Around the numerous trade and industry sectors the Singapore region is a leader. Along the topmost underwriters such as manufacturing, financial services and oil-refining the Singapore region contrasts. The permissible authorities of the Singapore region established dissimilar and profitable initiatives to encourage the region as a regional hub for the financial technology (FinTech).
Singapore Market Analysis states that the Singapore International Remittance Market has been investigated to be concentrated for banks whereas relatively fragmented for non-banking institutes throughout 2018. The market has been arranged to be at mature stage. The market consists of banks, money transfer operators, mobile wallets, postal networks as foremost entities wherein it is majorly registered by Banks and MTOs. Proficient business strategies adopted by foremost players to position themselves in the market comprise forming an extensive network &developed reach, new services launched & service innovation and better pricing & handy/transparent operations suggested. The market has been fuelled by augmented migration, better legislative environment in form of comfortable policies, augmented awareness towards digitalized remittance services and improvements in digital payment networks & Fintech space. During the next 5 years, players would be enlarging through acquisitions, tie-ups, augmented digital modes of money transfer like mobile applications and M-wallets, lowered price of sending money and speedier transfer speed.
Although, the Credit card POS transactions augmented increasingly over the last year within Asia thus, keeping with the government’s aim of encouraging cashless payments in most of the regions. Japan was followed by South Korea, India and China in terms of the entire number of credit cards in exchange respectively throughout the year 2018. Installation of a greater number of POS terminals at merchant locations and the extraordinary number of cards in circulation, particularly amongst urban residents, supported the growth of credit card transactions around countries such as China, India, Philippines, and several others. ATM cash withdrawals by credit card are much lesser than POS transactions because of great transaction charges in the case of ATM withdrawal.
Whereas, the Singapore has one of the best health infrastructures around the world. The populace is ageing and medical tourism will propel the requirement for healthcare services in Singapore in the coming future. Most of the expensive tertiary care services are delivered by public hospitals at affordable rates. The Singapore Healthcare Market Size is assisted by the implementation of MediShield Life which is the National Health Insurance Scheme. Primary healthcare services are mostly delivered by private sector practitioners and some by government polyclinics operating beneath MOH. Public hospitals and discipline centres engage in clinical research
Whereas, the Singapore Market Share will be assisted by the improvement in Fintech and digital payments, with more utilization of mobile wallets and mobile applications. Growing mobile phone penetration, augment in possession of smart-phones rate and augmented access and utilization of internet services would influence the growth. Therefore, in the coming years, it is anticipated that the research market around Singapore will increase around the globe more proficiently over the upcoming years.
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Ankur Gupta, Head Marketing & Communications