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Southeast Asia International Remittance Market is expected to Grow at a CAGR of 7.6% Over the Forecast Period, Owing to Rising Technological Advancement’s and Globalization, says Absolute Markets Insights

Published On 14 May 2021 08:17 AM


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The growth of artificial intelligence and blockchain is expected to fuel the adoption of international remittances in the coming years. Using this technology, the market participants can trace malicious transactions, and ensure that the money isn’t used for purposes such as international terrorism through finance, and political coups. Companies are increasingly developing applications to help individuals and businesses to transfer money with ease. Authentication methods such as one-time-password (OTP), biometric authentication, facial recognition, etc., are being incorporated in these applications to increase security and prevent fraud. DBS, for instance, has implemented fingerprint scanning and password protection for the usage of their mobile application that permits remittances in Singapore. The growth of chatbots with the help of natural language processing is also helping in fastening the transaction process, as the end-users can directly interact with the AI-based bots without delay, thereby increasingly the efficiency of transactions. International remittance and transactions using cryptocurrency also presents additional growth opportunities for the participants in the Southeast Asia international remittance market. Furthermore, crypto-based currency transfers are also expected to gain traction in the future, and the market participants in the international remittance market are mulling over crypto-based offerings for money transfer. These factors are driving the growth of the Southeast Asian international remittance market.  

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Globalization has led to an increase in diverse workforce, especially in countries like Saudi Arabia, UAE, the US, UK and Singapore, amongst others. Studies show that there are about half million Malaysian citizens that are currently working in Singapore. Due to the friendly ties between government bodies in Malaysia, Indonesia, and Thailand with the UAE and Saudi Arabia government, individuals are increasingly getting opportunities to work in developed countries, and are sending inbound remittances to their home countries. Therefore, the growth of a global workforce, and the migration of individuals from Southeast Asia to other countries in search of work opportunities is leading to the rise in remittances in the region, which in turn is increasing the adoption of international remittance market. 

The detailed research study provides qualitative and quantitative analysis of Southeast Asia international remittance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across all the major countries. The supply side analysis covers the major market players and their regional presence and strategies. The geographical analysis done emphasizes on each of the major countries namely Indonesia, Thailand, Malaysia, Singapore and Rest of Southeast Asia.  

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Key Findings of the Report:  

  • In terms of revenue, the Southeast Asia international remittance market was valued at US$ 579.86 Mn in 2020 and is expected to reach US$ 1119.24 Mn by 2029, growing at a CAGR of 7.6% over the forecast period (2021 – 2029).
  • Indonesia accounted for the highest share in the Southeast Asia international remittance market in 2020, as far as the individual countries are concerned.
  • Individuals contributed the maximum revenue in the Southeast Asia International remittance market in 2020.
  • Non-banking institutions are expected to grow at the fastest rate over the forecast period (2021 – 2029).
  • In 2020, inbound remittance segment registered the highest market share in the Southeast Asia international remittance market.
  • Online mode is expected to gain traction over the forecast years with rising number of internet and smart devices users.
  • Some of the players operating in the Southeast Asia international remittance market are Bank of America Corporation, BANK OF CHINA (BOC), Citigroup, Inc., DBS, MoneyGram, NIUM Pte. Ltd., OCBC Bank, OFX Singapore Pte. Limited, Paysafe Holdings UK Limited (Skrill), PT Indo Koala Remitance, Standard Chartered Bank, TorFX Singapore, TransferWise Limited, United Overseas Bank Limited, Western Union Holdings, Inc. and WorldRemit Ltd, amongst others.

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Southeast Asia International Remittance Market:

  • By End-User
    • Individuals
    • Businesses
  • By Providers
    • Banking Institutions
    • Non-banking Institutions
  • By Type
    • Inbound Remittance
    • Outbound Remittance
  • By Mode
    • Online
      • Web-based
      • App-based
    • Offline
  • By Country
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia

 

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Press Release Provided By: Absolute Markets Insights