Onboarding, dispute gaps constrain Singapore’s $17b remittance growth

Lack of standardisation for refunds and disputes hampers cross-border scaling.

Singapore’s remittance market is projected to reach about $17b (US$13.34b) by 2032, but differences in systems, regulations, and operating processes across countries continue to constrain the scaling of cross-border real-time payments (RTP).

Dispute management and refund processes were identified as areas where the lack of standardisation affects cross-border payment operations, according to a PwC and Singapore Fintech Association report.

“Industry and regulators must jointly develop practical, harmonised standards to improve onboarding, dispute handling, and multi-market scalability,” the report said. Expanding RTP use cases was also considered a priority.

This comes as bilateral RTP connections with markets such as Thailand and Malaysia, alongside initiatives like Project Nexus, continue to expand regional payment linkages.

The country’s cross-border payments are anticipated to grow significantly through 2031, with digital payments projected to reach a transaction value of $144.8b (US$113.65b) by 2030.

Real-time payment systems such as PayNow and FAST have also seen rapid adoption amongst small and medium enterprises, according to a separate Global Payments report.

Monetary Authority of Singapore data revealed FAST transactions totalled 500 million in 2024, amounting to $661.748b – a 31% increase in volume and 36% in value compared to 2023, respectively.

“The Super apps have also accelerated bundling of payments and services, and embedding finance within their own partner ecosystem,” Global Payments said.

However, only 56% of consumers were aware of cross-border digital wallet capabilities as of July 2025, compared with 84% of merchants.

“Whilst businesses increasingly use digital wallets for cross-border transactions, many consumers are less familiar with these options, revealing an opportunity for deeper market penetration,” the PwC report noted.

Meanwhile, the adoption of digital wallets and stablecoins for cross-border payments is also rising, on the back of regulatory frameworks focused on consumer protection and operational safeguards.

Singapore dollar-pegged stablecoins accounted for more than 70% of Southeast Asia’s non-USD stablecoin transaction volume in the second quarter of 2025.

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