SentBe rides the wave of Singapore’s foreign resident boom

Singapore's foreign resident population, comprising international students, expatriates, and long-term visitors, has experienced steady growth due to the country's open immigration policies, leading to a strong expansion in the cross-border remittance market. According to the 'Singapore Remittance Market Research, 2032' report, published by Allied Market Research, the value of outbound remittances from Singapore is expected to rise from approximately USD $805.4 million in 2022 to USD $1.3349 billion by 2032, equating to a compound annual growth rate of 5.2%.

The report highlights that the period between 2025 and 2029 is projected to experience a particularly high average annual growth rate of 17.91%. This growth is primarily attributed to increased demand from foreign workers and a greater influx of overseas professionals seeking employment opportunities in Singapore.

Further data from the same research indicate that the volume of outbound remittances continues to far surpass that of inbound remittances, a trend largely influenced by foreign workers and expatriates sending funds to their families abroad.

The Visa Money Travels Digital Remittances survey, which sampled 2,500 Singapore residents, found that over half of the respondents remitted more than USD $1,500 abroad in 2023. Additionally, 86% reported sending or receiving money at least once annually, with 66% planning to remit as much or more in the near future. The top reasons cited for remittances were regular transfers (31%), sudden needs such as medical or accident expenses (26%), and investments (26%).

The competitive local remittance landscape is the result of several factors, including Singapore's proactive cross-border trade policies, rising international trade activity, the proliferation of mobile banking and digital payments, and advancements in fintech. With many foreign residents requiring regular or urgent cross-border money transfers, demand has increased for services that meet certified global security standards and offer competitive fees.

SentBe, based in Korea and operating in Singapore since January 2018, has focused on simplifying the cross-border remittance process. Through its application, SentBe enables personal overseas money transfers in as little as five minutes, offering fees that are reportedly over 90% lower than those typically charged by banks. Users can transfer funds from Korea, Indonesia, and Singapore to more than 50 countries, with multiple payout options including bank deposits, cash pickups, and mobile wallets.

SentBe's regulatory milestones include acquiring the Singapore Cross-border Money Transfer Service Licence from the Monetary Authority of Singapore in 2020. In 2022, the company also obtained the Domestic Transfer Licence and the Merchant Acquisition Licence. SentBe's legal and compliance functions are managed by a dedicated division of 16 professionals, including domestic and global financial lawyers and anti-money laundering experts.

The company has achieved several security certifications, including ISO 27001, ISO 27701, and PCI-DSS v4.0, underscoring its commitment to legal compliance and information protection. These measures support the stability and safety of SentBe's remittance services for users in Singapore.

SentBe states that its solutions help lower financial barriers for users sending money internationally, and that its work aligns directly with the United Nations Sustainable Development Goals related to financial inclusion for migrant workers.

Alex Seong-Ouk Choi, CEO of SentBe, said, "Singapore continues to experience strong growth through its proactive and open immigration policies, increasing foreign employment opportunities, and efforts to improve the corporate business environment. As a global financial hub with high FX importance, Singapore has become a prime location for global companies' Asia headquarters, leading to fierce competition in building user-centered global financial infrastructure."

"With the rising need for more efficient and reliable cross-border remittances, not only for Koreans living in Singapore but also for foreign migrant workers, SentBe will continue to upgrade its services to meet the fast-growing demand for seamless international remittances and expand its market share across Southeast Asia and the broader Asia-Pacific region."