Telenor today announced the launch of Valyou, a mobile financial services provider offering affordable and convenient mobile money solutions in Malaysia through a handy mobile wallet app.
In May 2016, Telenor acquired Prabhu Money Transfer Sdn Bhd (“Prabhu”), a Malaysian-based licensed money services business that provides multi-country international remittance services. Rebranded to Valyou, Telenor is leveraging the acquired company’s well-established distribution channels, experience and recently approved license to issue e-money, to strengthen its mobile financial services footprint and offerings in Asia.
“We believe that everyone can benefit from having easy and affordable access to mobile financial services, in particular to help them take control of a very important aspect of their lives – their personal economy. In a country with high smartphone penetration rates, and the government’s continued promotion towards building a cashless society, services in the form of a mobile wallet could really be a game changer in making access to formal financial services available to many more people,” said Khurram Malik, Chief Executive Officer of Valyou.
The Valyou mobile wallet is an easy, secure way to store and manage cash from your mobile device; a convenient e-money solution aimed at serving the under-banked segments of Malaysia, such as youths, lower income earners and migrants. It is easy-to-use, secure, offers more benefits the more you use it, puts customers fully in charge of when, where and how they handle their cash, and it is reliable, backed by Telenor’s many years of experience in rolling out mobile financial services solutions across the globe.
Malik estimates that the mobile international remittance (IR) feature of the mobile wallet will be popular among customers. “The Valyou mobile wallet makes money transfer easy and convenient, not limiting customers to particular outlets, locations and operating hours, and most importantly, it is safe as it mitigates the risk of physically carrying cash. We see this adding value to smartphone users who often perform remittance transactions, from a foreign worker based in Malaysia, to locals with domestic helpers sending money home, to parents with children studying abroad. There is a wide user base that can benefit from this mobile IR service.”
The cross-border mobile international remittance service enables money transfers to 7 countries globally, and is provided in addition to the traditional over-the-counter remittance services still offered by Valyou. The mobile wallet itself is open to subscribers from any mobile network operators, and supports all smartphone types. Currently, customers can download the Android version of the mobile wallet app, and soon the IOS Version.
Tine Wollebekk, SVP and Head of Financial Services in Telenor Group, adds; “Malaysia ranges among the regional frontrunners when it comes to digital payments, and we are happy to expand Telenor’s financial services footprint with Valyou. Our ambition is to explore end to end digital remittance to all relevant corridors, including both Telenor’s own financial services markets – such as Pakistan, Bangladesh or Myanmar – but also to other countries that are important for the local migrant community.”
Valyou Sdn Bhd is a licensed Money Services Business (MSB) that provides multi-country international remittance services and an approved issuer of e-money in Malaysia. Valyou headquartered in Kuala Lumpur had 25 branches nationwide.