Valyou, in partnership with Mutual Trust Bank, launched its bKash product integration that enables wallet-to-wallet remittance from Malaysia to Bangladesh. Using Valyou Mobile Wallet app, migrant workers in Malaysia are able to transfer money directly to any bKash account in Bangladesh.
At the launch ceremony on Friday, Valyou CEO, Khurram Malik said, “We brought the insights and learnings from the integration with Easypaisa to this partnership with bKash.
“This product integration would not have been possible without Mutual Trust Bank who came in as our inward remittance clearing partner. We are also very grateful for the guidance and support by Bank Negara Malaysia,” he added.
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).
In his speech, Malik shared Valyou’s role in leading innovation in the remittance industry through strategic partnerships. He said, “Our number-one priority is to deliver greater convenience and ensure peace of mind for our customers in Malaysia and their families back home. To do this, we work really hard to push technological boundaries and constantly innovating our products and services.
Malik added, “We believe that radical innovation in the Malaysian remittance industry will not only reduce the cost of cross-border transactions but also mitigate the risks of money transfer through informal channels.”
The product integration launch event was attended by representatives from Mutual Trust Bank, bKash and over 100 entrepreneurs of Valyou Merchant Programme. The programme enables small- and medium-sized businesses in Malaysia to assist their customers with international remittance transactions using Valyou Mobile Wallet app.
Valyou has over 2,000 merchants across Malaysia where its users can cash in their e-wallet accounts. Apart from international remittance, Valyou Mobile Wallet app 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.
Valyou is licensed and regulated as a money services business (MSB) and approved to issue e-money by Bank Negara Malaysia. The Kuala Lumpur-based financial technology firm is a subsidiary of Telenor Group.
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