Growing digitalization and opening of the market to International Money Transfer Operators (MTO) will drive the growth of Saudi Arabia Remittance Industry at a CAGR of 2.8% during 2020-25: Ken Research

laxmi adhikari

Growing digitalization and opening of the market to International Money Transfer Operators (MTO) will drive the growth of Saudi Arabia Remittance Industry at a CAGR of 2.8% during 2020-25: Ken Research

The Saudi Arabia Remittance market is anticipated to grow at a CAGR of 2.8% during the forecast period FY’20-FY’25.

•Growth of digital payments solutions, along with rising fintech ecosystem are further expected to give a boost to numerous entities that facilitate online payments in the country.

•Opening of the market to allow foreign MTOs will encourage entry of new players in the oligopolistic remittance market

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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. This results in a high contribution of outbound remittance in the industry as the expats send money to their home country periodically.

Due to increased focus on hiring Saudi nationals at higher level posts, more and more people are looking to move from Saudi Arabia. This led to a decline in the remittance industry size by value. However post-COVID the scenario has reversed due to higher propensity to save.

Until 2019, the foreign MTOs were not allowed to set up business independently. But based on G20 National Remittance Plan, Saudi Arabia has opened the markets for foreign MTOs which will boost the industry growth.

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How is the competitive landscape in International Remittance Industry of Saudi Arabia?

The Saudi Arabian Remittance market is dominated by major 7-8 which are providing remittance services from a very long back. A very high amount of capital would be required to make any position in the oligopoly remittance market of Saudi Arabia. More than 95% of the remittance market is hold by 8 firms and the competition has been growing largely since the increase in penetration of digital channels. Entry of STC pay has gained a substantial market share since it begin their operations and all other banks are now focusing on strengthening their digital channels.

In Saudi Arabia, foreign MTOs were not allowed to open their branches and providing remittance services independently in the Kingdom. Since 2019, the plan have been introduced but there are many rules and regulations which are to be followed for the foreign money exchanges. The paid up capital has not been standardized for the foreign players and it is to the discretion of Saudi Central Bank SAMA. This means that the entry barriers are high for the remittance industry in the Kingdom.

What is the future takeaway for industry players?

Given the backdrop of increase in volume and value of outbound international remittance transactions, analysts at Ken Research expect a growth of 4.5% during 2020-21 and CAGR of 2.8% 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 3.1% during 2020-25F

Key Topics Covered in the Report

Overview of the international remittance industry in Saudi Arabia (statistics on the volume and value of wise corridor transactions)
Industry segmentation (by type of transfers, by corridor)
Comparison of key players in operational and financial standards (December 2020)
Company profile of key players (overview, products and services, USP, business strategies, branch operational performance, cumulative financial performance, recent developments)
Growth drivers and challenges facing the international remittance industry in Saudi Arabia
Industry trends and developments
Industry Risk Factors
Rules and regulations by government agencies
COVID-19 Impact and Industry Outlook

For more information on the research report, refer to below link:

صناعة التحويلات الدولية في المملكة العربية السعودية: كين للأبحاث (kenresearch.com)

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Ankur Gupta, Head Marketing & Communications

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laxmi adhikari

Decoding the landscape of International remittance Industry in Saudi Arabia

laxmi adhikari 2023-06-28

Due to increased focus on hiring Saudi nationals at higher level posts, more and more people are looking to move from Saudi Arabia. But based on G20 National Remittance Plan, Saudi Arabia has opened the markets for foreign MTOs which will boost the industry growth. ASK FOR CUSTOMIZATION How is the competitive landscape in International Remittance Industry of Saudi Arabia? The Saudi Arabian Remittance market is dominated by major 7-8 which are providing remittance services from a very long back. com +91-9015378249Follow UsFacebook | Twitter | LinkedIn | Instagram

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