Annual value of outgoing and incoming remittance flow in Singapore 2021, by country
Over one third of the overall value of remittances sent from Singapore went towards China in 2021, according to a ranking that tries to map out the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. Singapore stands out in this reporting as it is the one of the few countries that did not register a remittance inflow. The source did not specify why this is the case. Singapore's top five recipient countries for remittances in 2021 were largely in Asia, as it included China, Malaysia, India, Pakistan, and Indonesia.