Telenor Group has officially rebranded and launched the newly acquired Prabhu Money Transfer (Prabhu) as a new mobile wallet service, Valyou in Malaysia.
In May 2016, Telenor acquired Prabhu, a Malaysian-based licensed money services business that provides multi-country international remittance services. Telenor is leveraging the acquired company’s well-established distribution channels, experience and recently approved license to issue e-money, to strengthen its mobile financial services footprint and offerings in Asia.
Telenor positions Valyou mobile wallet to be an easy, secure way to store and manage cash from your mobile device; a convenient e-money solution aimed at serving the under-banked segments of Malaysia, such as youths, lower income earners and migrants. The Operator estimates that the mobile international remittance (IR) feature of the mobile wallet will be popular among customers, especially among foreign workers based in Malaysia.
The cross-border mobile international remittance service enables money transfers to 7 countries globally, and is provided in addition to the traditional over-the-counter remittance services still offered by Valyou. The mobile wallet itself is open to subscribers from any mobile network operators, and supports all smartphone types. Currently, customers can download the Android version of the mobile wallet app, and soon the IOS Version.
Khurram Malik, Chief Executive Officer of Valyou
In a country with high smartphone penetration rates, and the government’s continued promotion towards building a cashless society, services in the form of a mobile wallet could really be a game changer in making access to formal financial services available to many more people.
Tine Wollebekk, SVP and Head of Financial Services in Telenor Group
Malaysia ranges among the regional frontrunners when it comes to digital payments, and we are happy to expand Telenor’s financial services footprint with Valyou.
