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Digital Remittance Market Rising at 13.5% CAGR to Hit $83.2 Billion by 2034 | Fact.MR Analysis

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Outward Digital Remittance Services to Drive Major Revenue Generation for Companies

ROCKVILLE, Md., May 22, 2024 /PRNewswire/ — According to a recently updated industry report published by Fact.MR, the global Digital Remittance Market will hit $23.4 billion in 2024 and surpass $83.2 billion by 2034, growing at a CAGR of 13.5% from 2024 to 2034.

The ever-increasing use of smartphones and other electronic devices for international payments and remittance services will boost the global market growth over the next 10 years. Quick, easy, and safe transfer of funds is increasing the popularity of digital remittance services.

For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7104

The advanced remittance platforms are offering their users a secure and fast transaction experience.  The conventional way of transferring funds is time-consuming and expensive, while digital remittance platforms are comparatively inexpensive, faster, and offer value-added services. The growing increasing competition among market players is leading to low costs associated with money transfer.

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International remittances are aiding in revenue generation at a maximum level. The immigration of individuals in search of jobs, the surge in international business activities, and the trend of getting an education from overseas are contributing to the growing adoption of digital remittance solutions for fund transfer. The immigrant people make use of outward digital remittance services to transfer money to their families. The rising number of customers of international banks and financial institutions is further increasing the use of outward digital remittance services.

Key Takeaways from the Market Study:

  • Global demand for digital remittance services is forecasted to reach a market value of US$ 83.2 billion by 2034.
  • The United States market is set to register a CAGR of 13.3% through 2034.
  • Japan is expected to capture 28.9% of the East Asia market share in 2024.
  • Revenue from outward digital remittance services has been evaluated at US$ 12.9 billion in 2024.

“Integration of artificial intelligence and machine learning will enhance the capabilities and increase the adoption of digital remittance solutions in the years ahead”, says a Fact.MR analyst.

Winning Strategy:

The global digital remittance market is offering lucrative opportunities for both prominent service providers and new companies. The established players are adopting strategies such as collaborations, mergers, partnerships, and acquisitions to increase their product offerings and market reach. New companies are investing in the production of digital remittance solutions integrated with the latest technologies. This move is aiding start-ups to earn high profits and attract early adopters.

  • The UAE-based fintech start-up Go F5 offers a mobile application to perform financial transactions. The company uses blockchain technology for secure and quick fund transfers. The app F5 offers services for both individuals and businesses.

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7104

U.S. and South Korea: Key Players and Growing Markets in Digital Remittance Services

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The United States hosts prominent financial service and communication companies such as Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Many individuals migrate to the U.S. for better education, job opportunities, and business prospects.

The increasing number of immigrants in the country is expected to create significant growth opportunities for digital remittance service providers. Additionally, the trend toward faster money transfers is driving high demand for advanced payment applications.

South Korea: Rapidly Growing Digital Remittance Market in East Asia

South Korea is emerging as the fastest-growing market in the East Asia region. Many South Koreans use digital remittance platforms to transfer funds annually to colleagues, business partners, and family members abroad. The increasing adoption of online banking and financial services in South Korea is expected to propel the demand for digital remittance services. The growing focus on mobile banking, cashless payments, and mobile-based payment solutions is also contributing to the growth of the digital remittance market in South Korea.

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Fact.MR, in its new offering, presents an unbiased analysis of the global digital remittance market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034). Download a Sample Report

The study divulges essential insights on the market based on type (inward, outward), channel (banks, money transfer operators, online platforms), and end use (migrant labor workforce, personal, small businesses, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research:

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Recurring Payments Market to Reach a Whopping $268.7 Billion by 2033

AI and Automation in Banking Market to Grow at an impressive CAGR of 22.8% through 2032

Digital Transaction Management Market Set to Reach $93.25 Billion by 2032

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

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With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape. 

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View original content:https://www.prnewswire.co.uk/news-releases/digital-remittance-market-rising-at-13-5-cagr-to-hit-83-2-billion-by-2034–factmr-analysis-302153098.html

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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