The remittance market in Singapore is expected to grow at a significant rate as job opportunities in the country are attracting people from all over the world as the country has a good standard of living as well as offers high scale payments for migrants.
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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.
The major purpose of remittance is to ensure security of money during money transfer from one country to another. In addition, many financial institutions across Singapore have adopted remittance services to provide customer with transparency, a richer and data-driven ecosystem, and an efficient network of partners. Furthermore, the key factor that drives the remittance market includes rise in mobile-based payment channels and cross-border transactions and decrease in foreign remittance transfer time & cost drives the growth of the remittance market.
In addition, growth in adoption of banking & financial sectors across Singapore fuels growth of the remittance market in the country. However, rise in number of financial crimes and lack of awareness about digital remittance is expected to impede the Singapore remittance market growth. Furthermore, technological advancements in the international remittance industry is expected to provide lucrative opportunities for the market.
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On the basis of application, the consumption segment contributed for a major share in 2020, owing to cover needs such as food, sanitation, clothing, and energy for cooking. However, the investment segment is expected to witness fastest growth during the upcoming years as it is very easy to convert into any currency when needed and improve the fixed assets of migrants.
Under the conditions of COVID-19, Singapore implemented lockdowns & shutdowns of retail stores and other physical locations providing utility services. This led to migrants and people working in the country to leave the country and go back to their home country. However, people staying in the country had to send and receive money from their home country while led to increase in the demand for the payment remittance services in the country. Therefore, the COVID-19 had a moderate impact on the Singapore remittance market.
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Key Findings of the Study
By type, the outward remittance segment led the Singapore remittance market in terms of revenue in 2020.
By application, the consumption segment accounted for the highest market share in the Singapore remittance industry in 2020.
By mode, the Customer to Customer (C2C) segment led the highest revenue in the Singapore remittance market in 2020.
By end user, migrant labor workforce segment generated the highest revenue in the Singapore remittance market share in 2020.
The key players profiled in the market are 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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