The publication titled ‘International Remittance Industry in Qatar’ covers the overview of industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Qatar. With ~88% of expat population, the value of outbound remittance transactions were recorded at QAR XX Bn in 2020, down from QAR XX Bn in 2019 due to COVID-19 restrictions and return of expat population to home countries. Given the dominance of local exchange houses, analysts have elaborated on competitive landscape of major exchange houses on the basis of operational and financial parameters, highlighted growth drivers and risk factors governing the future outlook of industry.
Overview of Industry:
The growth in expat population from XX Mn in 2010 to XX Mn in 2019 and increased share of remitted money as a proportion of salary have contributed to the increased value of remittance transactions in Qatar from QAR XX Bn in 2016 to QAR XX Bn in 2019. While, India remains the largest outbound remittance corridor, there has been tremendous growth in outbound remittance to Bangladesh with its contribution surging from XX% in 2016 to XX% in 2020. As at June 2021, there were XX local exchange houses operating via XX branches across Qatar. Al Dar for exchange works operated the highest number of XX branches in Doha, Ar Rayyan, Al Khor etc.
Drivers and Impediments to growth:
In line with the National Vision 2030 and upcoming FIFA World Cup event in 2022, remittance industry in Qatar has been witnessing introduction and adoption of digital solutions (Web and mobile application) by migrant population. The pandemic of COVID-19 compelled workers to return to their home countries while lockdown on exchange houses forced users to switch to online mediums for transactions. Further, the restrictions on daily transfer limit and corresponding daily funding issues in certain small exchange houses had led to shift of high value customers to leading players.
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A push by Qatari Government to promote Fintech
Qatar Central Bank (QCB) has played a crucial role in promoting and regulating the industry with vigilance on compliance with Anti-Money Laundering and Combating Financing of Terrorism. Further, partnership of QCB with Qatar Development Bank and Qatar Financial Center to launch Qatar Fintech Hub has provided for incentives (waiver of application fees and first year registration fees, rent free workspaces, 100% foreign ownership and repatriation of profits etc.) aim to encourage investments in startups in Qatar. In a whitepaper released in October 2021, the stakeholders have highlighted the role of technology and its surging adoption which could pave way for Qatar as a regional hub for Fintech.
A Vibrant Future Outlook:
Given the backdrop of decrease 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 2022 owing to arrival of more than XX Million foreign travelers for FIFA World Cup 2022 event. It is also expected that industry would witness increased level of partnerships among banks, exchange houses and financial services entities aiming to gaining ownership in value chain.
While, digitalization of services coupled with wafer-thin operating margins are here to stay for tomorrow, it is pertinent for incumbents to re-assess their business strategy and focus on creating value for customers of tomorrow.
Key Topics Covered in the Report
Overview of International Remittance Industry in Qatar (Statistics on Corridor wise Transaction volume and value)
Industry segmentation (By Type of Transfers, Type of Intermediary Operators, Corridor wise, Type of Source Entities)
Cross Comparison of Major Exchange houses on Operational and Financial Parameters (December 2020, June 2021)
Company Profile of Major Exchange Houses (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)
Growth Drivers and Challenges to Qatar International Remittance Industry
Industry trends and developments
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 Growth in Qatar
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