Singapore Remittance Market: Projected Growth to $12.53 Billion by 2030

NEW CASTLE, WILMINGTON, UNITED STATES, April 11, 2024 /EINPresswire.com/ -- 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.

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

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.

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.

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

Key factor that drives the Singapore remittance includes rise in mobile-based payment channels and cross-border transactions and decrease in 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 Singapore market in the country.

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.

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

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.

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.

Key Findings of the Study
By type, the outward remittance segment led the market in terms of revenue in 2022.
By application, the consumption segment accounted for the highest market share in the Singapore remittance industry in 2022.
By mode, the Customer to Customer (C2C) segment led the highest revenue in the Singapore remittance market size in 2022.
By end user, migrant labor workforce segment generated the highest revenue in the Singapore remittance market share in 2022.

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

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.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each 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.

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