KUALA LUMPUR: Malaysian-owned mobile wallet application operator Valyou Sdn Bhd expects 10 per cent of 600,000 Bangladeshi workers in Malaysia to transfer about RM6 million back to their country during its first year operation, starting this month.
Valyou chief executive officer Khurram Malik said the transfer value will be derived from its newly-launched integration with bKash, mobile e-wallet mobile financial service in Bangladesh.
“Our priority is to deliver greater convenience for our customers in Malaysia and their families back home. To do this, we work hard to push technological boundaries and constantly innovating our products and services,” he said at a press conference after launching the mobile app today.
Khurram said it aimed to educate users and attain market penetration among Bangladeshi workers here in the first year of the operation.
“Once the market understands how it is being done, we expect to grow exponentially and the demand will pick up in the second year onwards,” he added.
Valyou also partnered with Mutual Trust Bank, a private commercial bank in Bangladesh to allow users to send money overseas, particularly from Malaysia to Bangladesh.
“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 said.
Khurram believed that the 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.
Valyou has over 2,000 merchants across Malaysia, where users can cash in to their e-wallet accounts.
Apart from international remittance, the mobile includes prepaid top-up for Malaysian and international mobile operators, retail and bill payments as well as pee-to-peer transfers to other Valyou e-wallet users.