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Saudi Arabia International Remittance Market Size, Share, Revenue, Growth Rate

The Saudi Arabia Remittance market is anticipated to grow at a CAGR of 2.8% during the forecast period FYu201920-FYu201925. 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. According to our market research report 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.

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Saudi Arabia International Remittance Market Size, Share, Revenue, Growth Rate

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  1. Saudi Arabia Remittance Market | Commission rate Banking Partners Saudi Arabia | Remittance Licensing Fees in KSA | Inbound/Outbound Remittance Industry in Saudi Arabia: Ken Research • November2021 • Decoding the landscape of International remittance Industry in SaudiArabia • TheSaudiArabiaRemittancemarketisanticipatedtogrowataCAGRof2.8%duringthe • forecast periodFY’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 remittancemarket • Saudi Arabia is one of the most economically prosperous country in Asia and hence isaprominentemigrationdestinationtoamanySouthAsiancountries.Ofthecurrent populationof33Million,morethan37%ofpopulationcomprisesofexpatswithIndia, 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 countryperiodically. • Due to increased focus on hiring Saudi nationals at higher levelposts, 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 tohigher propensity tosave. • 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 industrygrowth. • How is the competitive landscape in International Remittance Industry of Saudi Arabia? • TheSaudiArabianRemittancemarketisdominatedbymajor7-8whichareproviding 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

  2. STC pay has gained a substantial market share since it begin their operations and all other banks are now focusing on strengthening their digitalchannels. InSaudiArabia,foreignMTOswerenotallowedtoopentheirbranchesandproviding 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 theKingdom. Request For Sample Report @ https://www.kenresearch.com/sample- report.php?Frmdetails=NDg0NzMz What is the future takeaway for industryplayers? 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% during2020-25F.

  3. During this period, value of transactions is expected to peak in 2025 which will be drivenbytheopeningofthemarketforforeignMTOsandgrowingadoptionofdigital 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% during2020-25F Key Topics Covered in theReport OverviewofInternationalRemittanceIndustryinSaudiArabia(StatisticsonCorridor 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 RemittanceMarket Industry trends and developments Risk factors in theindustry Rules and Regulations by Government Bodies Impact of COVID-19 and Future Outlook of Industry RelatedReports: RussiaRemittanceandBillPaymentsMarketOutlookto2023(SecondEdition)-By Domestic Remittance Banking & Non -Banking Channels; International Remittance Flow Corridors and Channel; and Bill PaymentSegment Indonesia Domestic and International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Income Level Group and By Inflow and Outflow RemittanceCorridor

  4. Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow RemittanceCorridors ContactUs:- KenResearch Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249

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