Empowering unbanked communities into a safe e-money ecosystem with tech & strategic partnerships
About
Applicant name: Valyou Sdn Bhd
Innovation Name: First Wallet-to-Wallet International Remittance Solution Provider in Malaysia via the Valyou Mobile Wallet
Innovation Type: Service
Website: http://www.valyou.com.my
Mission: Empowering unbanked communities into a safe e-money ecosystem with tech & strategic partnerships
Innovation Description: 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.
Similarly, in Pakistan & Bangladesh there is a large population of the unbanked segment. World Bank estimates the Pakistan unbanked population to be 100 million, 5% of the global total. Whilst only 15% of Bangladeshis have access to for formal banking institutions.
Our wallet-to-wallet remittance solution, pioneers direct and instant link from Malaysia to their families back home. Funds transferred are received securely and in real-time.
Access is the most important factor in the success of this model, as such Valyou has over 2K merchants, while our partners EasyPaisa in Pakistan and bKash in Bangladesh, have over 80K and 180K pick up points, respectively.
Status of Innovation: In-market
Innovation Active Since: May 2017
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2016
Main Category
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
We pioneered the wallet-to-wallet money transfer solution in Malaysia, connecting our Valyou mobile wallet to popular e-wallets in Pakistan & Bangladesh. Assistance from IFAD via grants helped accelerated this development.
Both the Easy Paisa Pakistan (9mil wallets) & bKash Bangladesh (30mil wallets) have a substantial footprint of over 80K & 180K, respectively. Valyou has over 2K Cash In Cash Out merchants in Malaysia.
Promoting the wallet to wallet transfers, offers the receiving end to access alternate banking products. bKash provides savings with up to 4% interests p.a. While EasyPaisa offers Insurance and investment linked savings plans.
Since the respective integrations, the Pakistani wallet users increased over 5-fold since May 2017 and the Bangladeshi wallets base increased by 74% in a short 3 months.
We have managed to penetrate the local remittance industry, shifting mindsets of migrants who are extremely accustomed to traditional remittance channels to now sending money with the Valyou Mobile wallet app, in 1.5 years
Secondary Category
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
Valyou is the only provider of wallet-to-wallet money transfer in Malaysia, connecting our Valyou mobile wallet to popular e-wallets Easypaisa in Pakistan & bKash in Bangladesh.
The integration was accelerated with grants received from IFAD and our partners were easily able to connect to our open API based platform, providing real time integration and instant transfers despite multiple partners involved in the last mile delivery.
With this wallet to wallet integration the receivers are able to get funds directly into their mobile wallet, which can be cashed out, left in the wallet as savings or for merchant payments.
Since the respective integrations, the Pakistani wallet users increased over 5-fold since May 2017 and the Bangladeshi wallets base increased by 74% in a short 3 months.
Our technology has increased accessibility and convenience for the migrants in Malaysia to directly and instantly send money or perform air time top ups for their loved ones back home.
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
News Coverage of Product Integration: https://drive.google.com/open?id=1TQE8vYxY14TUBd20NPAd-Zqq1E7Zz60i
Product Integration Details: https://cdn.valyoumalaysia.
Valyou Media Centre: https://www.valyou.com.my/
Valyou Facebook Page: http://www.facebook.com/
