Malaysia International Remittance Market Sees Steady Growth with Digital Transfers on the Rise

DUBLIN, Jan. 29, 2024 /PRNewswire/ -- The "Malaysia 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 comprehensive study delves into the recent growth patterns, with a spotlight on both inbound and outbound money transfers, and forecasts the trajectory of the market from 2023 to 2028.

The research highlights a significant uptick in digital remittances, which aligns with global fintech trends and increased smartphone penetration. The report suggests that the traditional remittance landscape is rapidly shifting as more consumers adopt mobile and digital methods for cross-border transactions.

Key Insights into Malaysia's Remittance Market

• Detailed analysis of inbound remittance indicates a 2.9% growth rate in 2022, forecasting a rise in market size to US$ 1.84 billion by 2028.
• Outbound remittances have also witnessed a growth rate of 2.1% during the same period, with expectations to reach US$ 9.72 billion by 2028.
• Penetrative examination of transaction value, volume, and the underlying consumer demographics that influence these trends.

The evolving landscape of Malaysia's remittance sector, captured by transaction values and volumes, is further dissected by the channels through which these transfers occur. The report illuminates the profound shift towards digital and mobile remittance channels, underscoring the need for service providers to invest in technology-driven solutions.

Strategic Implications for Stakeholders

The analysis yields actionable data, offering a high-level view of the competitive landscape for stakeholders to strategize effectively. Market opportunities have been meticulously cataloged, providing an edge for players in the remittance industry to adapt and capitalize on emerging trends.

International Remittance Channels Under Scrutiny

A deep dive into the diverse remittance channels reveals:

• The gradual decline of non-digital remittance methods as the fintech ecosystem expands.
• The consumer profile analysis, segmenting the remittance market by age, income, occupation, and purpose of transfer.
• A region-wise breakdown of remittance flows, providing clarity on key states and corridors that generate the highest volume of transactions.

The comprehensive report brings forward a nuanced understanding of the remittance market in Malaysia, spotlighting the influential role of digital innovation in shaping the future of cross-border money transfers. The consummate information provided is a vital resource for anyone engaged in the financial sector, especially those focused on remittance services.

For more information about this report visit https://www.researchandmarkets.com/r/8srgbh

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SOURCE Research and Markets