Valyou, in partnership with Mutual Trust Bank (MTB), has introduced wallet-to-wallet remittance from Malaysia to Bangladesh. This first-of-its-kind integration enables migrant workers in Malaysia to transfer money directly to any bKash account in Bangladesh using Valyou Mobile Wallet app, said a press release on Tuesday (Feb 27).
Valyou CEO, Khuram Malik said, “Bangladeshis who are largely working in manufacturing and construction represent one of the largest economic migrant segments in Malaysia. We are excited to bring more convenience and peace of mind for them to send their hard-earned money home safely.
“Working together with MTB, we are able to offer instant money transfer to bKash from Valyou Mobile Wallet app. As a result, it will cost our Bangladeshi customers less time, money and effort to send money to their families back home.
“With more than 30 million registered users and over 176,000 agents across Bangladesh, we are excited to welcome bKash as inward remittance channel alongside our existing bank partners,” said Malik.
bKash is Valyou’s second wallet-to-wallet international remittance product integration. In 2017, Valyou pioneered wallet-to-wallet transfer from Malaysia to Pakistan in collaboration with Easypaisa, a service by Telenor Microfinance Bank, with the support from the United Nations’ International Fund for Agricultural Development (IFAD).
Apart from international remittance, Valyou Mobile Wallet app also includes prepaid top-up for Malaysian and international mobile operators. The app also enables its users to make retail and bill payments as well as peer-to-peer transfers to other Valyou e-wallet users.
To use Valyou e-wallet, users have to register with their mobile phone number and complete a simple identity verification process. They can cash in their e-wallet at over 2,000 Valyou merchants or use automated teller machines (ATMs), internet banking and mobile banking via JomPAY.
Malik added, “At Valyou, we share Bank Negara Malaysia’s financial inclusion vision to make banking more accessible to all migrant communities in Malaysia. The wide availability of JomPAY on ATMs and internet banking has enabled our customers to perform self-service financial transactions.
“We are constantly innovating our product to better serve the underbanked communities in Malaysia. Through technology, we can make financial services more accessible to the migrant workers, reduce the cost of international remittance and also mitigate the risks of money transfer through informal channels.
Valyou is licensed and regulated as a money services business (MSB) and authorised to issue e-money by Bank Negara Malaysia. Headquartered in Kuala Lumpur, the financial technology company is a subsidiary of Telenor Group, the release added.