Remittances are well-defined as the monetary lifelines transferred by migrant workers back home. Whereas, the international remittance are all such cross-border money transfers executed over the internet by such a migrant population. Remittances, in common, comprise fund transfers amongst the residents and non-residents and earnings sent from the short-time workers from other regions to their country of birth. It plays huge role in the financial ecosystem during the present era.
According to the report analysis, ‘Malaysia Remittance Industry Outlook to 2019 – Driven By Increasing International and Domestic Migration’ states that Malaysia Remittance Market has seen immense growth in the present years due to the augmented international migration with a remarkable CAGR of ~ % through 2009-2014. The augmented international migration and speedy economic growth are two of the major reasons accountable for the growth in remittance market. Growing existence of multinational corporations in Malaysia has made international migration protuberant in the country. Along with international migration, the growing rate of urbanization within Malaysia has made the number of internal migrants to soar in the present years. The market for both inward and outward international remittances is predicted to augment in the forthcoming years due to the large number of international migrants moving toward the Malaysia in the forthcoming years.
Aspects such as deduction in remittance costs, growing international migration, advancing youth unemployment rate, surging urbanization, growing number of international students and augmenting the refugee population would propel the growth in the remittance inflows. However, the market growth would be challenged by changing remittance costs by region, de-risking practices and severe government regulations. A few notable trends may comprise emergence of fintech platforms, increasing demand for mobile payment transactions, growing options of sending money and high pressures to decrease the remittance fees on MTOs are predicted to boost the market during future.
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Growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost propels the growth of the market. In addition, growth in implementation of banking & financial sectors around the globe propels the international remittance market growth. However, growth in number of financial crimes and shortage of awareness for digital remittance is predicted to impede the market growth. Furthermore, technological innovations in international remittance market are estimated to deliver the lucrative opportunities for the market growth.
The bill payment market in Malaysia has been increasing in the recent years due to augmented urbanization and the high standards of living of Malaysian citizens. The augmented tariffs of gas and electricity have also underwritten to the growth in bill payment market around Malaysia. The bill payment market in Malaysia has been increasing at a CAGR of ~% throughout 2010-2014. The Bill Payment Industry in Malaysia will augment significantly due to the augment in the spending patterns and high standards of living of Malaysia citizens which will lead the industry to develop at a CAGR of ~% in the next 5 years i.e., 2014-2019. Mobile payments in Malaysia have begun to take off during the recent years as Smartphone and internet penetration reach new heights causing the industry to develop at a CAGR of ~% throughout the period of 2010-2014.
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Malaysia Remittance Market Analysis
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