Euronet Worldwide, Inc.’s EEFT unit Ria Money Transfer along with a leading player in the money transfer industry recently announced its first store in Singapore. This store in the Little India geography will enable customers to send funds at competitive foreign exchange rates. The money transfer can be done via Ria Money’s wide network of more than 397,000 locations across 160 countries.
This move is in line with Ria Money’s strategy to penetrate the Asia Pacific region. It has been providing inbound cash pick-up and bank deposit services in Singapore through its 30 agent points of location over the past many years.
This Kerbau Road store marks the company’s first retail venture in the country. Going forward, Euronet plans to look for other retail locations and agents that would help provide a solid value proposition in the Singapore market.
Singapore holds ample opportunities for Ria Money with its evolving remittance market.
Per World Bank, $6.1 billion of remittances were sent from Singapore in 2017. This amount has a significant role in other regional economies like Malaysia, India, Indonesia, the Philippines and Bangladesh where the percentage of GDP retained by remittances can be as high as 10.2%.
Ria Money Transfer is poised well for growth on the back of several strategic relationships that it forged in the recent past. It is selected as a provider by Walmart2World to offer US outbound international Money Transfer services at Walmart locations in the United States and Puerto Rico.
Moreover, this leading money transfer service providing unit along with a distinguished cross-border fund transfer company reached an agreement with Belgian Postal Service group in January (bpost group) to deliver feasible money transfer services via more than 600 post offices. It also partnered with bank99, Austrian Post’s new banking and financial entity, through which customers can send safe and secure international remittances.
Euronet’s Money Transfer is consistently delivering growth in physical and digital distribution channels of big money transfers, attributable to growth in the foreign agent and correspondent payout networks. As of 2019 end, the Money Transfer network covered around 397,000 locations across 160 countries. The segment's Ria Money Transfer is constantly expanding on the back of alliances, evident from its 5% ownership of the international remittance market share.
Shares of this Zacks Rank #4 (Sell) company have lost 3.5% in a year's time against its industry's growth of 6.3%.
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