 17.SINGAPORE REMITTANCE MARKET VALUE, BY APPLICATION, 2020–2030
FIGURE 18.SINGAPORE REMITTANCE MARKET VOLUME, BY MODE, 2020–2030
FIGURE 19.SINGAPORE REMITTANCE MARKET VALUE, BY MODE, 2020–2030
FIGURE 20.SINGAPORE REMITTANCE MARKET VOLUME, BY END USER, 2020–2030
FIGURE 21.SINGAPORE REMITTANCE MARKET VALUE, BY END USER, 2020–2030
FIGURE 22.SINGAPORE REMMITANCE MARKET VOLUME, BY MIGRANT LABOR WORKFORCE TYPE, 2020–2030 ($MILLION)
FIGURE 23.SINGAPORE REMMITANCE MARKET VALUE, BY MIGRANT LABOR WORKFORCE TYPE, 2020–2030 ($MILLION)
FIGURE 24.MARKET PLAYER POSITIONING, 2020
FIGURE 25.COMPETITIVE DASHBOARD
FIGURE 26.COMPETITIVE DASHBOARD
FIGURE 27.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 28.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 29.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019–2021
FIGURE 30.TOP WINNING STRATEGIES, BY COMPANY, 2019–2021
FIGURE 31.DBS BANK LTD.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 32.DBS BANK LTD.: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 33.DBS BANK LTD.: REVENUE SHARE, BY REGION, 2020 (%)
FIGURE 34.JPMORGAN CHASE & CO.: NET SALES, 2018–2020 ($MILLION)
FIGURE 35.JPMORGAN CHASE & CO.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 36.JPMORGAN CHASE & CO.: REVENUE SHARE, BY REGION (2020)
FIGURE 37.MONEYGRAM INTERNATIONAL, INC.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 38.MONEYGRAM INTERNATIONAL, INC.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 39.MONEYGRAM INTERNATIONAL, INC.: REVENUE SHARE, BY REGION (2020)
FIGURE 40.RIA FINANCIAL SERVICES LTD.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 41.RIA FINANCIAL SERVICES LTD.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 42.RIA FINANCIAL SERVICES LTD.: REVENUE SHARE, BY REGION (2020)
FIGURE 43.WISE PAYMENTS LIMITED: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 44.WISE PAYMENTS LIMITED: REVENUE SHARE, BY REGION (2020)
FIGURE 45.WESTERN UNION HOLDINGS, INC.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 46.WESTERN UNION HOLDINGS, INC.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 47.WESTERN UNION HOLDINGS, INC.: REVENUE SHARE, BY REGION (2020)


 
 

Adoption of remittance services has increased over time, owing to migration of population to Singapore for job and business and evolving supportive government regulations in the country. In addition, penetration of digital financial services has increased in Singapore in last few years, which is an important development in the process of transformation. Furthermore, the remittance market is highly fragmented and competitive, owing to presence of well-diversified remittance channels in the country. However, continuous increase in presence of digital remittance providers makes the marketplace highly competitive. 

In addition, leading remittance companies are launching innovative products in the country, which further enhances growth of the remittance market in Singapore. For instance, Travelex, world’s leading foreign exchange brand partnered with advanced global payments platform Nium to extend digital remittance services to their users. Now live in Australia and Singapore, the digital remittance offering will be serviced by Nium’s global payment rails and real-time payment capabilities, enabling Travelex users to remit money to more than 50 markets across the world almost instantly. Therefore, these factors will provide major lucrative opportunities for the growth market. 

Some of the key players profiled in the report include DBS Bank Ltd., Instarem, JPMorgan Chase & Co., Moneygram, Revolut Ltd., RIA FINANCIAL SERVICES SINGAPORE PTE. LTD., SingX Pte Ltd., Transferwise Ltd., Western Union Holdings Inc. and Worldremit (Singapore) Pte Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
 

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A. The Singapore Remittance Market is anticipated to grow at a CAGR of 4.7% from 2021 to 2030.

A. The Singapore Remittance Market is projected to reach $12.53 billion by 2030.

A. To get the latest version of sample report

A. Rise in cross-border transactions and international remittance etc. boost the market growth.

A. The key players profiled in the report include DBS Bank Ltd., Instarem, JPMorgan Chase & Co., and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Singapore Remittance Market is segmented on the basis of type, channel, application, mode, and end user.

A. The key growth strategies of market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Money Transfer Operators segment will grow at a highest CAGR of 6.9% during the forecast period.

A. Consumption segment will dominate the market during 2021 - 2030.

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