At 5.2% CAGR Singapore Remittance Market to Reach $13.34 billion by Volume, by 2032 | Rapid Expansion Forecasted

NEW CASTLE, WILMINGTON, UNITED STATES, July 16, 2024 /EINPresswire.com/ -- Recently, Allied Market Research has published a report on the Singapore Remittance Market in which it has touched upon various aspects of the industry ranging from growth forecast, upcoming trends, regional and segmental analysis, and competitive scenario of the landscape. The report provides actionable data and market intelligence on the changing dynamics of the sector in order to help businesses understand how the market might evolve in the coming period. The study also presents accurate revenue numbers and CAGR values to substantiate the given information.

Allied Market Research published a report, titled, “Singapore Remittance Market 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): Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the Singapore Remittance industry generated $8.05 billion by Volume in 2022 and is anticipated to generate $13.34 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A15896

In Singapore, the remittance market has been steadily growing due to the presence of a large expatriate population and its status as a global financial hub. The scope for further growth in the remittance market in Singapore remains favorable, driven by continued economic development, international migration, and the need for cross-border financial transactions. In addition, advancements in digital banking and fintech services have facilitated easier and more efficient remittance options, contributing to the market's expansion.

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

𝐓𝐡𝐞 𝐨𝐮𝐭𝐰𝐚𝐫𝐝 𝐫𝐞𝐦𝐢𝐭𝐭𝐚𝐧𝐜𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on the type, the outward remittance segment held the highest market share in 2022, accounting for more than four fifths of the Singapore remittance market revenue by volume and is estimated to maintain its leadership status throughout the forecast period, this was attributed to the fact that outward remittance allows sender to quickly remit money if their friend or family abroad needs it urgently. International remittances are done on a secure banking network, limiting chances of fraud and financial harm to sender and recipient. However, the inward remittance segment is projected to manifest the highest CAGR of 8.7% from 2023 to 2032, owing to Singapore's strong position as a global financial hub, attracting foreign investment and talent. As more international companies and professionals relocate to Singapore, there is an increased flow of funds into the country. In addition, government initiatives and policies aimed at facilitating cross-border transactions are expected to further accelerate the growth of the inward remittance segment.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A15896

𝐓𝐡𝐞 𝐛𝐚𝐧𝐤𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on the channel, the banks segment held the highest market share in 2022, accounting for more than two fifths of the Singapore remittance market revenue, owing to the widespread adoption of domestic real-time payment systems in Singapore, banks in this country are joining forces to develop cross-border real-time services, which drives growth of the market. However, the money transfer operator segment is projected to manifest the highest CAGR of 7.3% from 2022 to 2032. This is attributed to the increase in attractiveness of digital remittance services as number of digital-only players such as WorldRemit, Xoom, Transfer Wise, and InstaReM enable direct money transfers sent from and received through mobile wallets held on personal devices that fuel growth of the market.

𝐓𝐡𝐞 𝐜𝐨𝐧𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on application, the consumption segment held the highest market share in 2022, accounting for nearly three-fifths of the Singapore remittance market revenue, this is attributed to the fact that more money is remitted every month by the workers to their home country for food, clothing, and other expenditures, which drives the home economy. In addition, remittances are being used by many struggling families in developing countries for basic needs such as food, sanitation, clothing, and energy for cooking. However, the investment segment is projected to manifest the highest CAGR of 7.7% from 2022 to 2032. Remittance helps Singapore to regenerate new revenue stream by investing remitted money in different investment schemes, which boosts GDP of the country. In addition, the increase in inflow of remittance in the country positively impacts its investment framework.

𝐓𝐡𝐞 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫-𝐭𝐨-𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 (𝐂𝟐𝐂) 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on mode, the Customer-to-Customer (C2C) segment held the highest market share in 2022, accounting for more than two-fifths of the Singapore remittance market revenue. C2C remittance in Singapore is growing with faster digital payments and are garnering greater interest from financial institutions, businesses, and consumers. Consumer-to-consumer (C2C) remittance stand to gain from shorter settlement times, which offers greater financial flexibility and control. However, the Business-to-Business (B2B) segment is projected to manifest the highest CAGR of 7.4% from 2022 to 2032. This is attributed to the fact that market players are launching new platforms to ease out the process of B2B remittance services in Singapore. Thus, increasing the demand for B2B remittance. For instance, Singapore-based ‘banking-as-a-service’ platform MatchMove has launched its remittance platform RemitSend by Matchmove, which enables cross-border business to business (B2B) remittances for businesses of all sizes.

𝐓𝐨𝐩 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐅𝐚𝐜𝐭𝐨𝐫𝐬
𝟏) 𝐑𝐢𝐬𝐞 𝐢𝐧 𝐂𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐌𝐨𝐛𝐢𝐥𝐞-𝐛𝐚𝐬𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞
𝟐) 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 & 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞
𝟑) 𝐑𝐢𝐬𝐞 𝐢𝐧 𝐍𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐂𝐫𝐢𝐦𝐞𝐬

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A15896

𝐓𝐡𝐞 𝐦𝐢𝐠𝐫𝐚𝐧𝐭 𝐥𝐚𝐛𝐨𝐫 𝐰𝐨𝐫𝐤𝐟𝐨𝐫𝐜𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on end user, the migrant labor workforce segment held the highest market share in 2022, accounting for more than two-fifths of the Singapore remittance market revenue. Growth in job opportunities in Singapore is attracting many blue collar and white collar migrant labors to the country as it offers them good payment and provides a better standard of living. Moreover, a large number of labors from developing countries such as India, Vietnam, and Pakistan travel to Singapore for jobs. However, the low-income households segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2032. This is attributed to the fact that Low-income households in Singapore often send their family members to work outside the country to make a living. Family members working outside the country send remittances to their family in Singapore. Remittances help families afford food, healthcare, and basic needs. Therefore, low income households contribute towards the growth of remittance market in Singapore.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -
DBS Bank Ltd
Nium Pte. Ltd. (Instarem)
JPMorgan Chase & Co.
MoneyGram
Revolut Ltd
Continental Exchange Solutions, Inc. (Ria Financial Services Ltd.)
SingX Pte Ltd.
Wise Payments Limited (Transferwise Ltd)
Western Union Holdings, Inc.
WorldRemit
The report provides a detailed analysis of these key players in the Singapore remittance market. These players have adopted different strategies such as partnership, product launch, geographical expansion, product development, collaboration, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/60e6127672754ed867134d4797c98211?utm_source=AMR&utm_medium=research&utm_campaign=P19623

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐟𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Singapore remittance market forecast from 2022 to 2032 to identify the prevailing.­
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the Singapore remittance market outlook assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global Singapore remittance market trends, key players, market segments, application areas, and market growth strategies.

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