BNM: EPF i-Sinar Withdrawals Boost Local Economy

(Image: The Malaysian Reserve/Muhd Amin Naharul)

Bank Negara Malaysia (BNM) deputy governor Datuk Abdul Rasheed Ghaffour said that the withdrawals under the Employees Provident Fund (EPF) i-Sinar facility have provided an immediate boost to the local economy by supporting domestic consumption.

That said, the deputy governer also emphasised the necessity of increasing the public’s retirement savings. This is especially in terms of building and strengthening a financial buffer. “That is why the labour market reform is critical in ensuring that people have better jobs, better income so that they could save further to increase their financial buffers in terms of retirement savings,” he said.

(Image: BHarian/Sairien Nafis)

Datuk Rasheed further added that the reform measure in social protection is also important in strengthening further retirement benefits. In particular, he is referring to the social insurance aspect as well as the private retirement scheme that is available to the public.

The head of research at Malaysian Industrial Development Finance (MIDF), Imran Yusof also concurred with Datuk Rasheed’s opinion that the i-Sinar facility has had a positive impact on the real economy, especially through the subsequent unconditional withdrawals. Additionally, he said that i-Sinar may encourage active retail participation in the local equity market again this year as some people will now have extra money in their pockets.

“With the spare cash, either they consume or they invest, we have seen the
trend of retail participation come in a big way last year
 and it seems like the trend is going to stay for this year,” said Imran. For context, the Securities Commission has revealed that retail investors were the biggest investors on Bursa Malaysia in 2020, with net buying amounting to a
total of RM14.3 billion
.

(Image: Bernama)

On top of that, Imran also commented that the EPF’s liquidity will not be affected by these withdrawals, given that the EPF is one of the major players in the equity market with enough liquidity to support the market. “It [EPF] also has a very diversified portfolio in terms of investment such as in fixed income, stock market, and properties,” he explained.

Meanwhile, the chief investment officer for fixed income at Amundi Malaysia, Eridani Tutiana Jusat said that although the withdrawal facility may have lifted the local economy, she is wary of its impact on the domestic bond market.

“We are a bit cautious because EPF is a big investor in Malaysian government bonds. If there is less support from the EPF on the bond market, this will weigh on the market,” said Eridani.

(Image: The Star/Raja Faisal Hishan)

The
i-Sinar facility
 was introduced by the government to support individuals who are facing financial difficulties due to the Covid-19 pandemic, allowing them to withdraw up to RM10,000 or up to 10% of their Akaun 1 savings, depending on their balance. The financial aid initially required applicants to meet
certain eligibility conditions
, but these were
subsequently removed for a smoother application process
.

(Sources:
The Star
,
The Edge Markets
)

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Alex Cheong Pui Yin

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PM: Budget 2022 Carries Wow Factors, Is In Line With “Keluarga Malaysia” Concept

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob said that Budget 2022 – which is set to be tabled tomorrow – has wow factors as it is designed to benefit Malaysians from all walks of life. This is in line with the “Keluarga Malaysia” concept, which will leave no one out in the country’s recovery from the struggles brought on by Covid-19.

The prime minister emphasised that the upcoming national budget was
from the people, by the people, and for the people
, adding that it will include aids for the B40 and M40 income groups. On top of that, it will also support micro, small, and medium enterprises (SMEs and MSMEs) with better access to funding.

“In the budget this time, we are still providing aid directly to the people and micro entrepreneurs who were forced to close their business and with no capital to reopen these, so we will be focusing on how to assist them,” said Datuk Seri Ismail, adding that Budget 2022 will also cater to the disabled. Additionally, it seeks to generate more jobs to resolve the current unemployment issue faced by Malaysians.

(Image: Hari Anggara)

The prime minister further emphasised that the Ministry of Finance (MOF) has taken great care in drawing up Budget 2022, taking into account the views of all quarters, including the opposition parties. MOF’s Budget 2022 portal also received more than 50,000 suggestions from the public – all of which were carefully considered. This is following the publication of a
Pre-Budget 2022 statement
 and
four public consultation papers
 earlier this year.

Aside from the general public, MOF obtained significant input from the business sector as well, with recommendations such as provision of tax incentives to assist affected companies in reviving their businesses. This, in turn, is expected to benefit their workers.

“This budget also ensures the continuity of policies and assistance to support the people and businesses so as to remain resilient in facing a crisis and to continue protecting their income and businesses while enabling post-pandemic innovations so that they could rise again, stronger and more competitive in tandem with the country’s development that is more sustainable and encompassing,” said the prime minister.

(Image: Samsul Said/Bloomberg)

Datuk Seri Ismail further pointed out that the government had already implemented eight economic stimulus packages since the start of the pandemic – including the
PEMERKASA
and the
PEMULIH stimulus packages
 – with the total value amounting to RM530 billion. Following in the footsteps of these packages, Budget 2022 will continue to offer direct assistance to the people. The prime minister said that this is necessary as the momentum of Malaysia’s economic recovery could be disrupted if such aids are halted prematurely.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz is set to table Budget 2022 at 4pm tomorrow (29 October 2021).

(Source:
Malay Mail
)

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BNM Launches The #MyDuitStory Challenge To Spread Positivity Among The Public

Bank Negara Malaysia (BNM) has teamed up with the
Financial Education Network (FEN)
 to run the
#MyDuitStory challenge
.

The challenge, which was launched on 1 April 2020, has a simple goal: to generate positivity and to encourage Malaysians to share inspiring money management tips during this MCO period. Whether it’s tapping into online promotions, making bulk purchases, or any other innovative methods to save more, FEN wants you to share them with other Malaysians – and maybe even learn from you!

Here’s how you can join your fellow Malaysians in this fun. Use the following template to share your financial tip/story on Instagram or Facebook. You can also tag five (or more!) family members or friends to encourage them to participate as well.

Template

Bank Negara Malaysia, together with other Financial Education Network members are calling for all Malaysians to spread positivity.

Empower and inspire Malaysians by sharing your story on how you manage your finances from home so that we can learn from each other. Is there any new financial-related thing you learned while staying at home? Or give Malaysians some tips on innovative ways to spend wisely, spend less or earn money during this MCO.

Step 1: Begin with ‘#MyDuitStory Challenge Accepted’

Step 2: Post your story on your Facebook / Instagram profile (Be sure to set your post to ‘public’ so others can benefit from your story) and attach a picture or video

Step 3: Nominate
at least
5 friends to take on this challenge

Step 4: Copy and paste the text in this post and pass the message along

#FinancialEducationNetwork

#DuitTogether

#DudukRumahDiamDiam

#BijakWang

#KitaJagaKita

***

The
#MyDuitStory challenge
 is your chance to empower and inspire your countrymen as we stand together in solidarity to overcome this difficult time. After all, what are we as a nation if not united and resilient?

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Shopee Sold Over 15 Million Items In Just 24 Hours On 9.9

The annual Shopee 9.9 Super Shopping Day saw the e-commerce platform break all kinds of records, as the appetite for e-commerce shopping in the region grew ever further. Shopee held the promotion for a period of two weeks leading up to 9 September, and the company has shared some staggering statistics that show how its users really went to town on the low prices this year.

According to Shopee, it took less took less than nine minutes for 100,000 items to be sold on 9 September, and it received over 5.8 million orders across its operations in Southeast Asia and Taiwan on 9.9 alone. Sales performance amounted to three times more than an average day at Shopee, with over 15 million items being sold within 24 hours on 9.9. This is four times as much as what was sold during last year’s 9.9 promotion. This year’s Super Shopping Day promotion was supported by over 7 million sellers and over 10,000 brands.

In Malaysia, the top performing categories on Shopee were health and beauty, home and living, followed by mobile and accessories. Malaysians contributed to the highest percentage of home and living sales in the region, and the city with the highest number of items purchased was Penang.

As part of the 9.9 promotions, Shopee also launched a Super Brands Festival, which featured a large collection of deals from leading brands on Shopee Mall. The top performing brands in Malaysia for the Super Brands Festival were Watsons, Reckitt Benckiser, Nestlé, TMT by Thundermatch, and L’Oréal.

Now that 9.9 is over, shopping addicts in Malaysia can look forward to the next mega online sales event: 11.11, or Singles Day on 11 November.

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Randstad: Malaysian Employees Can Expect 3% To 20% Salary Adjustments In 2023

Human resources (HR) solutions agency Randstad Malaysia has said that employees in Malaysia can expect a salary adjustment of 3% to 20% in 2023. Revealed in its latest Job Market and Salary Trends Report (2023), Randstad also said that high-growth industries in particular – such as technology and manufacturing – are likely to make more significant changes to their internal salary structures this year.

In the report, Randstad shared that recruitment activities were already at an all-time high in 2022 as companies in Malaysia strive to expand their workforce. In 2023, this trend is expected to continue, although the pace may moderate slightly, and employers will also be more focused on candidates for niche or specialised roles. Additionally, 74% of local employees indicated that salary and benefits are a key priority when looking for a new employer. Given these trends, there is a clear need for companies to review and revise their salary benchmarks to remain competitive in retaining and attracting new talent.

The agency also singled out technology, manufacturing, and construction as three specific sectors that will see the most updates to their renumeration packages as companies engage in fierce competition to attract talent. This is as there are currently more jobs than the supply of talent in these markets – all of which are set to see new transformations and trends.

(Image: Malay Mail/Choo Choy May)

The tech sector, for instance, is expected to expand significantly in the coming years, especially with the development of 5G technology in Malaysia, whereas the manufacturing sector is actively expanding its workforce to fulfil backlogs and new orders. The construction sector, meanwhile, is in need of individuals with specific skillsets to contribute to the development of commercial property and infrastructure.

That said, Randstad also stressed that companies’ hiring strategies should not rely solely on improved salaries; it should also be complemented by steps to manage talent expectations and to upskill the workforce with learning and development training programmes.

“Change is crucial to thriving in Asia’s rapidly evolving business landscape. With people serving as the backbone of any organisation’s success, business leaders must learn to address employee expectations for more effective talent attraction and management efforts,” the country director of Randstad Malaysia, Fahad Naeem commented.

On top of highlighting the likelihood of salary adjustment in 2023, Randstad noted as well that many international companies are cutting back on recruitment activities with the global economy slowing down. However, some these companies may also decide to move their business units and headcount from Europe to Southeast Asian countries as another form of budgetary control. If this happens, then Malaysia’s labour market will benefit from the creation of new jobs, as well as the inflow of top-tier global talent.

(Sources:
Randstad
,
The Edge Markets
)

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Why SkyAwani IV Is Perfect For First-Time Home Owners

SkyAwani IV Residence @ Setapak

Owning a home for the very first time can be an investment most Malaysians find overwhelming, especially when you are attempting to buy a home in a Malaysian housing market that is being labelled as “seriously unaffordable” due to property prices continuing to skyrocket while wages remain stagnant. Besides that, financing options such as home loans may not be in some Malaysians’ books either, considering the country is already looking at a household debt of RM1.18 trillion, of which residential housing loans account for 53.2%. In addition, even to come out with 10% down payment for a property today can be a struggle for many Malaysians.

Putting the financial aspect aside, another challenge prospective home owners may face when looking for the right home is finding one which checks all their preferences. Some properties can either be too spacious or too crowded, while others may fit the price tag but are too far from the city centre. For young families, a lack of amenities in a residence may influence the decision too.

Introducing SkyAwani IV: Affordable Condominium, Designed For High Standards of Living

SkyAwani IV was recently launched with a specific type of resident in mind: first-time home owners. The residence aims to offer first-time homeowners a package none can deny. The condominium is an ideal space with luxurious amenities at the height of accessibility in Kuala Lumpur, all at a fixed price of RM300k for a dream home you can afford.

Sunken Tree Lounge

Known for its award-winning properties, SkyAwani IV is the latest development by SkyWorld Group. As the fourth phase of SkyAwani series where all 4,000 units in SkyAwani I, II, III have been fully sold out, SkyAwani IV exudes high standards of living, not any less than its previous phases.

SkyWorld ensures that all their projects are in compliance with the QLASSIC standard, which is why SkyAwani has already been targeted to receive a QLASSIC rating of more than 70%. SkyWorld’s focus on the quality of workmanship in properties and developments shows that SkyAwani IV is just one of SkyWord’s projects that deserves a place among Kuala Lumpur’s skyline.

Roof Top Viewing Deck

Experience Luxury Living, With A Fixed Price Tag Of RM300k for only RM1,250 A Month

At RM300k, SkyAwani IV offers 3R2B units with a wealth of amenities both in and around the residence, set in the heart of Kuala Lumpur. First-time home owners will reap an exclusive benefit here at SkyAwani IV, as the condominium was designed with priority given to first-time home owners with a combined household income of not more than RM15,000 per month.

If this resonates with you, SkyAwani IV welcomes you and your family to owning your first, luxury home, at an affordable price tag.

Practical Home Layouts, Perfect For Young Families

Many first-time home owners, especially newly-married couples and young families may find themselves debating on the space they require in their first home. For example, a 1-bedroom unit may feel too overcrowded, while a 4-bedroom unit may be too spacious.

SkyAwani IV offers a layout which is ideal for families of any such scenario. All units have a layout of 3 bedrooms and 2 bathrooms. This allows home buyers to put aside their concerns about space as they step into a SkyAwani IV unit. Its 800 sq.ft. consisting of an ensuite master plus two smaller bedrooms, located next to the second bathroom are perfect for a family of two to four. Also incorporated in the SkyAwani IV’s home design, are common areas which include a foyer, living room, kitchen, miniature yard and a balcony which looks out at SkyAwani IV’s exclusive park frontage.

With Park Frontage View

A Premium KL Address, Just 5km From The City Centre

Property prices generally tend to increase the closer you move to the city centre. SkyAwani IV is appealing in that residents will find themselves in the very heart of the city, with a trip to Suria KLCC just 5km away! Plus, within this 5km radius, lie a range of facilities and activities which provide residents with everything they may need at a mere stone’s throw. Other essential facilities such as Sri Utama International School, Columbia Asia Hospital, Titiwangsa Park and Setapak Central Mall are also within reach of SkyAwani IV.

Besides that, SkyAwani IV is located at a strategic location with both Duke and MRR2 Highways conveniently connecting them to other areas of Kuala Lumpur and Klang Valley. For those who don’t drive and prefer the convenience of public transport, the Wangsa Maju and Sri Rampai LRTs are just a few minutes away.

Fully Equipped Recreational And Leisure Spaces, Keeping You Entertained

With family in mind, SkyAwani IV also offers resort-style living with its complete amenities, encompassing everything home buyers are looking for in their first home. The property’s podium floor is inclusive of a playground, swimming pool, jogging path and a gymnasium for recreational activities. Meanwhile, leisure and meditation decks flanked by a fern garden, landscape area and BBQ area are available for relaxation. A convenience store is also made available here to accommodate residents with their daily necessities.

Concerning other areas in the residence, the ground floor at SkyAwani IV houses a taska, surau, convenience store and more. Additionally, as a guarded property, residents’ safety is assured 24/7 at SkyAwani IV.

Facilities Podium @ Level 10

Owning your first home can be very exciting, but it shouldn’t have you compromising on what you need. SkyAwani IV offers you a comfortable space right in the heart of Kuala Lumpur, at the right price. Visit SkyAwani IV Residences’
official website
 today to own the home of your dreams!

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Banks Revise Base Rates, FD Rates After Latest OPR Hike In May 2023

(Image: The Malaysian Reserve)

(
Updated on 12 May 2023.
)

In its May meeting two days ago, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to raise the overnight policy rate (OPR) by 25 basis points (bps), increasing it from 2.75% to 3.00%.

As you can expect, financial institutions across Malaysia are also adjusting their standardised base rates (SBR), base rates (BR), and base lending/financing rates (BLR/BFR) in accordance to the update. Several banks have already announced their new rates; here is a list of those that have done so thus far, and we will continue to update it as more banks share their revisions.

Affin Bank

(Image: Bernama)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.70
3.95
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.56
6.81

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

Agrobank

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.35
3.60
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.50
6.75

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.

Alliance Bank

(Image: Malay Mail)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.57
3.82
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.42
6.67

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 10 May 2023.

AmBank

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.60
3.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.45
6.70

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.

Bank Islam

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.52
3.77
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.47
6.72

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 5 May 2023.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.56
3.81
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.56
6.81

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.

Bank Rakyat

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.60
3.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.58
6.83

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.

Bank Simpanan Nasional

(Image: MalaysiaKini)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.60
3.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.35
6.60

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.

CIMB Bank

(Image: Free Malaysia Today)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.75
4.00
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.60
6.85

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.

Citibank

(Image: Bloomberg/Samsul Said)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.40
3.65
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.55
6.80

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

Hong Leong Bank

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.63
3.88
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.64
6.89

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.

HSBC Bank

(Image: Malay Mail/Hari Anggara)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.39
3.64
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.49
6.74

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.

Maybank

(Image: Bernama)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
2.75
3.00
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.40
6.65

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

MBSB Bank

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.65
3.90
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.50
6.75

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.

OCBC Bank

(Image: Getty Images)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.58
3.83
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.51
6.76

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 10 May 2023.

Public Bank

(Image: New Straits Times)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.27
3.52
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.47
6.72

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

RHB Bank

(Image: AFP/Malay Mail)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.50
3.75
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.45
6.70

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

Standard Chartered Bank

(Image: Business Today)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.27
3.52
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.45
6.70

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 11 May 2023.

UOB Bank

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.75
3.00
Base Rate (BR)
3.61
3.86
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.57
6.82

Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.

***

The
standardised base rate (SBR)
 is a new reference rate that was introduced just last year to determine the interest rates of retail floating-rate loans (such as housing and personal loans). The base rate (BR) was used as the benchmark prior to that – between 2015 to July 2022 – whereas the base lending/financing rate served as an even earlier reference rate (before 2015). Banks are required to display both the BR and the BLR/BFR alongside the latest SBR because there are still ongoing loans that rely on them.

According to the MPC, its
latest decision to raise the OPR this time round
 – after pausing rate hikes in its past two meetings – is attributed to the fact that Malaysia’s economic activity has continued to show signs of improvement, and its prospects remain resilient. Given the situation, the committee felt that it is timely to further normalise the degree of monetary accommodation to prevent the risk of future financial imbalances.

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Standardised Base Rate

UOB Bank

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Financial Matters You Can Help Your Aging Parents With

Sure, our parents may have smartphones, email addresses, and selfie sticks. But chances are; they may not be as clued in to the latest financial instruments or online banking manoeuvers out there right now. The good thing is; we are. So as long as we’ll be helping them clean out the house this coming Chinese New Year, why not help them spring clean their finances as well?

Find and Backup their Financial Records

Before you even begin helping out, gather together their financial documents. Things like deeds, agreements, letters, or bank statements are important stuff you need to determine what assets and liabilities your parents have. They’re likely crucial for any future purchases or loans.

Old paper documents may also be unreadable or even prone to crumble into dust at any moment. Don’t forget to scan them and back them up somewhere digitally. If you find any documentation that needs renewing, mark them down and schedule a date to deal with that as soon as practicable.

Help Revise Their Budget

As we get older, our habits tend to change a lot less, and that may very well include the budget we stick to. The same is true for our parents. Take a shot at helping them to minimise expenses and maximise value with regards to their budget and see how it can be improved or made more efficient.

This is also where you may realise that they’ve been spending too much on some things or maybe not on others. Perhaps they are simply not getting enough money in. If they’re the kind who stubbornly refuse your financial help, showing them a graph of how much that help is worth may change their mind. Or at least show them you’re good at math.

Automate Payments for Them

Another problem with getting old is that things sometimes slip your mind. It happens to everybody, and can be especially troublesome if those things happen to be financial obligations. Once you’ve given your parents’ budget a good revising, you can help them out further by automating some of the payments involved.

Bills and credit card payments can be automated using standing instructions so your parents never have to worry about missing any. Your contributions to their funds can also be automated so they don’t have to think about whether or not money is coming in: Giving them more time to enjoy their retirement for once. They deserve it, after all.

Help Them Invest

Even if your parents are experienced enough in investing their money and putting their savings to work, you can still help them manage it. Just as with payments, you can automate certain transactions like
fixed deposits
 or mutual funds.

If your parents are skittish about investing in the first place, you can introduce them to the different ways to get started. Our friends at Savemoney wrote about how to begin investing, as well as a horror story about people who don’t invest their money properly (if your parents are the kind who need some convincing).

Protect Them from Scams

Just because their bills are automated and they have a lean budget doesn’t mean they’re completely safe from financial troubles. If they are not well-informed on the dangers of modern technology and the current world; they may be more susceptible to getting scammed.

Inform them of the kinds of scams commonly targeted at seniors by pointing them to
reputable online sources
 or print these guides out and have them handy for reference in times of suspicion. Alternatively, make yourself available for them to talk to whenever something fishy comes up in an email of phone call. Scammers try new things everyday and the best way to keep your loved ones safe is to be close at hand to deal with any issues that may crop up.

Our parents are likely the people who gave us our very first coins to play and pay with. They were there to pat our back when we showed good spending habits and to slap our wrist when we spent way too much. Now that we’re older and (hopefully!) more knowledgeable, it only makes sense for us to help them out in turn.

If you’re still clueless on the exact steps to take in getting this assistance in motion – you can check out our
previous guide on how to go about it
.

Do you have any other tips on how to help out our parents with their financials? Do share them with us in the comments section down below!

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Ahmad Mudhakkir

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Grab To Introduce Several Features For Travellers Visiting SEA

(Image: The Star/Azman Ghani)

Grab has revealed that it is planning to roll out several new features on its app, meant to facilitate the travels of tourists who are planning to visit Southeast Asia (SEA) soon. This comes following a steady rebound in the travel industry of SEA, as indicated by the 1,706% increase in international tourist visits to the region in 2022.

In a statement, Grab shared that one of the features that is set to be rolled out soon is the Traveller Homepage, which will allow overseas travellers to “explore” a city ahead of time, before they reach their destinations. They can use the Homepage to check for any Grab services that are available in their destinations, search and save places of interest – including their accommodation address – and check for food options that they would like to try nearby. This feature will be enabled for 33 of the top cities that tourists visit in SEA, although Grab did not reveal the exact cities.

Aside from that, Grab is also introducing a currency converter feature, which will automatically convert and display fares in travellers’ preferred local currency. Set to be ready by the second half of 2023, it means you will not need to calculate or check for conversions manually anymore – but again, Grab did not disclose which currencies will be supported when this feature is made live.

A third feature that Grab wishes to also introduce in its app is the translated merchant menus, although this is only applicable to Indonesia, Vietnam, and Thailand (for now). Essentially, the menus of restaurants in key cities within these countries will be translated to English to eliminate language barriers, thereby allowing travellers to make their orders conveniently. Specifically for Indonesia, Grab will also provide Chinese menu translations as the country is an especially popular destination with Chinese travellers.

Furthermore, Grab shared that it is updating its Venues feature, which was
first rolled out back in 2019
 to guide travellers in unfamiliar airports or attractions to the nearest Grab ride pick-up points using in-app photos and text directions. With the latest version, travellers using Venues will be able to browse through all the pick-up points that are available to them, and then select the one that they prefer. Following that, they will get image-based, turn-by-turn walking directions to lead them to the right place. This feature will be enabled for more than 4,000 locations in SEA, including major airports, malls, hotels, office buildings, and parks.

Grab is also planning to partner with other popular platforms that are already being used by travellers, so that its ride-hailing services can be offered via these channels as well. This, it said, will appeal to those who are hesitant to download yet another new app just for the sake of their travels. Some platforms that have been pegged for this initiative include WeChat, Alipay, Ctrip, Kakao T, and Booking.com – where travellers will be able to see their estimated fares in their home currency. They can also pay for the fares using their preferred methods via these platforms. As a side note, starting from the second quarter of 2023, Uber users who use the app in SEA will be prompted to use Grab as the recommended way to travel in the region.

To further support revival of the tourism industry in SEA, Grab noted that its GrabUnlimited subscription package have also been updated to provide subscribers with discounted airport rides at 89 airports across the region. You can check your GrabUnlimited page soon to view the list of the airports involved.

Ultimately, Grab said that these upcoming features will allow tourists to “plan ahead, get a smooth ride the moment they touch down, and experience their destination like a local”. The group managing director for operations in Grab, Russell Cohen stated that the company hopes to use its enhanced app to help welcome travellers back to the region.

“No one knows Southeast Asia like we do, and our goal is not only to deliver the safest and most seamless mobility experience, but also encourage travellers to explore the richness of Southeast Asia like a local through our superapp offerings,” said Cohen.

(Sources:
Grab
,
Lowyat.NET
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Save Cost with a DIY Wedding

For our parents and those who have walked the aisle before us; most everything was probably DIY about their weddding. But today, wedding planners and packages are so much in abundance that you don’t think twice when handing over that cheque.

Until of course you take a good look at the itemised bill and spot random charges such as ‘admin costs’, ‘planning fee’ or even RM120 per piece table runner rental!

It’s easy to hide overcharging and additional costs in a full package price and unless you do the research one by one – you may not notice that you are paying much more than you should.

If you’d like to have full control over your wedding along with a much smaller bill – you can consider the Do-it-yourself (DIY) route. Of course, there will still be services you need to hire such as a caterer or tent rental but by arranging the logistics yourself – you save on paying a planner fee.

Having a Do-It-Yourself wedding is not for the faint of heart, but it can save you money. You don’t have to DIY everything – but here are a few tips for easy DIY swaps that can save you a tonne.

Get Started

It goes without saying that prior to getting into DIY plans proper, you need to have a clear idea of the important tidbits of information that will influence your plans.

These include:

1) How much you have to spend (your budget!);

2) How many guests have been invited;

3) How much time you have from hereon.

Even the best laid plans can go awry – give yourself suitable buffers and expected the unexpected in all three factors.

The DIY Starts NOW

With the basic planning out of the way – it’s time to see where you can cut cost and add your own touch to your big day.

1. Design Your Own Personalised Wedding Invitation

You don’t have to be a master graphic designer but you could take some time to learn a few tricks to help you design your own wedding invitation. You can learn tips and tricks online and if you are ever stuck, here are some
layout ideas you can try
 .

If that proved too much for you,
free online templates
 may come in handy.

Next, head over to your local stationery store and pick good quality and stylish paper and envelopes that are within your budget. Print your DIY invites right off of your computer and address them to the people on your guest list.

2. Make Your Own Guest Book, Photo Booth Props and Door Gifts

These little bits and bobs only add on cost to your wedding budget. You could do without or make use of your printer and internet connection by download free printables to use as photo booth props, on card or photo based door gifts and for decorating your own Guestbook.

Here are some other tips:

Jazz up your guestbook with ribbons, buttons and lace.

Forego door gifts for discount vouchers or edible treats that can be used/eaten by guests instead of being relegated to trash bins a few days later.

Don’t hire designated photographers for the photo booth – let guests take their own selfies and wefies as they are probably going to do that anyway!

3. Decorate Your Venue Simply

The decor of your venue depends largely on the theme for your wedding. A simple theme could really pop by creating hanging baskets or vases filled with locally grown flowers in accordance to your colour theme.

Be simplistic with your decoration and you will not only save cost – you will vastly reduce clean up and waste after the wedding.

4. Do Your Own Makeup and Hair

Professional stylists are expensive but if you are the type already filling your drawers with Sephora goodies – you may be just as good as the pro.

The benefit of doing your own hair and make-up isn’t just the low cost factor – you also retain full control of your look. Many professional make-up artists may come with set ideas on what is attractive but these ideas may not work on you!

Also, overtly poufed, teased and styled hair is not only a nightmare to undo after the wedding – it will damage your hair. Avoid all that by being simple with your hair and make-up.

You can cop a sorta DIY by also asking a good friend who is good at hair/make-up to do the work for you.

5. Rethink the Cake

We don’t mean you should forego cake altogether but bridal cakes tend to be fussy affairs with multiple tiers and rock hard icing that no one really enjoys eating.

Instead, why not have a small cake to cut for the main table but hand out pre-packaged fruitcake or cupcakes to your guests? These could double as door gifts for 2-in-1 savings.

6. DDIY – Don’t Do-It-Yourself!

Not everything can be left to your own devices. You don’t want to end up with a crisis on your hands at the eleventh hour of your special day. Whilst everyone’s ability level will differ – here are the usual areas where it is best to get help!

1)
Your cake
: A wedding cake disaster is hard to fix. Yes, it would be less expensive to make your own cake but unless you are an adept baker – we don’t suggest learning the night before.

2)
Your photos
: Your photographs and wedding video will be the most important things to help you remember your wedding when you’re old and grey. Friends may certainly go snap happy with their phones but the important moments to them may not be the same to you!

3)
Catering
: Catering a large-scale party is a huge undertaking. You’ll be pressured to get enough food together for a hundred people and keep it hot. You also need reliable staff to serve it. Caterers are trained to make it happen so probably best to leave the food prep to them.

A Do-It-Yourself wedding is awesome because it gives your wedding an incredibly personal touch. However, make sure you can handle what you have taken on.

If it causes you to break out and turn into bridezilla then maybe it is better to put the brakes on doing it yourself. Also, when it becomes more expensive than actually buying the item, it is not worth it.

A DIY wedding should be enjoyable, so when the fun stops, so should you.

Need extra funds injected despite all the corner cutting? Get a
fast-approval personal loan
 to help tide you through and avoid embarrassing money lacking moments on your wedding day.

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Ilyah Jamalludin

Ilyah Jamalludin

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El Salvador Becomes First Country To Adopt Bitcoin As Legal Tender

(Image: Bloomberg/Camilo Freedman)

In a historic move, the Republic of El Salvador has become the first country in the world to adopt cryptocurrency Bitcoin as a legal tender (currency). Lawmakers in the Central American nation’s Congress voted heavily in favour of the Bitcoin Law, securing 62 out of 84 votes.

With this new law passed, businesses in El Salvador will soon be able to trade in Bitcoin – just as they normally would with fiat money – and tax contributions can also be paid with said cryptocurrency. On top of that, exchanges in Bitcoin will not be subjected to capital gains tax as it is no longer considered a form of investment.

“The purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying,” stated the new law. It added that the El Salvador government will also promote necessary training and mechanisms to enable Bitcoin transactions among the citizens. This effort is likely to be carried out in collaboration with Strike, a digital wallet company that recently signed a partnership with the nation to equip its financial infrastructure with Bitcoin technology.

The
#BitcoinLaw
 has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
History!
#Btc
🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele)
June 9, 2021

The president of El Salvador, Nayib Bukele – who submitted the Bitcoin Law to the country’s Congress for voting earlier today – further emphasised that this latest update will bring financial inclusion, investment, tourism, innovation, and economic development for the country. “The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

For context, El Salvador currently uses US dollar as its sole legal tender, and its economy is highly reliant on the remittances from Salvadorans who work overseas; their earnings is almost comparable to 22% of the country’s gross domestic product (GDP) – one of the highest ratios globally. In fact, official reports indicated that remittances to the country in 2020 came up to a total of US$5.9 billion. With Bitcoin now approved as a legal currency, those working abroad will be able to conveniently send money back home without having to rely on intermediaries.

Additionally, it is estimated that about 70% of the El Salvador population are unable to access traditional financial services. The introduction of Bitcoin as a legal tender is also expected to help increase financial inclusion.

Many Bitcoin enthusiasts around the world have lauded this as a major step forward for cryptocurrency, but Bitcoin – like all other digital currencies – is notorious for its volatility. Just last month,
it took several hits
 which saw its value gradually decline after rising to a meteoric high of above
US$63,000 in April
. This may dampen the general public’s acceptance of the digital currency in El Salvador.

El Salvador’s use of Bitcoin use as a legal tender is expected to go into law in 90 days.

(Sources:
CNBC
,
Economic Times
,
Channel News Asia
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Common Financial Misconceptions Debunked!

There are a lot of common misconceptions that persist through the ages because we assume that if the majority believes it (or even if just our friends do!) it mus be true. The area of finance is no exception and because money has long been a taboo to discuss in Asian culture; it is even more prone to stubborn myths.

Today, armed with a dose of skepticism, we take a look at some common misconceptions about financial management that may not be the truth it was assumed to be.

Misconception 1: Your Bank Account is the Best Place to Keep Your Money

Malaysia’s inflation rate over the
last five years
 averaged at 2.34%. The interest rate for basic savings accounts offered by major local banks range between 0.35% to 2.00% per annum, which is not surprising given that savings accounts generally have some of the lowest interest rates among the products that banks offer.

It is not wrong to plow money into your savings account as an emergency fund you could access at a moment’s notice. But it is a waste to park your entire savings in your bank account as the money would not earn enough interest to cover inflation rates.

A good rule of thumb is to keep only the amount of money you would need to survive for a few months in your savings account.

If you are saving towards a long-term goal like getting on the property ladder, or just saving money for your future, putting your money in an investment vehicle may be a better option. Which leads us to the next misconception.

Misconception 2: Investing is Risky

The notion that investments are risky is only a half-truth. Yes, there are investments out there that could cause you to end up with less than the capital you have invested but that doesn’t mean all of them are designed that way.

Fixed deposits
 are a type of very low risk investment that could give you up to 4% in interest if you get the right one. Beyond this, many people also choose to invest in unit trusts and even the purchase of additional properties for both rental yield and profitable resale, but it’s always a good idea to do your homework before taking on any kind of investment.

If you are interested in investing,
Investopedia
 is a good place to start gathering knowledge about investing. If you can afford to; hiring a personal financial adviser is also a good way to find investment products that fit your risk appetite. Advisers will typically chart your investment personality and suggest products for you.

As the purchasing power of your cash decreases over the year due to inflation, not doing something fruitful with the money is a surefire way to lose money.

Misconception 3: I’m Too Young to Start Saving for Retirement

The power of compounding interests comes into play here, affording you more yields the longer you save.

Let’s use Farah and Aaron as an example. They both pump in a total of RM30,000 throughout a 20-year period in an investment vehicle that generates an 8% return rate per annum. The only difference is that Farah starts saving at 25 while Aaron began at 45.

When they both hit 65 years old, Farah would have RM280,000 in her retirement fund while Aaron would only have RM60,250 in his.

The earlier you start saving, the more money you would have during your retirement. If you are do not want to place your savings in investment vehicles, you could always put them into your EPF as voluntary excess
EPF contributions or Private Retirement Schemes (PRS)
.

Recently, the Malaysian government offered an RM500 incentive to young people seeking to buy units of PRS funds to encourage young people to start saving for retirement at an early age.

Misconception 4: Credit Cards are Bad and Only Lead to Debt

Credit cards can be bad; but they can also be good. It all depends on how you use them. If you are diligent in repaying your balances in full; the reward points and cashback earned can actually benefit you as you avoid any interest charges through prompt payment.

The credit card is also a good financial management tool if you have large sudden bills or purchases. Need to pay a hospital bill? Put it on your card and then opt for
0% balance transfer for 6 months
. Not only do you pay no interest – this is helpful if you have very little to no savings in the bank. It’s also helpful if you’d rather keep the emergency cash where it is for any other untoward event.

Financial myths (or any myth for that matter!) usually crop up when little is understood about a topic and fear overtakes the masses. Do you have any other myths to mention? Let us know and we’ll include it!

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Guo Heng

Guo Heng

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BNM Temporarily Suspends CCRIS Access For Credit Reporting Agencies Due To Potential Cyberattack

(Image: The Sun Daily)

Bank Negara Malaysia (BNM) has temporarily suspended access to the Central Credit Reference Information System (CCRIS) for all credit reporting agencies, in light of a potential cyberattack.

“BNM has been made aware of a credible threat involving credit reporting agencies in Malaysia. The safety of financial consumer’s data is of utmost importance to BNM. As a pre-emptive measure, BNM has temporarily suspended the access of all credit reporting agencies to the CCRIS database effective immediately,” said the central bank in a statement.

BNM further commented that it will restore access for credit rating agencies once the central bank is able to secure the situation. Meanwhile, financial consumers are allowed to continue accessing their CCRIS reports online like usual.

Prior to BNM’s own announcement and confirmation of the suspension, CTOS Digital Bhd (CTOS) had released a statement on the situation, noting that this move was made to avert “potential cyber threats” and “data leak”. “Upholding customer data security has always been our utmost priority, and we are committed to fulfil the conditions in order for the suspension to be uplifted,” said the company.

In a similar vein, Experian Malaysia has also temporarily paused its CCRIS-related services and reports after BNM communicated the suspension of access. “The temporary suspension of access for all CRAs (credit reporting agencies) is a proactive and necessary measure by BNM [towards the threat]. As a result of this access disruption to CCRIS, we are [also] actively working with BNM towards fulfilling the conditions for the suspension to be uplifted,” it said in its statement on Sunday.

Both credit reporting agencies have also reassured users that their systems are secure, and that they will provide free Dark Web monitoring for Malaysians starting from today (4 October 2021). CTOS will be offering its
SecureID
 free of charge for a month, whereas Experian will offer its
JagaMyID
 identity monitoring service without charge for three months.

(Sources: Malay Mail [
1
,
2
],
The Edge Markets
,
The Sun Daily
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Consumer Confidence On The Rise Following 0% GST

Consumers who are optimistic about the amount they can save tend to spend more. Since the lowering of the goods and services tax (GST) on June 1, it appears that Malaysian consumers have proven this theory to be correct.

A survey conducted by
Nielsen Malaysia
 found that 69% of Malaysian consumers expect their purchase habits to change following the reduction of GST, as more than half of the respondents believe that the prices of goods and services would decrease following the zero rating. A willingness to increase spending on non-essential purchases, such as holidays, new property and out-of-home entertainment was also shown.

This sentiment is also shared by Mohamed Mustakim Manaf, director of GRV Toy Store Sdn Bhd, the local holder for Hamleys. “Since the GST has gone zero-rated, we have seen more shoppers visiting shopping malls and our numbers have increased, attributed to the improved general consumer sentiment,” he said after a meeting with the Council of Eminent Persons at Ilham Tower earlier this week.

Mustakim highlighted that this concerned the sales of toys, considered a non-essential item, and that the impact might be greater on other types of products. He further added that consumer sentiment is viewed as important by retailers and that retailers stand to benefit from a “feel-good” factor among buyers.

Member of the Council of Eminent Persons and former Bank Negara Governor, Tan Sri Zeti Aziz also said on Monday that there is more vibrancy in the market with better spending power after the zero-rated GST. However, she did express a hope that retailers would pass on the benefits from the zero per cent tax to consumers.

This “feel-good” factor will likely remain until the end of August, as Malaysian consumers make the most of the “tax holiday” in the country. The government is set to introduce the Sales and Services Tax (SST) on 1 September.

(Sources:
The Malay Mail
,
News Straits Times
, (Image:
The Malay Mail
)

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Jacie Tan

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Tres’ Chic on the Playground with Public Bank Card Rewards

Ensure your kids are the talk of the playground with trendy new duds from Poney. With your Public Bank Credit or Debit Card, you will score an immediate 10% discount.

Promotion is valid until 31 December 2013. For a full list of participating outlets as well as terms, click
here
.

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Diana Chai

Diana Chai

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Weekend Holidays in Malaysia Under RM500

Everybody needs a break, but sadly not everyone can afford a break! Still, there are budget vacation options out there, it won’t be the Ritz but you can certainly get in a little vacation fun nonetheless.

We scoured the internet to find inexpensive holidays that you can have right here in Malaysia if you have a budget of RM500 to spare.

Here are five economical holiday options to suit your vacay goals:

1. A Beach Getaway – Port Dickson

Seaside picnics can be just what you need when the weekend rolls around! Port Dickson, being just a
90-minute
 drive away, is definitely the place to escape for a quick, modest vacation.
Toll
 and petrol costs won’t be too heavy; an estimate of RM100 should cover it depending on your vehicle, driving style, etc.

You can find room and board from just RM43 per night on
Airbnb
 (current average of RM157 to RM286) with more luxurious options available as well. Local hawker and seafood stalls abound, just check out TripAdvisor to get suggestions for tasty inexpensive restaurants to visit.

2. A Chill Holiday – Cameron Highlands

Beat the eternal summer heat and go where the wind is cool and the views even cooler. Merely
three to four hours
 away by car from Kuala Lumpur, Cameron Highlands does provide you with a range of ‘local’ touristy things to do.

Take a free tour of the Boh Tea Plantation, go to the butterfly garden, pick your own strawberries at Raju’s Hill Strawberry Farm or say hello to really old cacti at Cactus Valley (entry is RM4 per adult and RM2 per child). Accommodation is reasonable as well, with a one night stay at a four-star hotel, the Copthorne Cameron Highlands, starting from RM177 on
Agoda
.

3. An Artsy Trip – Penang

Penang really is a one-stop-holiday centre; you have beaches, night markets, tons of places to eat your heart out and an artsy heritage to boot. You can either drive here or fly down with a budget
airline
, which with early booking could score you round tickets for under RM150.

Things to do in Penang include free visits to the Street Art Trail, Armenian Street crafts or simply walkabout to discover Penang’s amazing architecture (e.g. Beach Street, Pitt Street and Loke Mansion).

4. A Historical Holiday – Malacca

If you want to experience culture, history and shopping amidst a foodie paradise, then Malacca is definitely worth the trip. It’s only
a two-hour drive
 away from Kuala Lumpur and if you don’t feel like driving, just book a bus ticket, it’ll cost approximately RM20, one way. For accommodation, you can book an Airbnb for
RM80 to RM150
 or go with a hotel on Agoda.

Once you’ve settled in , there are a ton of free things to do in Malacca like visiting the Heeren Street Heritage Centre, walking through 17th century gravesites at Bukit China (or don’t if you are prone to nightmares) and visit Malaysia’s oldest known temple, Cheng Hoon Teng Temple.

5. A Green Haven Vacation – Templer Park

Need to get out of the city and see green, then why not make a weekend of it at Templer Park.
Less than an hour
 from Kuala Lumpur, this hilly rainforest is a great weekend holiday for nature junkies; you can (literally) take a hike, swim in mountain waterfalls or just relax with a nice picnic basket. For accommodation, look for cheap hotel stays online. For instance, rates at the
Leverage Hotel
 start from RM84 only and is only six minutes away from the park. What’s more, entry to the park is free!

A good travel credit card can help you save more on your vacations with discounts for everything from accommodation to flight bookings and even awesome dining deals! Don’t already have a travel card that you can count on for big promos and discounts? Then do yourself a favour and check out our
comparison page
 to find the most rewarding travel credit card for your needs.

However, you could also head on over to
Agoda
 to check out some of the best deals for hotels and accommodations for your trip.

Want to explore beyond Malaysia? Head to our
Travel Getaway Campaign
 to find out more!

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Desiree Nair

Desiree Nair

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GrabRewards Soon To Offer Mystery Rewards For In-Store, Online GrabPay Transactions Instead Of Earning Points

Grab has announced an update to its GrabRewards programme, which will significantly impact users who use GrabPay to pay for their in-store and online transactions. Specifically, they will soon no longer be able to earn GrabRewards Points at the existing rate of 0.75x or 1.5x for every RM1 spent via GrabPay (depending on whether they are subscribed to the
GrabUnlimited programme
), but will instead get a chance to win a Mystery Reward of up to 10,000 GrabRewards Points.

Set to take effect on 10 July 2023, this revision will allow users to win “a variable amount of GrabRewards Points” whenever they make an online or in-store transaction with GrabPay (no minimum spend requirement). Once you’ve carried out your transaction, you’ll then receive a push notification to open and claim your Mystery Reward – you can choose to do it immediately or at a later date. Remember, though, that you must claim the reward within 30 days upon issuance, otherwise it will be forfeited.

Grab further clarified that this revision will only apply to
in-store and online transactions paid using GrabPay
. It will not impact the following transactions:

GrabPay payments made for Grab services

All PayLater by Grab transactions (Grab services, in-store, and online transactions)

All payments made at Jaya Grocer (GrabPay, cash, or credit/debit cards)

These other transactions will continue to earn you GrabRewards Points at the existing rate of either 0.75x or 1.5x. Here’s a table from Grab to better summarise the impact of this latest update on the GrabRewards Points earning mechanics come 10 July:

That said, Grab has not clearly stated whether the GrabRewards Points obtained via the Mystery Reward will contribute to your progression of the GrabRewards membership tier (Member, Silver, Gold, and Platinum). Its FAQ currently still states that your progression “will be based on points accumulated from any Grab transactions made via the GrabPay”, which seems to imply that points obtained via Mystery Rewards will not contribute to membership tier progression. Other than that, all other aspects of the GrabRewards programme remain unchanged.

Finally, in conjunction with this revision, Grab is offering an extra Mystery Reward between 10 July to 31 August for the GrabPay transactions made. This limited-time deal will give Grab users the chance to win either a Nintendo Switch Lite (10 units up for grabs) or up to 10,000 GrabRewards Points – although you must spend a minimum of RM10 to qualify for it (after promotions or discounts are applied).

Also, each user is limited to five extra Mystery Rewards (per user per device) for GrabPay in-store transactions, and two extra Mystery Rewards (per user per device) for GrabPay online transactions throughout the whole campaign period.

(Source:
Grab
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Xavier

    2 months ago

Imagine making a Rm100-ish payment and then get a small amount of reward points. It wouldn’t be a surprise if there are users jump away from GrabPay after this change take place.

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    Anonymous

    2 months ago

    Reply to

        Xavier

but where? boost?

0

Reply

    Anonymous

    1 month ago

    Reply to

        Anonymous

I’ve got less than 100 point for transaction more than 400. THIS COMPANY IS ********

5

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    Kakashi

    1 month ago

Agree , better to apply Cash back credit card. Previously grabpay good to earn point for rebate . Now seem like no more attractive . Bye bye grabpay

1

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    Anonymous

    1 month ago

Grab is sucking us dry, this so-called mystery reward points are just ********!

1

Reply

    Billy

    18 days ago

This is stupid. I just paid RM400 and I was supposed to be happy with 189 points?

Time to ditch grabpay

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Grab Introduces Jaya Grocer Membership, Enables Customers To Earn GrabRewards Points

Grab has introduced a new Jaya Grocer membership and loyalty programme that enables users to earn “loyalty points” for their purchases at the grocery chain in the form of GrabRewards Points. Housed within the Grab app, this is said to be Jaya Grocer’s first loyalty programme.

Open to all for free, the new membership programme will allow all customers to earn 0.75 GrabRewards Points for every RM1 spent at Jaya Grocer – regardless of whether they pay for their purchases using cash, credit or debit card, and GrabPay. Points will also be awarded when you pay with Jaya Gorcer gift cards, One Card Pay, or Sunway Pals Pay. Meanwhile, GrabUnlimited subscribers can enjoy an earning rate of 1.5 GrabRewards Points.

The points earned can then be used to offset payments in-store when you shop, or to conveniently redeem Jaya Grocer e-vouchers at the checkout counter. However, Grab has also clarified that you will not be able to earn GrabRewards Points if you are tapping into other discounts, vouchers, or promotions within the same receipt or transaction. For instance, if you wish to enjoy the 10% discount offered via AIA Vitality for fruits and vegetables at Jaya Grocer outlets, then you will have to forfeit your GrabRewards Points for that particular transaction.

Note that you must be a Grab user in order to join this Jaya Grocer membership programme as it is powered by Grab, as well as housed within the app. Your membership will be automatically activated once you make a first purchase at any Jaya Grocer stores, or through GrabMart on the Grab app. You will also be able to trace your Jaya Grocer transactions and points earned within the app after that.

Meanwhile, to collect GrabRewards Points while shopping in-store, simply present your virtual Jaya Grocer membership card to the cashier so that he or she can scan the barcode on the card to credit the points to your account. To do this, head on over to the Account page in your Grab app, then tap on “Loyalty Programs”. You’ll immediately be able to see your virtual card, along with the total amount of GrabRewards Points that you currently have (not limited to just what you’ve earned through your Jaya Grocer purchases).

If you’d like to redeem Jaya Grocer e-vouchers at the checkout counters instead, the cashier will also need to scan your virtual card’s barcode. The e-vouchers can then be redeemed on the spot, and savings will be applied to your bill immediately. The redemption rate for the Jaya Grocer e-vouchers are as follows:

Jaya Grocer e-vouchers
GrabRewards Points required
RM5 off
750
RM10 off
1,500
RM20 off
3,000
RM50 off
7,500

On top of the ability to earn GrabRewards Points through your purchases, Jaya Grocer members can also look forward to other additional perks such as birthday treats, members’ day sales, and invitations for exclusive events. These could come in the form of exclusive offers and special Jaya Grocer vouchers.

Finally, note that all point-earning transactions with your Jaya Grocer membership – whether paid using cash, credit/debit card, GrabPay, or any other permitted payment methods – will contribute to the extension of your GrabRewards Points expiry date. This essentially simplifies things for some Grab users. For context, Grab currently employs a
three-month rolling expiry system for its GrabRewards Points
, which automatically refreshes when users make one transaction before the expiry date of their points – but this transaction
must
 be made using GrabPay (which may be a bit restrictive for some Grab users, especially those who do not use GrabPay exclusively for a mojority of their transactions).

The introduction of this new Jaya Grocer membership programme by Grab comes following the tech giant’s
acquisition of a majority stake in the grocery chain
, completed back in January 2022. The successful acquisition also saw Grab’s e-wallet, GrabPay, being rolled out as a payment option in all Jaya Grocer physical outlets – and this new membership programme is set to further cement the collaboration between both brands.

(Source:
Grab
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Real Property Gains Tax in Malaysia - What, Who, Where, and How Much

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Finance Minister: Substantial Portion Of Government Subsidies Enjoyed By T20 Group

(Image: Astro Awani)

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has remarked that a substantial portion of the subsidies provided by the government is actually enjoyed by the T20 income group. This is due to Malaysia’s blanket approach in providing the benefits to all levels of society, regardless of income levels.

To illustrate his point, Tengku Zafrul said that although the overall subsidies for 2022 are expected to exceed RM30 billion, more than RM15 billion will likely benefit the high-income group. Even more specifically, he also shared that for every RM1 of petrol subsidy, 53 sen will go to the T20 group, while only 15 sen will be utilised by the B40 group.

(Image: Malay Mail/Hari Anggara

“In Feb 2021, the subsidy for petroleum products borne by the government was only RM200 million. However, by Jan 2022, it was RM2 billion and in March, it was more than RM4 billion,” Tengku Zafrul further stated, adding that the government has also allocated RM700 million for electricity subsidy for the first half of this year.

In light of this situation, the government is now studying ways to improve the electricity and petrol subsidy mechanisms so that they are more targeted and focused on the financially vulnerable group. This way, the subsidies will benefit those who are truly in need.

Finally, Tengku Datuk Seri Zafrul stated that the government will engage with relevant stakeholders to discuss the targeted subsidy approach, and present the findings to the Cabinet in due course.

(Source:
Free Malaysia Today
)

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    deGonggok

    1 year ago

Well, what about big chunk of government enjoy by T0.01

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How Prepared Are You When Your Travel Turns Turbulent?

The MATTA fair is coming up towards the end of this year, where many of you will start planning for your year-end holidays. There are plenty of things to keep in mind in your travel prep, but travel insurance is not usually one of them.

If you don’t think travel insurance is something important, we invite you to think again. These real life stories and statistics might convince you that a little cash is a small price to pay for peace of mind.

Falling Sick During Travels

Earlier in July of 2016, while travelling to attend his son’s graduation in London, a Malaysian father fell seriously ill.

He was rushed to the hospital, and had to go through expensive medical procedures costing tens of thousands of British Pounds.

Financial costs was an additional burden on top of the heavy emotional stress they experienced. If he had travel insurance his medical bills would have been paid.

Travel Inconveniences When Travelling

Sickness is only the tip of the iceberg. It is also alarming that many travelers experience inconveniences during travels such as delayed flight, and theft or loss of their personal belongings like luggage, and travel document.

Sources:
www.interpol.int
, 2015;
www.flightstats.com
, Oct, 2015;
www.sita.aero
, Mar, 2015

Frauds, Scams, and Thefts When Travelling

Source:
VISA’s Global Travel Intentions Survey
, (2015) and
Economist Intelligence Report’s Safest Cities Index, (Retrieved 2017)

We can’t fully prevent illnesses, deaths, or unwanted incidents from happening, but we can surely insure ourselves to lessen the financial burden and stress that it may bring.

Stay Insured with Etiqa World Traveller Care

Get fully covered today! Click
www.etiqa.com.my
 for more information, terms & conditions, and enjoy a 25% instant discount if you apply online.

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F&B Associations: Food Prices May Soon Increase By 25% To 40%

(Image: Malay Mail/Shafwan Zaidon)

Several food and beverage (F&B) operator associations have said that food prices may go up from 1 July, with some noting that the increase could be as high as 40%. This is due to various factors, including the removal of subsidies for bottled cooking oil, increased ceiling prices for chicken and chicken eggs, as well as rising inflation.

The vice president of the Kuala Lumpur Bumiputra Traders and Hawkers Association, Datuk Muhammad Baba Kutty said that he expects food prices sold by hawkers to rise between 25% to 40%. He highlighted that food sellers had already felt the pinch when their suppliers hiked prices during previous movement control orders (MCOs).

“At the end of the day, the public will suffer because the prices of food have increased. When the hawkers buy (ingredients) at a high price, of course, they will sell the (meal) for a higher price,” Datuk Muhammad Baba remarked, adding that hawkers may also opt to reduce the size of food portions as an alternative.

(Image: Malay Mail/Yusof Mat Isa)

Meanwhile, Malaysian Muslim Restaurant Owners Association (Presma) president, Datuk Jawahar Ali Taib Khan noted that food prices have already increased slightly, with further increases expected this month. He also said that he had requested for Presma members to maintain the old food prices, but they are unable to do so as overhead costs have also shot up.

“Normally, the price of certain raw materials will only increase once or twice every year. But this time, it is unusual. Flour, condensed and evaporated milk, Milo and Nescafe prices, have increased three times. Not to mention chicken price also increased many times,” Datuk Jawahar Ali further said, adding that Presma members will try to keep the increase to RM0.10 or RM0.20.

Additionally, the Presma president urged the government to continue subsidising essential items. This is as the people are still recovering from the impacts of the Covid-19 pandemic.

(Image: The Star/Chan Boon Kai)

Similarly, Restaurant and Bistro Owners Association vice-president, Jeremy Lim said that the public can expect higher food prices as operators are struggling with the rising costs. “Over the course of the past 27 months, prices of raw material, transportation and logistics have been increasing significantly,” he explained.

That said, Lim also emphasised that different business operators may take different approaches in managing the rising costs, adding that not everyone will increase prices from 1 July. Businesses that do choose to pass on the cost will struggle with their own set of pressures. “We are also fearful that we might price ourselves out of the market. At the same time, for some businesses, if they don’t increase prices, they may be loss-making,” he stated.

Earlier last week, the government had announced that it will
remove the ceiling prices for chicken and chicken eggs, as well as discontinue the subsidies for bottled cooking oil
 from 1 July 2022. However, the
decision to remove the ceiling prices for chicken and chicken eggs was then reversed
 two days later, with the
new ceiling price for standard chicken
 set at RM9.40 per kg. Meanwhile, the new ceiling prices for chicken eggs are fixed at RM0.45 (Grade A), RM0.43 (Grade B), and RM0.41 (Grade C) per egg.

(Source:
The Star
)

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SkyWorld And Shopee Is Giving Away A New Condo Unit Worth Over RM500,000 This 11.11

SkyWorld Development Group is collaborating with Shopee Malaysia to reward one lucky winner with a SkyMeridien Residences condominium unit in Sentul East, worth over RM500,000, as part of Shopee’s 11.11 mega campaign.

The development is designed as a family-centric development, consisting of 780 units with sizes ranging from 581 sq. ft. to 1,318 sq. ft. It is seen as both a retreat and a playground, as well as a communal space and a backyard garden surrounded by lush greenery. Residents will be pampered with over 32 indulgent resort-inspired facilities while all water facilities are salt-water chlorinated.

On top of that,
SkyMeridien Residences
 adopts the Transit Oriented Development (TOD) concept, and is linked to the Sentul Timur LRT Station via a 300m walkway. It is also surrounded by well-established, mature neighbourhoods with abundant amenities and conveniences.

Participation in the giveaway is pretty straightforward. All you need to do is tap on the “Tap & Win A Condo” icon on the menu page and collect golden tickets every day from now until 11 November. The more golden tickets you have, the higher your chances of winning.

The deputy chief executive officer of SkyWorld, Lee Chee Seng shared that the collaboration with Shopee was meant to inspire Malaysians to be hopeful and to usher in the New Year in an unprecedented way following the gloom brought on by the Covid-19 pandemic.

“During the lockdown, when all activities were halted, it came to a realisation that our homes have taken on many important roles as a place to live, play, learn, work, and even shop. We see the changes are here to stay and we want to make the at-home experience a meaningful and memorable one,” said Lee, adding that the timing of the giveaway is just right as 2021 is coming to an end and this project is targeted for completion early next year.

Meanwhile, the senior marketing manager of Shopee Malaysia, Kenneth Soh said that the collaboration with SkyWorld Development Group is their biggest giveaway yet, and that it was a way of offering something different to their Shopee users during the 11.11 Big Sale.

“SkyWorld’s constant commitment in quality and providing unmatched sky living experience truly impresses us and we look forward to many more fruitful collaborations in the future,” he stated.

Interested individuals can collect golden tickets to win the prize via the “Tap & Win A Condo” tile in the Shopee Prizes section.

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Sheu Quen

Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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Affin Hwang: Government May Reintroduce GST In 2022 Or 2023

Affin Hwang Capital has commented that the government is likely to announce the reimplementation of the goods and services tax (GST) in Budget 2022, or roll it out in 2023 to help Malaysia boost its revenue. The financial advisory and solutions provider also said that the new GST will most probably be re-introduced at a rate of less than 6%.

According to the chief economist of Affin Hwang Capital, Alan Tan, a key reason for the reintroduction of the GST is the flexibility that it gives to the government in reducing corporate and personal income tax rates.

“One thing that we are supportive of the GST is that it takes revenue from indirect taxation rather than direct taxation, where the government has the flexibility to reduce corporate and personal income tax rates to make Malaysia a more attractive location for investment,” commented Tan. He also added that the GST has a broader tax base compared to the sales and service tax (SST) that Malaysia is currently using.

(Image: The Star)

To clarify
, the GST is a multi-stage tax system, which basically means that it is imposed on each level of distribution (such as the manufacturers, wholesalers, retailers, and customers). This differs from the sales and service tax (SST), which is a single-tier tax system. For SST, the sales tax is imposed on either the manufacturer or consumer level, whereas the service tax on consumers.

Tan further explained that the reimplementation of GST may take a while because the government needs to first make plans and decisions in terms of rates and tax treatments. “The government will also be looking at the tax treatment in terms of standard rating, zero rating, exemption and looking at the right threshold for businesses to register,” he said.

(Image: The Straits Times)

Furthermore, the issue of tax refunds will also need to be resolved. “As we know, tax refunds became one of the major issues in the previous GST regime, so we believe the current government will also look at the refund scheme to make it more efficient (this time round),” said Tan.

Prior to this, Prime Minister Tan Sri Muhyiddin Yassin had shared that the government will need to
meticulously study the proposal to reintroduce the GST
 before coming to a decision. This is despite opinions that believed the GST to be a more efficient tax system than the SST. Not long after, the Ministry of Finance set up
a committee to study various revenue-enhancing measures
 for the nation, including the possibility of reintroducing the GST.

(Source:
The Star
,
The Sun Daily
)

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Digi Offers Free Unlimited Internet Until 30 September

Digi customers can now enjoy unlimited internet access from 12AM to 12PM under Digi’s #InternetGemilang campaign. The promotion, which runs from 1 August to 30 September, is part the telco’s celebration of the upcoming National Day.

In the
FAQ page on Digi’s website
, this promotion is applicable to new and existing customers of the following internet plans:

Principal Postpaid Mobile and Broadband rate plans worth RM38 and above,

Monthly Prepaid Internet plans RM38 and above, and

Prepaid Digi Home Broadband Monthly RM60.

Existing customers of these plans are automatically given the unlimited free internet access without the need for a manual activation. Customers of the Digi Super Tererrr 38 and 58 will be given extra 2GB of data if they activate or renew their plans during the campaign period.

However, there are some restrictions to the unlimited internet access offer. One of these restrictions is that customers can only use the unlimited internet access from 12AM to 12PM and any usage of data after the period will be consumed from the customer’s existing internet quota. Additionally, customers cannot share the unlimited internet with their supplementary lines.

Besides that, customers are not able to use the unlimited internet for tethering and peer-to-peer downloads. That said, the FAQ page states that Digi Broadband subscribers on the eligible plans can use the unlimited internet for hotspot and peer-to-peer downloads.

(Source:
SoyaCincau
)

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DaaS.my Could Be The Cost-Efficient Solution To Your Company’s IT Challenges

The office scenario today has changed dramatically as most businesses transition to remote working in view of the pandemic. To some businesses, this could be the best time to experiment if working remotely could be a long-term arrangement that can benefit your business. Having said that, working remotely also puts pressure on your IT department since now more than ever, their role is essential to maintain your business support remotely.

On the other hand, for businesses who need to be in the office setting, the role of an IT department is also as important to ensure the company’s operation remains up and running. From buying the right devices to accommodate the work of your employees, ensuring that your business data is safe, to the ability to repair faulty devices; managing your business’ operations be it for remote working arrangement or physical office setting can be quite challenging without the right support, which could incur unnecessary spending of your business resources.

No matter the size of your business – small, medium, or giant – technology has become an essential part of your day-to-day operations to maintain work efficiency.  This is where Device-As-A-Service (DaaS.my) can help optimise your IT Department’s operations and resources. Here’s how:

If you’re looking to outsource your IT  needs or a solution to your IT challenges, DaaS.my could be the one to help you equip your employees with the right technology and tools to improve their productivity. At the same time, DaaS.my also provides you with intelligent analytics along with multi-device and multi-platform support that your business needs, and eventually keep your finances in check by optimising your business resources. Head to
the DaaS.my website
 to learn more.

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Mercer: Malaysia Has The Third Best Retirement System In Asia

The Mercer CFA Institute Global Pension Index 2020 has ranked Malaysia’s retirement system as the third best in Asia, and the 19
th
 out of 39 systems. This comes following the reveal that the country’s overall index value now stands at 60.1.

The index placed Malaysia – along with UK, Belgium, Hong Kong, the US, and France – in the Grade C+ band, out of a grade continuum of between A to E. For context, both the Grade C and C+ bands are used to describe “a system that has some good features, but also has major risks and/or shortcomings that should be addressed. Without these improvements, its efficacy and/or long-term sustainability can be questioned.”

The index also observed that Malaysia’s overall index value has dropped slightly since 2019, dipping from its previous score of 60.6. This is attributed to several small changes in the sustainability sub-index, which measures the likelihood of a system being able to provide benefits into the future.

The sustainability sub-index is one of the three sub-indices that are used in the study to measure each country’s retirement system. The other two sub-indices are the adequacy sub-index – which covers factors such as regulation, governance, communication, and operating costs – and the integrity sub-index, which considers aspects including the benefits, system design, levels of savings, and home ownership.

“Of the study’s three sub-indices, Malaysia scored highest for integrity (78), followed by sustainability (58.6), and adequacy (50.1). The global average sits at 71.3 for integrity, 50 for sustainability, and 60.8 for adequacy,” said Mercer in a statement.

The index further clarified Malaysia’s retirement income system is primarily based on the Employees Provident Fund (EPF), which covers employees from the private sector and non-pensionable employees from the public sector. It also noted that Malaysia’s overall index value can be increased with some improvements, including increasing the minimum level of support for the poorest aged individuals and increasing the pension age as life expectancy continues to rise.

(Image: The Edge Markets)

Meanwhile, Singapore retains its position as the best retirement system in Asia, with an overall index value of 71.2, followed by Hong Kong with 61.1 in the second spot.

The
Mercer CFA Institute Global Pension Index
, which is currently in its 12
th
 year running, offers insights into 39 retirement income systems globally. It covers almost two-thirds of the world’s population.

(Source:
The Edge Markets
,
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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BKM Programme To Be Improved Under Budget 2023, Offers Up To RM3,000 Cash Aid

(Image: Mashable)

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said that the existing Bantuan Keluarga Malaysia (BKM) cash assistance programme will be further improved under Budget 2023, with the categories being made more inclusive. This is expected to better assist underprivileged and B40 households that are struggling to provide for their children.

Under this improved BKM programme, households that earn less than RM2,500 and are providing for five or more children will now be entitled to a cash assistance of RM2,500. Meanwhile, households earning a similar amount and are providing for up to four children will receive between RM1,000 to RM2,000 cash aid.

Households with income of between RM2,500 to RM5,000, on the other hand, will be given cash assistance ranging from RM500 to RM1,250 – depending on how many children they have. Aside from that, single individuals and single senior citizens will also continue to receive cash allowances of between RM350 to RM600, depending on their income.

Here’s a quick table to summarise the new categories under the BKM programme:

Households/Recipients
No. of children
Total BKM cash aid (RM)
Households with monthly income of <RM2,500
– 5+
– Up to 4
– RM2,500
– RM1,000 to RM2,000
Households with monthly income of RM2,500 to RM5,000
N/A
RM500 to RM1,250 (depending on number of children)
Single senior citizens/single individuals
N/A
RM350 to RM600 (depending on income)

Tengku Zafrul also noted that the existing RM500 additional cash aid for single parents will also be continued. As such, single parents can now technically receive a maximum BKM cash aid of RM3,000,
as compared to RM2,500 previously
.

A total of RM7.8 billion will be allocated for the improved BKM programme, and is expected to benefit 8.7 million recipients.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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