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Money Transfer Agencies Market size is set to grow by USD 15.84 billion from 2024-2028, Technological advancements to boost the market growth, Technavio

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NEW YORK, July 8, 2024 /PRNewswire/ — The global money transfer agencies market  size is estimated to grow by USD 15.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.54%  during the forecast period. Technological advancements is driving market growth, with a trend towards rising number of start-ups. However, rising illicit financial flows  poses a challenge. Key market players include Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Systems Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and WorldRemit Ltd.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Money transfer and Currency exchange) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Systems Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and WorldRemit Ltd.

Key Market Trends Fueling Growth

Fintech start-ups, such as TransferWise, Revolut, Xoom, WeSwap, PeerTransfer, Sendmoney.ph, WorldRemit, Remitly, Azimo, and TransferGo, are disrupting the global money transfer agencies market by raising substantial investments and offering innovative solutions. These start-ups are challenging traditional banks and Money Transfer Operators (MTOs) with peer-to-peer (P2P) and consumer-to-business (C2B) cash payment models. For instance, M-Pesa’s P2P and C2B transactions have significantly improved money transfer convenience for millions of users. With the increasing number of start-ups, the payments landscape is poised for significant change during the forecast period. Xoom held a 23% market share in September 2021, and the market is expected to grow due to the convenience, affordability, and accessibility offered by these fintech solutions. 

The Money Transfer Agencies market is experiencing significant trends as more people use mobile wallet transfers for cross-border payments. Migrants, expatriates, students, travelers, and business partners are increasingly relying on mobile platforms for remittance services. Digital technology and correspondent banks are key partners in facilitating these transactions. Currency exchange and exchange rates are crucial factors, with digital banks and wire transfers offering competitive rates. Traditional financial institutions and multinational corporations are also embracing digital technology to streamline international trade transactions, investment activities, and currency risk management. Cross-selling and value-added services like currency exchange, bill payments, prepaid cards, microfinance products, and transaction histories are becoming popular offerings. International organizations and financial inclusion initiatives are also leveraging these services for foreign exchange and remittances. 

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Market Challenges

The money transfer agencies market faces significant challenges due to the increasing issue of illicit financial flows. These flows involve funds that are illegally earned, transferred, or used. With the growing reliance on digital technologies, the communication networks facilitating these illicit transactions pose a major concern. Furthermore, digital technologies enable organized cybercrimes and offer opportunities for fraud, corruption, tax evasion, and other unlawful activities. These factors are expected to impede the market’s growth throughout the forecast period.Money transfer agencies face several challenges in today’s digital world. User-friendly mobile apps and online platforms are essential for customer convenience, but they require advanced technologies and API-driven infrastructure. Banking infrastructure and regulatory scrutiny are crucial for secure and efficient cross-border transactions. Industry professionals must navigate the use of blockchain technology, digitalization, and cryptocurrencies like Bitcoin and Ethereum. Security is paramount, with fraud, tracking, and multicurrency accounts top concerns. Immigrant populations and their family members and friends rely on remittance services for financial inclusion. Fintech companies and disruptors are transforming the financial services industry with digital transactions, while physical branches and currency exchange rates remain important for some customers. Cross-border remittances, e-commerce, and financial investments also pose challenges. Decentralized ledgers offer potential solutions, but regulatory compliance and financial crimes are ongoing concerns. Intermediaries must balance the need for efficiency and security with the demands of international borders and financial services regulations.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This money transfer agencies market report extensively covers market segmentation by

Service 1.1 Money transfer1.2 Currency exchangeGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 Money transfer-  Money transfer agencies facilitate the process of sending money across borders. These agencies offer various services such as cash pick-up, bank transfer, mobile wallet top-ups, and home delivery. They partner with banks and financial institutions to ensure secure and efficient transactions. Fees and exchange rates may vary, making it essential for customers to compare offerings before selecting a service. The market for money transfer agencies continues to grow due to increasing globalization and the need for seamless cross-border transactions.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Money Transfer Agencies (MTAs) market is a dynamic and evolving sector that facilitates the transfer of monetary assets across international borders and domestic transactions for individuals and businesses. MTAs serve as intermediaries between senders and receivers, providing various payment methods through digital platforms and physical agent networks. The market caters to diverse needs, including international remittances, business payments, and personal financial needs. Industry standards ensure secure and efficient transactions. Financial technology innovations, digital technologies, mobile devices, and user-friendly mobile apps have revolutionized the sector, making it more accessible and convenient. Online platforms and retail agents offer cash pickups and bank deposits as payout locations, expanding financial inclusion and broadening the reach of MTAs in the financial services industry.

Market Research Overview

The Money Transfer Agencies (MTOs) market is a dynamic and evolving industry that facilitates the transfer of monetary assets between individuals, businesses, and service providers across international borders. This market caters to various financial needs, including international remittances, business payments, and personal financial requirements. The industry is witnessing significant digitalization, with digital platforms and mobile devices becoming increasingly popular for digital transactions. Financial technology innovations, such as blockchain technology and API-driven infrastructure, are revolutionizing the industry by providing secure, efficient, and decentralized solutions for cross-border transactions. MTOs operate through physical agent networks and correspondent banks, offering various payout options, including cash pickups, bank deposits, mobile wallet transfers, and home address delivery. The market is subject to regulatory scrutiny and industry standards to ensure security, efficiency, and compliance with financial crimes and fraud prevention measures. The MTO market serves a diverse clientele, including immigrants, expatriates, students, travelers, and businesses, and caters to various financial services, including foreign remittances, cross-border e-commerce, and financial investments. The industry is experiencing disruption from fintech companies, which are leveraging digital technologies to offer user-friendly mobile apps, online platforms, and digital transactions. Currency exchange rates, regulatory compliance, and security are critical factors that influence the market’s growth and competitiveness. The market’s future growth is expected to be driven by digital transformation, financial inclusion, and the increasing demand for cross-border payments and remittances.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceMoney TransferCurrency ExchangeGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Elitery Earns 2024 Great Place To Work Certification™ Indonesia: Building Trust Through a Positive Workplace Culture

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JAKARTA, Indonesia, Jan. 6, 2025 /PRNewswire/ — Elitery, a leading IT managed services provider in Indonesia, is proud to announce its official recognition as a  Great Place to Work Certified™ for the period of December 2024 to December 2025. This prestigious recognition is based on direct feedback from employees. An impressive 91% of employees stated that Elitery is a great place to work — surpassing global standards and highlighting Elitery’s commitment to fostering an exceptional workplace culture.

Great Place To Work® is the global authority on workplace culture, employee experience, and leadership behaviors proven to drive revenue, employee retention, and innovation.

“We are thrilled to receive this recognition,” said Kresna Adiprawira, President Director of Elitery. “At Elitery, we do more than manage technology infrastructure. We build careers, foster connections, and nurture an inspiring work culture. This achievement reflects our belief that when our people thrive, success naturally follows.”

The GPTW assessment is a comprehensive measurement of employee trust in the company’s future, while also focusing on the core elements that define a great workplace. These include Credibility, which refers to employees’ trust in the company’s management and leadership; Respect, which highlights the appreciation shown by the company towards its employees; Fairness, where all employees are treated equally and without bias, regardless of their role or background; Pride, reflecting how employees feel a deep sense of accomplishment and joy in being part of Elitery; and Camaraderie, which underlines the strong sense of connection, support, and teamwork that flourishes among employees.

The survey results reveal a high level of satisfaction among Elitery employees, further amplified by the company’s progressive work-from-anywhere culture. By offering flexibility to work from any location, Elitery ensures employees maintain a healthy work-life balance, fostering an environment that supports both productivity and personal growth.

This milestone crowns an extraordinary year for Elitery.  In 2024, the company launched Elipedia, a product designed to empower knowledge sharing and streamline IT solutions for businesses. Elitery also made history by becoming the first Google Cloud Partner Managed Service Provider (MSP) in Indonesia, showcasing its leadership in delivering world-class cloud services. Further solidifying its expertise, Elitery earned the Google Cloud Public Sector Partner of the Year Award 2024 – Asia Pacific, in recognition of its significant contributions in advancing cloud adoption and innovation across the public sector.

In addition, Elitery made a strategic leap by becoming the first Managed Security Services Provider (MSSP) to partner with Google Cloud Security in Indonesia, expanding its offerings to provide comprehensive security solutions. Elitery’s commitment to enhancing both customer and employee experiences was also honored with the Indonesia Best CX-EX Strategy Award 2024 from SWA, highlighting the company’s success in this critical area.

At Elitery, success begins with people. The combination of a supportive and flexible workplace, significant opportunities for professional development, and recognition for employee contributions has created a culture where individuals thrive and innovation flourishes. Elitery believes that by empowering its employees, the company is able to unlock the full potential of technology and deliver meaningful impact for businesses and society.

About Elitery

Founded in 2011, PT Data Sinergitama Jaya, Tbk (later known as “Elitery”) is an IT-managed service company that focuses on cloud and cybersecurity services. With a good corporate reputation, Elitery is trusted by world-class cloud services providers, such as Google Cloud as a go-to-market partner in Indonesia.

Since 2011, Elitery has handled many mission-critical systems accessed by tens of millions of users daily. Customers from various sectors, both private and government, have also trusted Elitery. Equipped with the experience and competence that Elitery has, Elitery is confident that it can become a trusted partner for your organization’s digital transformation.

Elitery’s commitment to excellence is reflected in its continuous efforts to stay at the forefront of technology trends and advancements. By participating in initiatives like the MSSP, Elitery demonstrates its dedication to enhancing its service offerings and providing clients with cutting-edge solutions that address their security and IT management needs.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/elitery-earns-2024-great-place-to-work-certification-indonesia-building-trust-through-a-positive-workplace-culture-302342520.html

SOURCE Elitery

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Audio Foundry Unveils at CES 2025: Primax-Tymphany Group Drives Innovation in Smart Vehicle Technology

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Enhancing in-car experiences with one-stop integrated audio, vision, and HMI solutions for next-generation vehicles.

TAIPEI, Jan. 5, 2025 /PRNewswire/ — Primax Group, comprising Primax Electronics and Tymphany, will showcase groundbreaking solutions at CES 2025 through Audio Foundry, an automotive audio technology collaborative initiated by Tymphany. The group will present its next-generation, integrated audio-vision-HMI solutions, highlighting its cutting-edge X-IN-1 Sensory Fusion technology at the Audio Foundry booth (#6510) in the Las Vegas Convention Centre’s West Hall. This collaboration emphasizes the synergy between Primax’s advanced vision technologies, Tymphany’s audio expertise, and the unified capabilities within Audio Foundry to drive innovation in the automotive industry.

Primax Electronics redefines vision technology by expanding beyond traditional camera modules, offering high-resolution imaging, wide-angle functionality, and enhanced low-light performance. These technologies enable applications such as Advanced Driver Assistance Systems (ADAS), Camera Monitoring Systems (CMS), and Driver Monitoring Systems (DMS), ensuring precise detection and seamless integration with vehicle systems. Additionally, Primax brings innovations like specialized Qi wireless charging to the automotive space, highlighting the company’s leadership in interface technology. 

“This collaboration showcases the strength of our group’s synergy, combining Primax’s leading vision technology with Tymphany’s audio expertise to create unified solutions that will set new standards for the automotive industry,” said Joe Chu, General Manager of Business Operation at Primax. “By integrating safety-focused imaging systems with superior audio solutions, we will deliver experiences that go beyond traditional boundaries.”

Tymphany complements Primax’s efforts with its expertise in premium audio systems, including system design, moving mechanics, transducers, and amplifiers. These advancements enable immersive soundscapes that enhance both entertainment and safety, showcasing the co-operation between vision, interface and audio in modern vehicles. Together, Primax and Tymphany will create a unified platform that sets a new benchmark for user-centric design and functionality.

“Our strategy has always been to pioneer new technologies and redefine audio experiences in vehicles,” said Phil McPhee, Chief Product Officer at Tymphany. “The introduction of removable portable audio systems marks a significant milestone, and this collaboration with Primax will further strengthen our aptitude to innovate and create unique audio-vision experiences.”

Beyond product innovation, the Primax Tymphany Group will leverage its partnerships with Tier-1 suppliers and global automotive brands to fast-track the adoption of its technologies across diverse markets. As members of the Audio Foundry, the group will also engage with other ecosystem players to explore new opportunities and refine integrated solutions that push the limitations of what’s possible in audio-vision technology.

This collaboration emphasizes the Primax Tymphany Group’s vision to lead the industry in developing solutions that merge advanced technology with practical functionality. By delivering unparalleled integration of vision, audio, and interface systems, the Primax Tymphany Group will solidify its role as a driving force behind next-generation automotive innovations and experiences.

About Primax Electronics
Primax Electronics is a leading integrated solution supplier with best-in-class solutions for information products, smart lifestyle and auto/AIoT products. Our product applications expand into pubic/community safety and auto electronics segments. Primax is uniquely positioned with its “X-IN-1 Sensory Fusion” strategy by providing customers with a one-stop shop integration of interface, vision and acoustic technologies. Primax has been the best business partner for global brands by offering exceptional mechanical and electronic engineering services, strong integration capabilities and total solutions with its wide array of technologies. Visit www.primax.com.tw/en/ for more information.

About Tymphany
Tymphany is a renowned audio design and manufacturing powerhouse that specializes in consumer audio, professional audio, conference systems, automotive audio, and component business. The company’s unique X-IN-1 holistic design approach, integrates transducer, amplifier, DSP/software, acoustic system design and mechanical solutions to create best-in-class audio systems. With vertically integrated R&D and manufacturing facilities spanning Europe, the USA, and Asia, 6000 highly skilled employees, and 700 engineers, Tymphany continuously pushes the edge of technology to remain at the forefront of the industry. Visit www.tymphany.com/index.html for more information.

About Audio Foundry
The Audio Foundry is a technology collaborative, empowering members to bring disruptive ideas to life in automotive audio and acoustics.  Headquartered in Wales, United Kingdom, the Audio Foundry hosts a member alliance and fully equipped makerspaces staffed by experienced engineers and support team members. Founded in 2023, the Audio Foundry serves as an experimental retreat for OEMs, component manufacturers, and technology providers across the value chain. The Audio Foundry is dedicated to the discovery of novel technologies and experiences that enhance the automotive audio ecosystem. Visit www.audio-foundry.com for more information.

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SOURCE Primax Electronics

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Amorepacific Named CES 2025 Innovation Award Honoree

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Generative AI-based makeup application captures company’s sixth consecutive win at CES
Also unveils new technology with Samsung Electronics, along with latest makeON skincare device

LAS VEGAS, Jan. 6, 2025 /PRNewswire/ — Amorepacific has been named a CES 2025 Innovation Award Honoree for its generative AI-based makeup application, ‘WANNA-BEAUTY AI.’ This marks the company’s sixth consecutive CES Innovation Award recognition. In addition to the award-winning application, Amorepacific will be showcasing its latest beauty technologies at this year’s events – including the ‘AI Skin Analysis & Care Solution,’ which will be unveiled in Samsung Electronics’ ‘MICRO LED Beauty Mirror,’ and a new skincare device from its beauty device brand makeON.

‘WANNA-BEAUTY AI,’ an Innovation Award Honoree in the AI category, is a voice-activated chatbot application that leverages generative AI to help customers discover their ideal makeup looks and experience personalized virtual try-ons. The application first analyzes skin tone, facial features, and proportions with user photos. The AI solution, trained with data from makeup artists, then offers makeup recommendations and virtual try-ons. Users can also virtually try on someone else’s makeup on their faces, all done conveniently through a voice consultation interface.

The patented solution, developed to provide tailored makeup for individual customers, incorporates Amorepacific’s image diagnosis technology and the AI image generation technology co-developed with KAIST. ‘WANNA-BEAUTY AI’ will be showcased at the Venetian Expo Innovation Awards Showcase.

Amorepacific will also unveil its latest beauty technologies at CES. The company’s proprietary technology ‘AI Skin Analysis & Care Solution’ will be incorporated into Samsung Electronics’ ‘MICRO LED Beauty Mirror’ and showcased at the Samsung Electronics’ First Look booth. Combining camera-based optical skin diagnosis with contact-type skin diagnosis, the ‘AI Skin Analysis Solution’ can offer in-depth skin diagnosis and care recommendations.

In addition, the new ‘Skin Light Therapy 3S’ from Amorepacific’s beauty device brand makeON will be showcased at the booth. The device will be launched in March 2025, with a dedicated app seamlessly integrated with the ‘AI Skin Analysis & Care Solution.’

Amorepacific Group Chairman Kyungbae Suh will attend this year’s CES events to visit Amorepacific’s Innovation Awards showcase and new technology reveal. He will be touring exhibitions across various sectors and reviewing Amorepacific North America’s business with Giovanni Valentini, President of Amorepacific North America.

SOURCE Amorepacific

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