by Fintech News Malaysia July 23, 2019
Valyou, fintech subsidiary of Telenor group announced today that its e-wallet has integrated with Western Union to enable its customers in Malaysia to send money to Western Union agent locations across Bangladesh, Indonesia, Philippines, India, Vietnam, Myanmar, Cambodia, China and Nigeria within the app.
The Valyou mobile wallet is popular in the rural areas of Malaysia, bridging services in largely underbanked and financially underserved communities. Cashing in funds is made via Valyou’s 1,500 wallet Cash In Cash Out merchant locations.
“With Valyou being a leader in the International Remittance Mobile Wallet space with a large network penetrating the rural areas in Malaysia; and with Western Union, a global leader in cross-border, cross- currency money movement, having a large number of locations in the receiving countries, this union offers a convergence of convenience for both senders and receivers,” said Prasanna Rao, Chief Executive Officer of Valyou.
“This collaboration is a key enabler in expanding funds payout to a wide network of countries. We are always driven to provide a seamless experience for customers. Today, Valyou sees a significant number of its transactions being sent from rural locations in Malaysia and this corresponds on the receiving side with 80% also residing in rural parts of their country. This collaboration doubles down on convenience to our Valyou wallet holders and their receivers, enabling them to now collect funds closer to their homes”, he said.
In the past Valyou was reported to be partnering with Mutual Trust Bank in Bangladesh to enable wallet-to-wallet remittance. They have also launched a blockchain-based remittance solution with Telenor Microfinance Bank in Pakistan that is developed by AliPay.
Telenor Microfinance Bank as the name implies is part of the same group with Valyou.