Source: SingTel Website
So there is one more option for people to remit money out of Singapore and this is from SingTel.
It is expected to be launched in a few days time and the first place will be Philippines or Globe GCash. This is a good 'try' to expand in to new business areas. However I am not sure whether this is another 'try' which is going to be short lived.
The market is there and Philippines getting 21 Billion dollars (US) in remittances. In Singapore, I don't have the stats but some what old document shows the estimates to SEA from Singapore are around 4-5 Billion Dollars (Source) in 2005. I'm sure this figure is easily doubled and if I take 10 Billion now and 50% of it going to Philippines it'll be ~ 5 Billion.
Other way is by looking at total number x average remittance. Which is ~100,000 (80,000 FDW + 25,000 other permits) and in an average if they are sending $ 250 / month that would be close to $ 3 Billion / Year.
Question is what % SingTel or other telco's can get from this amount. If it's even 3% that's going to be wonderful for SingTel.
Based on my observation, typical remittances are depending on "other party" or "recipient" rather then the "sender" convenience. If the recipient prefers to use GCash or Gcash channel this might be a success. If the other party prefers to go for normal channel, then this is going to be few weeks/months publicity.
So Globe customer base is approx 30 million and market share is ~ 30-35% in Philippines. Also in rural areas (where I guess the recipients are located) their presence is not as strong as PLDT. So this could be a negative point for them.
Overall if Globe can execute this well, this will bring some additional cash to SingTel bottom line. If Globe fails, this will fail.
So there is one more option for people to remit money out of Singapore and this is from SingTel.
It is expected to be launched in a few days time and the first place will be Philippines or Globe GCash. This is a good 'try' to expand in to new business areas. However I am not sure whether this is another 'try' which is going to be short lived.
The market is there and Philippines getting 21 Billion dollars (US) in remittances. In Singapore, I don't have the stats but some what old document shows the estimates to SEA from Singapore are around 4-5 Billion Dollars (Source) in 2005. I'm sure this figure is easily doubled and if I take 10 Billion now and 50% of it going to Philippines it'll be ~ 5 Billion.
Other way is by looking at total number x average remittance. Which is ~100,000 (80,000 FDW + 25,000 other permits) and in an average if they are sending $ 250 / month that would be close to $ 3 Billion / Year.
Question is what % SingTel or other telco's can get from this amount. If it's even 3% that's going to be wonderful for SingTel.
Based on my observation, typical remittances are depending on "other party" or "recipient" rather then the "sender" convenience. If the recipient prefers to use GCash or Gcash channel this might be a success. If the other party prefers to go for normal channel, then this is going to be few weeks/months publicity.
So Globe customer base is approx 30 million and market share is ~ 30-35% in Philippines. Also in rural areas (where I guess the recipients are located) their presence is not as strong as PLDT. So this could be a negative point for them.
Overall if Globe can execute this well, this will bring some additional cash to SingTel bottom line. If Globe fails, this will fail.
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