Unexpected growth seen in the global international remittance market as it could reach $ 1119.24 billion through 2030. – Stillwater Current

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A new statistic titled International Remittances Market has been released by Absolute Markets Insights. Various features of recent trends have been developed to provide in-depth analysis of the development of the industry. Efficient research methods such as qualitative and quantitative analysis were used to obtain precise data.

The growth of artificial intelligence and blockchain is expected to fuel the adoption of international remittances in the years to come. Using this technology, market participants can trace malicious transactions and ensure that the money is not used for purposes such as international terrorism through finance and political coups. Companies are developing more and more applications to help individuals and businesses transfer money with ease. Authentication methods such as one-time password (OTP), biometric authentication, facial recognition, etc. are integrated into these applications to increase security and prevent fraud. DBS, for example, has implemented fingerprint scanning and password protection for the use of its mobile app that enables remittances to Singapore. The growth of chatbots using natural language processing also helps to secure the transaction process, as end users can directly interact with the AI-based bots without delay, thus increasing the efficiency of transactions. International remittances and transactions using cryptocurrency also present additional growth opportunities for participants in the Southeast Asia International Remittance Market. In addition, crypto-based currency transfers are also expected to gain traction in the future, and players in the international remittance market are considering crypto-based offerings for money transfer. These factors are driving the growth of the international remittances market in Southeast Asia.

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Globalization has resulted in an increase in the diverse workforce, especially in countries like Saudi Arabia, United Arab Emirates, United States, United Kingdom, and Singapore, among others. Studies show that around half a million Malaysian citizens are currently working in Singapore. Due to the friendly links between government agencies in Malaysia, Indonesia and Thailand with the government of UAE and Saudi Arabia, individuals have more and more opportunities to work in developed countries and send remittances to their country of origin. Therefore, the growth of a global workforce and the migration of individuals from Southeast Asia to other countries in search of work opportunities are leading to an increase in remittances to the region. , which in turn increases the uptake of the international remittance market.

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In terms of revenue, the Southeast Asia international remittance market was valued at US $ 579.86 million and is expected to reach US $ 1,119.24 million, growing at a CAGR of 7.6% during the forecast period. Indonesia had the highest share of Southeast Asia’s international remittance market, as far as individual countries are concerned.

Individuals have contributed to the maximum income in the international remittance market in Southeast Asia. The inbound remittances segment recorded the highest market share in the international remittance market in Southeast Asia.

Some of the players operating in the international remittance market in Southeast Asia 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, among others.

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Southeast Asia International Remittance Market:

  • By end user
  • By suppliers
    • Banking establishments
    • Non-banking institutions
  • By type
    • Incoming discount
    • Outgoing discount
  • By mode
  • By country
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia

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