Philippines International Remittance Business Report 2023-2028: Innovative Startups are Raising Funding to Make Remittances Easier for Filipinos Living Overseas – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–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.

This report provides a comprehensive analysis of the international inbound and outbound remittance market in Philippines. It covers the market opportunity by transaction value, transaction volume, average value per transaction, key market players, market opportunity by channel, consumer profile, and by sending/receiving countries.

The international inbound remittance market in Philippines has increased at 2.0% during 2022 to reach US$ 38.04 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 1.7%, increasing from US$ 37.28 billion in 2022 to reach US$ 41.47 billion by 2028.

The international outbound remittance market in Philippines has increased at 14.8% during 2022 to reach US$188.5 million in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 10.6%, increasing from US$164.3 million in 2022 to reach US$311.8 million by 2028.

The growth of remittance inflows is projected to drop in 2023 due to the slowdown in economic growth of several major source countries. According to a report from the World Bank, the downtrend in migration and global slowdown are major reasons behind the slowdown in the Philippine remittance industry. The report revealed that the total remittance will grow by about 2.5% to reach US$39 billion in 2023.

The long-term perspective, however, remains buoyant according to the publisher’s analysis. Several new collaborations are taking in the Philippine market, with new players seeking to tap into the multi-billion-dollar industry. Innovative startups are also raising funding rounds to accelerate their growth and expand their presence in the international market. Consequently, the publisher maintains a robust growth outlook for the market over the next five years.

Firms are forging strategic alliances to tap into the growing remittance market in the Philippines

Based on the analysis of the publisher, the remittance market is poised for an accelerated growth trajectory over the next five years. To tap into the growing market, firms are forging strategic partnerships in the segment.

Circle, the fintech firm based in the United States, announced a strategic collaboration with domestic firm Coins.ph in October 2023. The collaboration will enable migrants to make use of USDC for sending money back home at minimal transaction costs while simplifying the overall process.

Netbank, the banking as a service platform, also entered into strategic partnerships with international remittance firms to launch a new service facilitating overseas remittances into the Philippines. Netbank also partnered with TransferGo in the United Kingdom.

Going forward, the publisher expects more such strategic collaborations to emerge in the space, thereby aiding the competitive landscape, innovation, and growth of the broader remittance industry.

Innovative startups are raising funding to make remittances easier for Filipinos living overseas

Millions of Filipinos are living overseas and are sending billions of dollars every year back home. The report from the Philippine Statistics Authority revealed that there were almost 2 million Filipinos living overseas in 2021. To make remittances simpler for these Filipinos, new players are entering the market and are raising funding rounds to accelerate their growth.

TANGGapp, which stands for Tap and Go Global App, revealed that the firm had raised US$2.5 million as part of its seed funding round. Several investors including Foxmont Capital Partners, Goodwater Capital, and Manila Angel Investors Network participated in the funding round.

The remittance provider enables money transfers from the United States to the Philippines at a low minimum amount. Users, in the Philippines, can also link their local bank accounts and digital wallets on the application. Over the last two years, the digital remittance app has seen a growth of 25 times, with a substantial repeat usage rate of 48%.

The growth of TANGGapp indicates the growing preference for digital remittance channels in the Philippine market. Going forward, the publisher expects more firms to launch digital-first remittance solutions, thereby aiding the competitive landscape from the short to medium-term perspective.

Remittance startups are eyeing to boost their global presence to scale and accelerate the growth rate

With the global remittance market projected to grow at a significant pace over the next three to four years, Philippine-based remittance startups are seeking to expand their international presence.

BayaniPay, the fintech and remittance startup, announced that the firm is eyeing a presence in Canada. The announcement, in September 2023, comes on the back of US$2.1 million in seed funding rounds, which the firm raised from investors like Talino Ventures and PTGC. This has brought the total fund raised by the firm to US$6.6 million.

The firm is eyeing to build a presence in the Canadian market in Q1 2024. In the United States of America, BayaniPay caters to customers in California, Hawaii, New Jersey, and Alaska. The firm has been reporting strong growth numbers in 2023. In H1 2023, BayaniPay significantly increased its average transaction value to more than P100 million per month.

This marks a significant growth from the previous year when the average transactions were only P30.64 million. The number of new users also reported a growth of 36% during the period.

With a presence in Canada, where more than one million Filipinos are residing, these numbers are projected to further increase over the next few quarters. This will subsequently aid the growth of the broader remittance market from the short to medium-term perspective in the Philippines.

Reasons to buy

• Comprehensive and Up-to-Date Information: The report provides comprehensive and up-to-date information on the Philippines international inbound and outbound remittance market, including market size, growth trends, transaction value, transaction volume, average value per transaction, and market share analysis by transfer channel, consumer demographics, and key countries.
• Understand Competitive Landscape: Get a high-level view of competitive landscape through market share data on key players in the market.
• Actionable Insights for Businesses and Investors: The report provides data centric analysis for businesses and investors operating in the Philippines remittance market. It helps them identify new opportunities, assess risks, and make informed business decisions.
• Forecasts for Future Market Growth: The report provides forecasts for future market growth, enabling businesses and investors to plan and strategize effectively.

Key Attributes:

Scope

International Inbound Market Opportunity Trend Analysis in Philippines

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

Market Share of Key Players in Philippines

International Inbound Market Opportunity Trend Analysis by Channel in Philippines

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Inbound Remittance Analysis of Consumer Profile in Philippines

• Analysis by age group of senders
• Analysis by income of senders
• Analysis by occupation of senders
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Inbound Remittance Flow Analysis (Country to State/Region) in Philippines

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

International Outbound Market Opportunity Trend Analysis in Philippines

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

International Outbound Market Opportunity Trend Analysis by Channel in Philippines

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Outbound Remittance Analysis of Consumer Profile in Philippines

• Analysis by age group of senders
• Analysis by income of sender
• Analysis by occupation of sender
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Outbound Remittance Flow Analysis (State/Region to Country) in Philippines

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

For more information about this report visit https://www.researchandmarkets.com/r/qec69m

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