Telenor Group has launched a new mobile wallet service in Malaysia targeted at the underbanked segments of the market.
The service is has been built based on the Malaysian money services business Prabhu, which Telenor acquired in May.
The service has been rebranded Valyou, Telenor's mobile wallet brand. While Telenor was forced to shut down its Valyou service in its home market of Norway last year due to lower than expected demand, the service will live on in Malaysia.
Valyou supports cross-border international mobile remittance including money transfers to seven countries as well as over-the-counter remittance at local retailers. It is open to subscribers from any mobile operator and supports all smartphone types.
Valyou is currently available as and Android app and will soon be coming to iOS.
“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,” Telenor SVP and head of financial services Tine Wollebekk said.
“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.”