Job insecurity, cyber risks expose weak spots in remittance sector

Stronger coordination between regulators, insurers, and payment providers is essential.

Job insecurity and cyber threats are straining Singapore’s remittance sector as migrant and gig workers face tighter income conditions and growing digital exposure, according to a Chubb report.

The report revealed that a majority of (65%) remittance senders in the country expressed concerns about job security, significantly higher than the global average of 45%.

“Despite Singapore’s strong performance in our economic vulnerability index—including objective indicators like income growth over the past 12 months—respondents reported unexpectedly high levels of anxiety about their economic stability,” the report said.

Cyber fraud also poses a substantial threat, disproportionately impacting foreign and gig workers. “Globally, 34% of senders reported being victims of cyber scams, with a notably higher rate of 42% in Singapore.”

In line with this, more than half (58%) said they had reduced their use of digital payment platforms after scam incidents, compared with 52% globally.

Chubb pointed out that stronger coordination between regulators, insurers, and payment providers will be essential to protect digital financial transactions and sustain consumer trust.

“Civil policymakers should advocate for measures that enhance financial inclusion, expand access to affordable insurance products and provide robust protections for digital financial transactions,” it added.

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