Valyou Integrates with Western Union to Cover A Bigger Map of Financial Inclusion

Date: 23-Jul-2019
Location: Bangsar South, Kuala Lumpur

Valyou partners with Western Union into a collaboration which allows users of the Valyou Mobile Wallet to transfer money instantly to Western Union agents across the locations of Bangladesh, Indonesia, Philippines, India, Vietname, Myanmar, Cambodia, China and Nigeria.

In 2018, Valyou had inked similar partnership with the Mutual Trust Bank (MTB) of Bangladesh and bKash which allowed users to transfer money instantly to bKash account in Bangladesh.

Commenting on the partnership, Mr.Prasanna Rao, CEO, Valyou said that the top most value of the Valyou mobile app is to provide instant international remittance services to the unbanked and underbanked communities seamlessly and at a low cost.

The Valyou's offering is meant to both disrupt the fintech industry and to support financial inclusion.

At the Malaysia's end, users have to download the mobile app which is available to Android platform, register an account and to go through a mandatory KYC process; thereafter, they must cash in the funds via the 1,500 cash-in & cash-out merchants and agents across whole of Malaysia, including Sabah and Sarawak.

Another interesting point to take note is that there is a significant number of transactions being sent from rural locations in Malaysia and this corresponds on the receiving side with 80% also residing in rural parts of their country.

Essentially, this is a last-mile type of partnership for Valyou servicing their customers.

(L-R: )Prasanna Rao, Chief Executive Officer of Valyou and Jeffrey Navarro, Regional Director of Western Union Philippines, Malaysia & Brunei during the announcement of the Valyou and Western Union partnership.
In his speech, Mr.Jeffrey Navarro, Regional Director, Philippines, Malaysia & Brunei, Western Union commented that they share similar vision and passion as Valyou - the partnership has resulted in both tangible and intangible benefits:
  • It helps build bridges across economies, geographies and cultures
  • Empowers migrants working in Malaysia to both realize personal potential and to fulfill their dreams back home
  • To serves as a technology investment to better the lives of people globally therefore further knit the global economy
According to Mr.Navarro, all these are intrinsic values of Western Union, who has been in the business for 168 years.

"To maintain a business that long, there are two challenges : maintain long-term relationship and to adapt to changing business conditions," said Mr. Navarro, and this partnership covers both aspects.

Ms. Jasbir Kaur, Head of Product & Marketing, Valyou,commented that the vision is to continue to grow the use case of the Valyou mobile app to support more features to enhance the lifestyle of the users through innovations and partnerships.