Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Singapore remittance market generated $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 report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in cross-border transactions and international remittance, increase in the popularity of mobile banking and mobile-based payment solutions, and remarkable growth in adoption of banking & financial sectors in Singapore are expected to drive the growth of the global Singapore remittance market. On the other hand, rise in the number of financial crimes is expected to hinder the growth to some extent. However, persistent technological advancements in the digital remittance industry in Singapore is predicted to create ample opportunities for the industry.
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COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the Singapore remittance market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns significantly decreased the demand for services and products offered by the banks in Singapore leading to drop in the revenue.
- However, digitization of various financial services by banks and financial institutions is predicted to create tremendous opportunities.
The report offers a detailed segmentation on the Singapore remittance market based on type, channel, application, mode, end-user and region. Based on type, the outward remittance segment held the largest market share in 2020, garnering more than four-fifths of the total market. The inward remittance segment, on the other hand, is projected to cite the fastest CAGR of 7.7% during the forecast period.
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Based on channel, the banks segment held the majority market share in 2020, holding nearly half of the total market. The money transfer operators segment, on the other hand, is anticipated to exhibit the fastest CAGR of 6.9% during the forecast period.
Based on application, the consumption segment held the lion’s share in 2020, garnering more than three-fifths of the total market. The investment segment, on the other hand, is expected to cite the fastest CAGR of 7.9% during the forecast period.
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The key players analyzed in the Singapore remittance market report include DBS Bank Ltd., Instarem, JPMorgan Chase & Co., Moneygram, Revolut Ltd., RIA FINANCIAL SERVICES SINGAPORE PTE. LTD., SingX Pte Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
