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This study discusses the strategic imperatives that impact the market, drivers and restraints that influence growth, and opportunities that participants can leverage to grow in this market. In terms of geography, the study examines Australia, New Zealand, China, Indonesia, Thailand, Malaysia, Singapore, Hong Kong, Vietnam, India, and the Philippines.
2020 was marked by pervasive disruption, caused by the COVID-19 pandemic, which created growth opportunities for cross-border and remittance service providers. The market witnessed a rise in digital adoption rates (15% YoY growth rate in 2020).
Rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape are driving the automation of cross-border and remittance services. Financial technology innovation-from mobile remittance and mobile payment to cryptocurrency-have captured the attention of customers, regulatory bodies, and market participants.