To offer a fast, reliable and cost-effective way of sending money from Malaysia to Pakistan
About
Applicant name: Valyou Sdn Bhd
Innovation Name: Pakistan RM0 Sending Fee Campaign 2017
Innovation Type: Campaign
Website: https://www.valyou.com.my/
Mission: To offer a fast, reliable and cost-effective way of sending money from Malaysia to Pakistan
Innovation Description: The campaign sought to address inaccessible conventional services that are located in urban centres with limited operating hours and informal financial arrangements by reducing remittance cost through a multi-pronged strategy.
i) Pricing incentive
With the grant from International Fund for Agricultural Development (IFAD), we were able to reduce the cross-border transfer cost to Pakistan by offering RM0 sending fee at the user end.
ii) Engagement
We organised community outreach events in migrant-centric locations across Malaysia in order to engage customers on the benefits of licensed remittance services and the dangers of informal channels.
iii) Digitalisation
With wallet-to-wallet integration, senders in Malaysia can seamlessly send money from Valyou e-wallet to Easypaisa e-wallet in Pakistan. The receivers can instantly use access the money for retail payments, and cash out at over 80,000 cash-out points.
Status of Innovation: In-market
Innovation Active Since: May 15, 2017
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2016
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
The campaign embodies Valyou’s grand vision to empower societies by bringing together vital financial infrastructure, new business model and innovative product offerings that stimulate progress and change. We developed the campaign with the aim of promoting greater financial inclusion and raising financial know-how among our immediate customers in Malaysia and their families back home in Pakistan.
The campaign saw an overall increase of 62% in remittance to Pakistan, while the transactions performed via the Valyou Mobile Wallet increased 5 fold. We also saw favourable response on social media with an average daily reach of over 1,000 Pakistani Facebook users in Malaysia during the campaign period. Through our continuous engagement with the migrant communities, we have observed a mindset of remittance customers in Malaysia, especially the Pakistani communities, towards embracing digital financial technology and evolving remittance business model.
Secondary Category
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
The campaign embodies our grand vision to empower societies by bringing together vital financial infrastructure, new business model and innovative product offerings that stimulate progress and change. The success of the campaign is attributable to the collaborations with partners such as IFAD, Easypaisa, MCB and UBL as well as the continuous engagement with the migrant and business communities in Malaysia.
The campaign saw an overall increase of 62% in remittance to Pakistan and Valyou Mobile Wallet app transactions increased 5 fold. We also saw favourable response on social media with an average daily reach of over 1,000 Pakistani Facebook users in Malaysia during the campaign period. Through our continuous engagement with the migrant communities, we have observed a mindset of remittance customers in Malaysia, especially the Pakistani communities, towards embracing digital financial technology and evolving remittance business model.
Team Members
Full Name: Jasbir Kaur
Role: Head of Product and Marketing
Linkedin: https://www.linkedin.com/in/
Full Name: Loo Pei Yee
Role: Marketing Manager
Full Name: Latisha Anthony
Role: Senior Product Executive
Full Name: Khairil Zhafri
Role: Digital Marketing Executive
Supporting Links
Facebook Post on the pricing incentive: https://www.facebook.com/
Landing page for Pakistan RM0 Sending Fee 2017 in Urdu: https://www.valyou.com.my/
Video Valyou Community Outreach events: https://www.facebook.com/
Valyou Company Profile: https://cdn.valyoumalaysia.
