High-quality multiquantum well (MQW) structures with 1.5% compressive strain in InAsP wells and 0.8% tensile strain in InGaP barriers have been grown by gas-source molecular beam epitaxy on InP substrates. High-speed (3 dB bandwidth over 10 GHz) and low driving voltage (lower than 2 V for 20 dB on/off ratio) operation using these structures is demonstrated. These characteristics are the first reported for MQW modulators operating at 1.3 mu m.