Digital remittance via Valyou Mobile Wallet helped migrants during Covid-19 lock down in Malaysia
Applicant name: Valyou Sdn Bhd
Innovation Name: Valyou Mobile Wallet & Cash In Cash Out Merchant Model
Innovation Type: Solution
Mission: Digital remittance via Valyou Mobile Wallet helped migrants during Covid-19 lock down in Malaysia
Innovation Description: Valyou is licensed and regulated by Bank Negara as money services business or MSB. We are also approved by the central bank to issue electronic money.
Our products are primarily targeted at the migrant communities in Malaysia – international remittance, prepaid top-up for all major service providers across Asia and bill payment. Valyou’s network of cash-in-cash-out (CICO) model enables over 1,300 Valyou merchants to provide personalised service to reach customers in suburban and rural areas.
With the Valyou Mobile wallet app users can send money and perform other transactions anywhere, anytime from smartphone, converting their fiat money into digital money.
During the Covid-19 Movement Control Order in Malaysia our Valyou Mobile Wallet was instrumental for migrants unable to leave their vicinity to send money back to their home country during time of need. This was achieve via our last mile connectivity both on sending and receiving sides. Most of Valyou’s merchants were operational as they provided essential services.
Innovation Inspiration: With the lockdown due to the Covid-19 pandemic migrants were desperate for international remittance service. While the Movement Control Order in Malaysia saw a lockdown of all brick and mortar Remittance Companies including all of Valyou’s branches.
Valyou’s Cash In Cash Out Merchants who offered essential services such as groceries and food services remained open for the migrants to access the Cash In service enabling them to send money home apart from offering the cash in digitally using the Bank ATM and e-banking services.
While with the wallet to wallet partnerships in countries such as Bangladesh and Pakistan, the receivers were also able to receive money and Cash Out at locations close to them, as most Banks and Payout agents were closed during the Covid-19 Lockdown.
Who benefits from the innovation most? The migrant customers living in Malaysia and their families back home were desperate as remittance was their sole source of income. With the Valyou Mobile Wallet, combined with our Cash In Cash Out merchant model, most migrants were able to access the service to Cash In into the Valyou Wallet and send money home.
While on the receiving end, our multiple receiving sources were easily accessible by their families such from Bank Accounts, Cash Pick Up, Home Delivery to mobile wallets, namely bKash, Rocket in Bangladesh, Easypaisa in Pakistan and eSewa in Nepal.
What are you most proud of about your innovation? Enabling migrants to still maintain a connection to their families and send them money during the Covid-19 lock down was a great achievement that the company is proud of. We saw only a 9% decrease in our wallet transactions, while the Branch operations dropped by 66%.
One of the main challenges, for us, at least, is educating the customers to go digital first because we cater to such a niche market migrant community. We’ve been able to overcome this with two things: 1) our mobile wallet app and 2) our network of over 1,300 cash-in merchants that provides a human interface to complement the app. Through the app and the merchant network we have slowly built trust amongst the major migrant communities.
The Valyou Mobile Wallet combined with the Cash In Cash Out merchant model was the perfect solution during these unprecedented times.
Status of Innovation: In-market
Innovation Active Since: 11/01/2016
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2016
Main Category Choice: Innovation in Time of Crisis
Why do you think you should win this category?:
Our aim was to create financial inclusion for the underbanked communities, especially migrant workers in Malaysia. and their beneficiaries with the use of digital technology offering convenient digital financial services.
Valyou offers convenience with over 1,300 cash in cash out merchants touch points across Malaysia – not only city and urban centres but also rural and suburban areas not typically served by our competitors. With the Valyou Mobile wallet app – users can send money & perform other transactions anywhere, anytime from smartphone, powered by strong payout network across most of the countries. 80% of the migrants can access the cash in cash out location within less than 1 km of distance where they live work and play.
Most importantly access, Valyou overcame barriers of Physical access by making it possible and convenient, financial access by not being too expensive & very competitive, emotional access by being very simple and trusted. Truly empowering customers to overcome these barriers through our unique solution.
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
Valyou has been advancing to always create financial inclusion for both senders in Malaysia with the use of digital technology Digitising financial services for the underbanked communities, especially migrant workers in Malaysia.
Valyou has offered convenience with over 1,300 cash in cash out merchants touchpoints across Malaysia – not only city and urban centres but also rural and suburban areas not typically served by our competitors. With the Valyou Mobile wallet app – users can send money and perform other transactions anywhere, anytime from smartphone We are connected to extensive network of partners in banking and fintech across Asia.
We also provide very competitive exchange rates in the money services market compared to big banks and other MSBs, we are leaner and more efficient and therefore, we can transfer the cost savings to customers.
And most importantly access, especially during the time of crisis, Valyou offered migrants the service when they needed it the most.
Full Name: Jasbir Kaur
Role: Head of Business
Media Coverage: http://www.valyou.com.my