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 Industry.
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Major Key Players:
Some of the players operating in the Southeast Asia International Remittance Industry 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.
Key Findings of the Report:
- In terms of revenue, the Southeast Asia International Remittance Industry 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 Industry in 2020, as far as the individual countries are concerned.
- Individuals contributed the maximum revenue in the Southeast Asia International Remittance Industry 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 Industry.
- Online mode is expected to gain traction over the forecast years with rising number of internet and smart devices users.
Rest of Southeast Asia
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