Malaysia became the latest Asian market in which Telenor launched mobile financial services, this time via a provider called Valyou.
Valyou’s service is available through a mobile wallet app, initially on Android with iOS to follow. It is open to non-Telenor subscribers too.
In May 2016, Telenor acquired Prabhu Money Transfer, a licensed money services business in Malaysia that provides multi-country international remittance services. It has been rebranded as Valyou.
Telenor is leveraging Prabhu’s distribution channels, experience and recently approved licence to issue e-money. In addition to remittance, Valyou gives unbanked users somewhere to store their cash.
The company already offers financial services alongside its existing mobile services in Bangladesh, Myanmar and Pakistan.
The cross-border remittance service enables money transfers from Malaysia to seven countries globally.
Tine Wollebekk, SVP and head of financial services in Telenor Group, added; “Our ambition is to explore end to end digital remittance to all relevant corridors, including both Telenor’s own financial services markets – such as Pakistan, Bangladesh or Myanmar – but also to other countries that are important for the local migrant community.”
Telenor is repurposing the Valyou brand that it previously used for an unsuccessful NFC-based payment service in Norway, which it shuttered a year ago.