The publication titled ‘International Remittance Industry in Saudi Arabia’ covers the overview of industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Qatar. With ~37% of expat population, the value of outbound remittance transactions were recorded at SAR xx Mn in 2020, up from SAR xx Mn in 2019.
Overview of Industry:
Saudi Arabia is one of the most economically prosperous country in Asia and hence is a prominent emigration destination to a many South Asian countries. Of the current population of 33 Million, more than 37% of population comprises of expats with India, Pakistan, Nepal, Philippines, Bangladesh, Sri Lanka and Egypt being key source countries.
During 2016-19, the international remittance industry in KSA declined from SAR xx Mn to SAR xx Mn, at a CAGR of xx%. However, during 2019-20, industry size increased by xx%.
India remains the largest outbound remittance corridor, accounting to xx% of the total outbound remittance. There has been growth in outbound remittance to other South Asian countries as well, like Pakistan and Bangladesh along with Egypt, Philippines etc.
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Drivers and Impediments to growth:
In line with the G20 National Remittance Plan 2019 of Saudi Arabia highlight the importance of opening the market to allow foreign MTO to set up business in KSA. This will encourage new players in the current market which is oligopoly in nature and dominated by XX players contributing to XX% market share.
The Saudi remittance market is undergoing digital transformation due to emergence of digital payment players and fintech start-ups. One of the fastest growing remittance player, STC Pay and few other firms gained the digital banking license which happened first time in the country.
The decline in the remittance value of remittance over the past 5 years in Saudi Arabia is a major risk for a new entrants. Due to the employment of only Saudi Nationals at higher level posts, more and more people are looking to move from Saudi Arabia, which poses a deterrent to growth.
A Vibrant Future Outlook:
Given the backdrop of increase in volume and value of outbound international remittance transactions, analysts at Ken Research expect a growth of XX% during 2020-21 and CAGR of XX% during 2020-25F.
During this period, value of transactions is expected to peak in 2025 which will be driven by the opening of the market for foreign MTOs and growing adoption of digital solutions.
Analysts at Ken Research further expect that digitalization of services and corresponding marketing campaigns are expected to drive the revenue of remittance industry at a CAGR of XX% during 2020-25F
Key Topics Covered in the Report
- Overview of International Remittance Industry in Saudi Arabia (Statistics on Corridor wise Transaction volume and value)
- Industry segmentation (By Type of Transfers, Corridor wise)
- Cross Comparison of Major players on Operational and Financial Parameters (December 2020)
- Company Profile of Major Players (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)
- Growth Drivers and Challenges to Saudi Arabia International Remittance Industry
- Industry trends and developments
- Risk factors in the industry
- Rules and Regulations by Government Bodies
- Impact of COVID-19 and Future Outlook of Industry
For More Information, refer to below link:-
International Remittance Market Size in Saudi Arabia
Related Reports
International Remittance Industry in Qatar: Outlook to 2025
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Ken Research
Ankur Gupta, Head Marketing & Communications
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