Financial Inclusion: Empowering the Migrant Workers in Malaysia
Applicant name: Valyou Sdn Bhd
Innovation Name: Valyou Mobile Wallet
Innovation Type: Service
Mission: Financial Inclusion: Empowering the Migrant Workers in Malaysia
Innovation Description: We aim to promote greater financial inclusion making international remittance more accessible and readily available at a lower cost to migrant workers here. According to the Malaysian Immigration Statistics (Nov 2017) there are over 1.7 million migrant workers in Malaysia.
These migrant communities in Malaysia are largely excluded from the mainstream financial services normally offered by retail banks due to their unreachable locations, limited operating hours and expensive banking fees and charges.
With Valyou Mobile Wallet app, users can send money overseas directly from their smartphone, at any time, from anywhere. They can also cash in their Valyou e-wallet accounts from over 2,000 Valyou merchants and via JomPAY at automated teller machines (ATMs) and on internet/mobile banking.
Status of Innovation: In-market
Innovation Active Since: 1 November 2016
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2014
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Our e-wallet service has changed the way International Remittance is done in Malaysia. By providing end-to-end digital mobile financial solutions, we are able to offer international remittance, local and international air time top up, bill payment, peer to peer transfers and other related products to migrant communities in Malaysia at a lower cost and with a higher reliability.
We were the first app to launch International Remittance service to Indonesia, Nepal, Bangladesh, India, Pakistan, Philippines, Vietnam, and China. We are also the only app that has introduced direct Wallet to Wallet transfers to EasyPaisa in Pakistan and bKash in Bangladesh.
Valyou currently offers Cash In Cash Out services at over 2K migrant-centric areas, which addresses 80% of where the migrant population live and work. With this service, it costs our customers less time, money and effort to send money to their families back home. About 12% of the migrant population has currently experienced our services and our ambition is to double it by December 2018.
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
Valyou aims to empower migrant communities in Malaysia to manage their money the smarter way. With Valyou Mobile Wallet, users can send money overseas, perform international and local airtime reloads from their smartphone, anytime, anywhere.
We have over 2K Valyou merchants in locations where 80% of the migrant population live and work. And we are cognizant to also provide convenience to the receivers by offering popular receiving methods – via Bank Account, Cash Pick Up, Home Delivery. Our most recent feature is Wallet to Wallet transfers to EasyPaisa in Pakistan and bKash in Bangladesh, which have over 80K and 180K pick up points, respectively.
By providing end-to-end digital mobile financial solutions, we are able to offer our services to migrant communities in Malaysia at a lower cost and with a higher reliability. The technology helps the unbanked communities be included into a safe regulated e-money ecosystem, empowering them to improve lives while contributing to the growth of their countries as well.
Full Name: Jasbir Kaur
Role: Head of Product and Marketing
Full Name: Loo Pei Yee
Role: Marketing Manager
Full Name: Latisha Anthony
Role: Senior Product Executive
Full Name: Khairil Zhafri
Role: Digital Marketing Executive
Valyou Company Profile: https://cdn.valyoumalaysia.
Valyou Media Centre: https://www.valyou.com.my/
Valyou Facebook Page: http://www.facebook.com/
Photos from one of Valyou Community Outreach events: https://goo.gl/photos/