Philippines International Remittance Market Sees Business and Investment Opportunities Amid Rising Transaction Values

DUBLIN, Jan. 29, 2024 /PRNewswire/ — The “Philippines International Remittance Market Business and Investment Opportunities – Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics – Q2 2023” report has been added to ResearchAndMarkets.com’s offering.

The detailed examination of transaction values, volume, consumer demographics, and the inflow/outflow trends to and from key states, suggests promising growth in the market despite global economic challenges. The report underscores the strategic movements by firms and startups with innovative approaches aimed at simplifying and enhancing the efficiency of cross-border money transfers.

Inbound Remittance Growth

Despite a projected slowdown in remittance inflows in 2023 due to the deceleration of economic growth in several source countries, the Philippines international remittance market shows resilience. The inbound market size is expected to see a compounded annual growth rate (CAGR) of 1.7%, propelling from US$ 37.28 billion in 2022 to an anticipated US$ 41.47 billion by 2028.

Strategic Alliances Forging Future Growth

As part of the market’s evolution, strategic collaborations are emerging as a crucial factor. Notably, the recent partnership between a U.S.-based fintech firm and a prominent Philippines payments platform illustrates the potential for seamless transactions leveraging cutting-edge digital currency solutions. Furthermore, banking as a service platforms are collaborating with international remittance firms to introduce new remittance channels, enhancing the market’s dynamism and innovation.

Startup Ecosystem Breeding Disruptive Innovations

Startups in the Philippines are actively pursuing funding opportunities to carve out their niche in the competitive remittance sector. Innovators like TANGGapp have exemplified this trend with substantial funding rounds backed by renowned investors. These new market entrants are focusing on user-friendly digital remittance applications that cater to the growing demands of the Filipino diaspora.

Expansion and Global Scale

Looking beyond domestic success, Philippine-based startups are setting their sights on international expansion to scale their operations. For example, a remittance-focused fintech startup has announced intentions to enter the Canadian market, aiming to serve the sizable Filipino community there, thereby forecasting a significant upsurge in user growth and transaction volume.

Comprehensive Inbound Market AnalysisTransaction Value and Volume TrendsChannel-Specific Market OpportunitiesDetailed Outbound Market InsightsIncreasing Transaction AveragesConsumer Profile AnalyticsForecasts for Market Growth

The newest report offers businesses and investors critical insight, enabling effective strategizing for those operating within the Philippines remittance scene. It presents a thorough view of the industry, including international inbound and outbound remittance market opportunities, consumer profiles, and flow analysis from the country to various states and regions. 

For more information about this report visit https://www.researchandmarkets.com/r/77f2fa

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected] 

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/philippines-international-remittance-market-sees-business-and-investment-opportunities-amid-rising-transaction-values-302046955.html

SOURCE Research and Markets