Valyou Launches Blockchain-Based Remittance Service in Bangladesh
Valyou, Malaysian digital remittance provider, announced the launch of blockchain-based remittance services in Bangladesh in partnership with Standard Chartered and bKash, a mobile financial service provider, to facilitate instant transfers from Malaysia.
The service is powered by blockchain technology from Ant Group. Its applies blockchain technology helps streamline the remittance process, boost the speed of delivery, improve information security and enhance transparency of the process.
Wage earner remittance by Bangladeshi nationals working abroad is one of the key pillars to the Bangladesh economy and a major contributor to the nation’s foreign currency reserve. Malaysia is an important part of this remittance ecosystem. Through this service, the Bangladeshi diaspora in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user.
Standard Chartered Bank is the fund settlement bank and regulatory approval holder for the service, which is a collaboration among Standard Chartered, Ant Group, bKash and Valyou to cater to the Bangladeshi diaspora based in Malaysia.
The service is in the final stages of commercial testing and will be available to customers in Bangladesh and Malaysia soon.
Prasanna Rao, CEO of Valyou Sdn Bhd said:
“We continue to offer ease and convenience to our customers especially during these challenging times and Bangladeshi’s in Malaysia can use the Valyou Mobile Wallet to send money directly into the bKash wallet. Valyou has always been in the forefront of adopting new technology aimed to enhance customer efficiency. We believe that this blockchain technology integration will save cost and time without compromising safety and security of the remittance transaction sent from Valyou to bKash.”
Valyou is a licensed and regulated as a money services business (MSB) and approved to issue e-money by Bank Negara Malaysia. Headquartered in Kuala Lumpur, Valyou has is said to have 22 branches, 21 International Remittance Agents and over 1,300 Cash In Cash Out merchants nationwide.