Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, Outward Digital Remittance), Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others), and End User (Business and Personal) - Global Opportunity Analysis

Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to a growing global consensus on lowering remittance transaction fees drive the penetration of digital channels. The Asia-Pacific digital remittance market size was valued at $31,234 million in 2016, and is projected to reach at $215,817 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025.

The money transfer operator segment dominated the overall market in 2016, and is expected to continue this trend in the near future, as a number of traditional money transfer operators are expanding their digital footprint in the Asia-Pacific region.

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The personal segment dominated the overall market in 2016, and is expected to continue this trend in the near future, owing to the introduction of bitcoin and other cryptocurrencies to introduce new mobile applications for migrant labor workforce as well as entry of start-ups and well-established companies in Asia-Pacific due to rise in number of migrant workers.

China dominated the overall market in 2016, due to the factors such as major shift towards digital or mobile payments from traditional banking and card infrastructure at an accelerating rate, rise in focus on the launch of electronic cross-boundary remittance services, ramp-up on wallets, and others. However, Singapore is expected to witness the highest growth rate during the forecasted period.

The report focuses on the growth prospects and restraints of the market based on the analysis of Asia-Pacific digital remittance market trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

The Asia-pacific Digital Remittance Market is segmented into remittance type, remittance channel, end user, and country. Based on remittance type, the market is bifurcated into inward and outward digital remittance. On the basis of remittance channel, it is categorized into banks, money transfer operator, and others. By end user, it is divided into personal and business. Country wise, it is analyzed across China, Japan, India, Hong Kong, Singapore, Taiwan, Indonesia, and rest of Asia-Pacific.

The key players operating in the Asia-Pacific digital remittance market include InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd., TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

Rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, and surge in adoption of banking & financial services act as the major drivers of the market. However, slowdown of the remittance industry in Asia-Pacific and lack of awareness towards the use of digital channels to remit money are expected to hamper the market growth during the forecast period.

Rise in cross-border transactions and increase in preference for mobile banking & mobile-based payment solutions dominate payment trends in Asia-Pacific, which are expected to drive the growth of the market. For instance, Malaysia is undergoing major shift from paper to electronic methods of payment to support initiatives taken by the Bank Negara Malaysia to accelerate migration to electronic payment. In addition, in December 2016, Malayan Banking Berhad (Maybank) and Western Union launched the first digital remittance service in Malaysia through its Maybank2u mobile banking app. The service allows Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries.

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Adoption of digital transfer network such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identification, and others to remit money has made cross-border payments negligible in cost, instant, auditable, and accessible to everyone. Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, which currently contribute to sustaining high transaction fees. In addition, it is projected to address many risks, barriers, and costs associated with know-your-customer (KYC) and security. Hence, banks and money transfer operators adopt digital technology to offer remittance services at significantly lower costs than traditional over-the-counter services, thereby increasing the penetration of digital remittance in Asia-Pacific.

The need for remittance services is on an increase, owing to the growth in adoption of banking and financial services. China and India have experienced the highest adoption rates of FinTech largely, being driven by financial innovation from technology-first players in adjacent sectors, high level of internet & mobile penetration, flexible regulatory environment, access to capital, and less competition from incumbents.

LIST OF FIGURES

FIGURE 01. ASIA-PACIFIC DIGITAL REMITTANCE MARKET, 2016-2025
FIGURE 02. ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY COUNTRY, 2016-2025
FIGURE 03. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: KEY PLAYERS
FIGURE 04. ASIA-PACIFIC DIGITAL REMITTANCE MARKET SEGMENTATION
FIGURE 05. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: TOP IMPACTING FACTOR
FIGURE 06. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: TOP INVESTMENT POCKETS
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2016-2018* 39
FIGURE 08. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2016-2018* (%)
FIGURE 09. TOP WINNING STRATEGIES, BY COMPANY, 2016-2018*
FIGURE 10. MODERATE BARGAINING POWER OF SUPPLIER
FIGURE 11. HIGH BARGAINING POWER OF BUYER
FIGURE 12. HIGH THREAT OF SUBSTITUTES
FIGURE 13. HIGH THREAT OF NEW ENTRANTS
FIGURE 14. MODERATE-TO-HIGH COMPETITIVE RIVALRY
FIGURE 15. ASIA-PACIFIC DIGITAL REMITTANCE MARKET: KEY PLAYER POSITIONING, 2016
FIGURE 16. DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR INWARD DIGITAL REMITTANCE, BY COUNTRY, 2017 & 2025(%)
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR OUTWARD DIGITAL REMITTANCE, BY COUNTRY, 2017 & 2025(%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMMITANCE MARKET FOR BANKS, BY COUNTRY, 2017 & 2025(%) 68
FIGURE 20. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR MONEY TRANSFER OPERATOR, BY COUNTRY, 2017 & 2025(%)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR OTHERS, BY COUNTRY, 2017 & 2025(%)
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR BUSINESS, BY COUNTRY, 2017 & 2025(%)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET FOR PERSONAL, BY COUNTRY, 2017 & 2025(%)
FIGURE 24. CHINA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 25. JAPAN DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 26. INDIA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 27. HONG KONG DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 28. SINGAPORE DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 29. TAIWAN DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 30. INDONESIA DIGITAL REMITTANCE MARKET SIZE BY TOP 10 CORRIDOR
FIGURE 31. MONEYGRAM INTERNATIONAL, INC: REVENUE, 2015-2017 ($MILLION)
FIGURE 32. MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 33. MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

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