Active Cryptocurrency Traders Are Required To Declare Their Gains For Income Tax

(Image: The Star)

The Inland Revenue Board (LHDN) has clarified that cryptocurrency investors who actively trade their assets at the digital asset exchange (DAX) are required to declare their gains for their annual income tax.

According to a report by The Malaysian Reserve, LHDN said that it will treat income earned through digital platforms similarly to income generated through conventional businesses. It also highlighted Section 3 of the
Income Tax Act 1967
 to justify why active cryptocurrency traders need to declare their DAX earnings in their income tax as well. The provision clarified that tax will be charged upon the incomes that are accrued in or derived from Malaysia, or received in Malaysia from abroad.

That said, LHDN admitted that the act does not provide specific details on how the earnings from cryptocurrency transactions should be treated. As such, the tax regulator must approach every situation on a case-to-case basis to determine if the profit obtained is taxable. This depends on whether the transactions have a pattern of trade, or badges of trade.

“If the transaction is more of a capital gain, passive, or as done occasionally, unplanned or unsystematic, then the profit from such sale and purchase is a tax-free income. On the other hand, for those who are involved in or using this cryptocurrency actively, systematically, and repeatedly where the patterns of badges of trade exist, then the party is considered to have conducted a transaction or profession. The profits generated from such transactions are subject to income tax,” said the communication director (CEO Office) of LHDN, Ranjeet Kaur.

(Image: Bernama)

Ranjeet further explained that cryptocurrency traders who are required to declare their earnings will need to do so by submitting Form B (for individuals with business income). “They can also take into account all expenses related to conducted transactions as deductions in calculating their net profits,” she added.

In declaring these earnings for their annual tax, these investors will also need to convert the digital currencies to the value of ringgit. Additionally, they should use the “market value of the goods and services involved” as the values to be declared in their income tax form. If there is no market value incurred, then the investors will need to refer to the value specified by DAX operators registered under the Securities Commission Malaysia (SC).

(Image: Business Today)

For context, the SC currently has
three registered DAX operators
, namely
Luno Malaysia, SINEGY Technologies, and Tokenize Technology
. It is estimated that there are more than 200,000 accounts registered with these operators, with Luno commanding over
90% of the local regulated DAX market share
.

It should be noted as well that LHDN had previously issued updated
guidelines on the Taxation of E-Commerce Transactions
, which include digital currency as part of its scope of charge as well. Effectively, these guidelines allow the tax regulator to collect revenues generated by cryptocurrencies as well.

(Source:
The Malaysian Reserve
)

1.9

54

votes

Article Rating

SHARE

TAGS:

Cryptocurrency

Digital Asset Exchanges (DAX)

Income Tax

Income Tax Act 1967

Inland Revenue Board

Lembaga Hasil Dalam Negeri

LHDN

LHDN Borang B

Luno

Ranjeet Kaur

Securities Commission Malaysia

SINEGY Technologies

Taxation Of E-Commerce Transactions

Tokenize Technology

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.

See all articles

Comments

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    Perez Wong

    1 year ago

Thanks for sharing, definition of active trading should have more details like frequency per specific time frame and also value

4

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Perez Wong

Yup, agreed! This has been a grey area even for the stock market traders.

0

Reply


Budget 2021: Enhanced Targeted Repayment Assistance Programme For B40, M40, & Micro-SMEs

The government will enhance its targeted repayment assistance programme from December 2020, which will include additional repayment options for the B40, M40, and micro-SME groups.

For the B40 who are Bantuan Sara Hidup (BSH) recipients, and micro-SMEs with total approved financing of up to RM150,000, borrowers will be given two new options:

Option 1: Postponement of repayment for 3 months

Option 2: 50% reduction in monthly instalment for 6 months

In addition, this enhanced assistance will also cover facilities approved before 1 October 2020 which are not in arrears for more than 90 days. Borrowers who wish to take either option simply need to head to their banks, with no additional documentation required.

Meanwhile, for the M40 borrowers, the application process for repayment assistance will be streamlined. The new process only requires a self-declaration of the borrower’s reduction in income to apply for the assistance.

Unlike other Budget 2021 announcements that will only commence in January 2021 onwards, these enhancements will kick off in December 2020, allowing borrowers to get the assistance they need faster.

Stay up to date with our
Budget 2021 coverage here
.

0

0

votes

Article Rating

SHARE

TAGS:

B40

Budget 2021

M40

Micro SME

Repayment Assistance

Targeted Repayment Assistance

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Dine in Style at Asia’s Dining Destination with your UOB Debit and Credit Card

Let UOB treat you to some fab deals at Asia’s Dining Destination, Marina Bay Sands, Singapore.

Picture from Hangoga Grill’s official
page
.

As the name suggests, it is the place to be to please your palate with some of Asia’s best flavours.

Here are some of the perks you’ll receive from participating outlets in Asia's Dining Destination just for paying with your UOB Credit or Debit Card:

Bazin: 15% off nett bill from Monday to Thursday excluding public holidays.

Carnivore Brazilian Churrascaria: 15% discount on buffet prices except on Eve of, Public Holidays and select Festive Days.

Hangoga Grill: 20% off nett bill.

Java Detour: 10% off nett bill and a complimentary cup of organic coffee or tea with a minimum spend of S$50 nett in a single receipt.

Kraze Burger: 20% off nett bill and a complimentary soft drink with a minimum spend of S$50 nett in a single receipt.

TWG Tea Salon and Boutique: Get 3 free Macarons for takeaway with a minimum spend of S$50 nett in a single receipt. Spend S$100 and get a S$10 voucher as well as 3 takeaway Macarons.

For a full list of participating eateries, check the full list
here
.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Job Listing For Binance Malaysia Country Manager Appears - Sign Of Things To Come?

Job listings for various roles based in Kuala Lumpur for Binance have appeared in a few platforms online. The eye-catching detail is the opening for a
Country Manager for Malaysia
, which suggests that the world’s largest digital assets exchange is looking to set up a local office here.

In the job listing, it appears Binance is quite serious in setting up its presence in Malaysia – and if the JD is to be believed, Malaysia is a “key market” for Binance globally. Among other responsibilities, the Country Manager is expected to lead expansion plans for the market, launch new services, lead local key marketing activities, and of course, represent Binance in the local events, media, and in communications with external stakeholders.

The listing was created on 31 July, and can be found on a few job listing platforms – though curiously, this role is not listed in
Binance’s official website
 nor on its
official LinkedIn page
. Besides the Country Manager/Director role, there is an open position posted two days ago for an
Office Administrator
 which explicitly states that applicants must be based in Malaysia.

The timings of these postings are notable, as the Securities Commission’s announcement of
enforcement actions against Binance
 was made on 30 July – just before these job openings were posted.

As we approach the halfway mark of the SC’s 14-business-day notice to cease operations, Binance still has not issued a statement to its Malaysian users. Its website and app function as usual, and its official Telegram channel is still running; everything seems to be BAU (Business As Usual).

0

0

votes

Article Rating

SHARE

TAGS:

Binance

Binance Malaysia

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BNM Reduces Overnight Policy Rate Again, From 2.75% To 2.50%

(Image: The Star)

Bank Negara Malaysia (BNM) has announced another overnight policy rate (OPR) cut by 25 basis points, bringing the current OPR from 2.75% to 2.50%. The ceiling and floor rates of the OPR are now reduced to 2.75% and 2.25%, respectively.

According to BNM, this cut is meant as a countermeasure for the economic impact of the Covid-19 outbreak. Malaysia’s economy has seen a dip due to the ongoing outbreak, causing disruptions in production and travel activities. This further led to tighter financial conditions and a volatile market.

As such, the OPR reduction is intended to provide a more accommodating financial environment for businesses and the nation in general. This, along with the
2020 Economic Stimulus Package
 recently introduced, is expected to encourage and support the country’s future economic growth amid price stability.

(Image: Malay Mail)

The OPR is essentially the reference rate that banks use to decide on the interest rate of your savings and loans products. A lower OPR is good news for variable-rate loans, such as home loans. However, it may be less advantageous for your savings accounts and fixed deposits as it means these savings products will have a lower interest rate earning.

This is the
second OPR cut
 in the last three months this year, with
many economic analysts having predicted it prior
. The Monetary Policy Committee (MPC) had announced an earlier cut in January 2020, where the OPR was reduced from
3.00% to 2.75%
.

5

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

OPR

Overnight Policy Rate

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


The Only Savings You Need to Live the Way You Deserve!

Wishes and dreams – we all have these in varying capacities. One common trait between them all is they require a certain degree of effort in order to be achieved.

Quite frankly and typically, most ambitions involve the use of big money. Therefore, defining the effort part as the act of saving would not be completely erroneous.

Getting there certainly is no easy feat. That said, we’ll be filling you in on the importance of having fat savings and the best way to go about doing so. Behold!

The Importance of Savings

Opulent homes, extravagant holidaying, and lavish lifestyles – they all hold a special place in our hearts no matter how much we attempt to brush them aside. After all, it’s only human to be a little superficial.

But that’s not all we can use a great deal of savings for, especially living in a world where we are left clueless on what may happen tomorrow. You’ve guessed it – it doubles up as an emergency stash during rainy days too.

To make sure you get out dry, savings can come in handy in times of financial emergencies like in cases of sudden illnesses, sustaining a failing business, or even to pay down debts that are on the verge of putting you on the dreaded blacklist.

Of course you may find solace in taking up a personal loan or making cash withdrawal from your credit card for such instances, both leisure and emergency, but you certainly could do without the lengthy waiting process and hefty interest rates. Fortunately for you, there is a surefire way of amplifying savings with
Allianz PrimeSaver
.

What is Allianz PrimeSaver?

The Allianz PrimeSaver is a savings product that helps policy holders inch closer towards achieving their wishes and dreams almost effortlessly, and it even doubles up as a pretty awesome rainy day stash.

It is a savings vehicle that rewards policy holders handsomely if they simply save diligently throughout the term of coverage. This savings product also acts as a universal life endowment plan that invests in Allianz Universal Life Fund – giving policy holders’ money a concrete chance of multiplying through potential higher investment returns. Pretty cool and simple, no?

How Can Allianz PrimeSaver Help You Save?

Let’s walk through an example briefly. Assuming your annual premium payment is RM10,000 for 6 years with a coverage term of 20 years, you could choose to receive the yearly Guaranteed Cash Payment of RM1,000 (10% of your annualised premium) at the end of your 1st policy year and subsequent years until the 10th. This means you would already have collected savings of RM10,000 in just 10 years.

From the 11th year onwards, you will receive RM2,000 cash payment (20% of annualised premium) a year until the 20th, totalling up to RM20,000 in the second half of your tenure. Over the course of both halves spanning over 20 years, your savings tally would have amounted to a whopping RM30,000!

If you think there’s a lot you can do with RM30,000 – think bigger! The table below illustrates premium options with
Allianz PrimeSaver
 that surely can change lives by nurturing the simple act of saving.

The Guaranteed Cash Payment (as percentage of annualised premium)

On top of that, you will also receive a nice sum of money upon maturity. For more information, kindly refer to the
product brochure
.

It’s Time to Spread Those Wings!

Allianz PrimeSaver
 truly is one of its kind and brings a lot of perspective to the saying ‘Never stop chasing your dreams’. It’s simply an effective way to save for the future and be rewarded in the present.

Be sure to get your hands on the
Allianz PrimeSaver brochure
 for an extensive look at the savings marvel. If you have any looming questions regarding the product, drop your thoughts at the
enquiry page
 or simply ring up Allianz’s customer service at 1 300 88 1028.

As always, make it a priority to be informed about the terms and conditions before you embark on your pursuit of happiness!

0

0

votes

Article Rating

SHARE

TAGS:

Allianz

Allianz PrimeSaver

Guaranteed Cash Payment

Savings Plan

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Cabinet To Consider Transport Ministry’s Proposal For Unlimited Passes

(Image: The Malaysian Insight)

Deputy Prime Minister Datuk Seri Wan Azizah Wan Ismail said that the Cabinet will be studying a proposal raised by the Ministry of Transport to introduce unlimited passes and discount cards for rail and bus travel. The move to introduce the RM100 monthly pass for unlimited travel on public transport was a pledge by Pakatan Harapan in GE14.

Datuk Seri Wan Azizah Wan Ismail said that the proposal needs to be carefully examined before any decisions were made. She reasoned that the amount of money needed to subsidise public transportation rides will be staggering.

“We acknowledge the proposal made by the Transport Ministry to implement an integrated ‘Rapid Rail’ and ‘Rapid Bus’ unlimited travel pass, as well as discounted KTM Komuter services. However, it needs to be brought to Cabinet for approval as the subsidy the government might have to pay for this is costly. It could be about RM300mil a year,” she said.

According to Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail, the proposal to subsidise public transportation travel is meant to help those who rely heavily on this mode of transport, such those in the B40 income group in particular. He also said that the government would look for guidance from public transportation subsidy schemes that are successfully implemented in countries like Britain, France, and Japan.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

B40

KTM Komuter

MyRapid

Public Transport

RapidKL

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Things That Might Seem Tax Deductible but Actually Are Not

Income tax season is just around the corner! As people continue to collect the necessary documents for tax reliefs, there are some questions on whether certain items are tax deductible.

In this article, we will be clearing some confusion on which items that may seem tax deductible but in reality are not.

Hybrid Computer

Last year, LHDN introduced the lifestyle section which provides tax reliefs for items like newspapers, journals and magazine (both print and electronics) as well as personal computers, tablets and smartphones. However, one of the few items that are not tax deductible is the hybrid computer/laptop.

Hybrid computers in this regard refer to devices that possess attributes of a personal computer and a tablet with the use of a convertible / detachable keyboard and touchscreen. Some examples of these hybrid computers include Microsoft Surface, Windows 8 Hybrid Laptop etc.

Taxpayers cannot claim tax reliefs for hybrid computers by placing it under personal computers as LHDN
considers
 hybrid computers as a separate categories of devices.

Electronic Dictionary

Another electronic device that is not tax deductible is the electronic dictionary, an electronic device that primarily functions as a dictionary. Like the aforementioned hybrid computer, electronic dictionaries are considered as a separate category of devices.

Thus, if you’re looking to maximise your tax reliefs and you’re still deciding whether to buy an electronic dictionary or one of its alternatives, it is advisable to go with the latter (dictionary apps, online dictionaries or a physical dictionary).

Sports Attire

This part has been a point of confusion and contention when it comes to claiming tax relief for sports equipment. LHDN states in the
Income Tax Act
 that the tax relief for sports equipment is only eligible for those used in sporting activities defined in the Sports Development Act 1997.

This means equipment like footballs, shuttlecocks, nets, rackets, martial arts weapons, fencing swords, electronic scoreboards etc. can be considered as sports equipment. Whereas jerseys and football boots are considered as sports attires and sports shoes, therefore,
cannot
 be tax deductible.

Non-Vocational Bachelor’s Degrees

Here is a much more recent point of confusion when it comes to education tax incentives. LHDN has elaborated on the education tax relief by stating the kinds of undergraduate diplomas, and degrees that qualify for
tax reliefs
. These categories are Law, Accounting, Islamic Financing, Technical, Vocational, Industrial, Scientific, and Technology.

This elaboration means that courses like Anthropology, English Literature, Indonesian Studies, and Philosophy etc. are not eligible for education tax relief should the taxpayers decide to pursue diplomas and degrees out of the listings. These courses are only eligible if the taxpayer decided to pursue them at the Master’s level or Doctorate level.

Both Parental Medical Relief and Care Relief Together

Please hear us on this part. It is true that there is a tax relief for either parental medical expense or parental care. However, the keyword to note for this segment is “or”. LHDN has stated in the
Income Tax Act
 that one criteria to claim parental care tax relief is that the taxpayer must not claim expenses related to medical treatment and care for the parents.

As such, taxpayers who take care of their parents must decide which tax relief they wish to apply for. If you decided to apply for the medical expenses relief for your parents, then you are limited to only medical expense relief and vice versa. For more information on parental care tax reliefs, visit KPMG’s
official website
.

Private Nannies

This part is for the parents with infants or children under the age of six years old. LHDN recently introduced a tax relief for childcare fees from child care centre and kindergartens at the maximum rate of RM1,000. However, this clause is not applicable for private nannies or caretakers. It should also be noted that only one parent can claim the tax relief for childcare fees.

With regards to this matter, it is in your best interest that you search for registered child care centres and kindergartens from the directory on the Department of Social Welfare’s
website
 and request for the invoice/receipts for tax relief application.

Some Serious Illnesses

It is true that LHDN has stated the tax rebates/relief for any medical expense, including complete medical examination for the taxpayers and their family with serious illness.

However, LHDN has also provided a
list
 of illnesses, major surgeries, and amputations that are considered eligible for this tax relief. As such, we recommend you consult your doctor on the serious illness you have and cross-reference that with the list from LHDN to see if medical expenses for such illness are eligible for tax rebates or deductions.

In Conclusion

As mentioned earlier, it is important to note that some of these items are subjected to changes at the discretion of the government and their budget for each year. However, there are a few things you can do to clarify these matters.

1) Collect the necessary receipts and documentations for tax reliefs.

2) Contact the nearest LHDN branch for more information and clarity.

With that, we hope that you can get the most out of the tax reliefs when filing your taxes this year. Want to know more about tax reliefs? You can read some of our previous articles
here
. Have anything to add to this article? Share your thoughts and ideas in the comments section down below!

5

1

vote

Article Rating

SHARE

TAGS:

Filing Income Tax

Tax Deductible

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (6)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

6
 Comments

 Inline Feedbacks

View all comments

    min

    1 year ago

Are computer accessories tax deductible? For example, SSD storage and Memory used to upgrade a laptop?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        min

Nope, it’s not unfortunately 🙁

0

Reply

    Anonymous

    1 year ago

Can claim GoPro Camera, Yamaha Sound Bar

0

Reply

    Mal

    1 year ago

Hello, are massage devices considered sports equipment?

0

Reply

    Anonymous

    1 year ago

How about foldable bicycle considered as sports equipment?

20

Reply

    Anonymous

    1 year ago

Are physiotherapy costs tax deductible ?

0

Reply


Malaysian Economy Expanded By 16.1% In 2Q 2021 Following Decline Last Year

(Image: Malay Mail/Ahmad Zamzahuri)

The Malaysian economy has grown by 16.1% in the second quarter of 2021 compared to the -0.5% growth during the same period last year. However, on a quarter-on-quarter seasonally-adjusted basis, the economy registered a decline of 2.0% from 2.7% in the preceding quarter.

The Department of Statistics Malaysia (DOSM) also highlighted that the strong growth for 2Q was attributed to the low base recorded in the second quarter of 2020. “Based on growth recorded, the level of economic value in this quarter remained lower than the pre-pandemic level of fourth quarter 2019,” DOSM revealed in a statement.

With regards to monthly GDP performance, April and May rose to 40.1% and 19.8% respectively, but GDP in June dropped 4.4% due to the total lockdown nationwide. Hence, Malaysia’s economy only grew by 7.1% in the first half of 2021.

According to Bank Negara Malaysia (BNM), economic performance was supported mainly by the improvement in domestic demand and continued robust exports performance. “All economic sectors registered an improvement, particularly the manufacturing sector,” said the central bank in its statement. “On the expenditure side, growth was driven by higher private sector spending and strong trade activity.”

Taking into account the various economic developments and assumptions on the National Recovery Plan (NRP) phases based on the pace of vaccination rollouts, BNM projects that the Malaysian economy will expand between 3.0% and 4.0% in 2021. The new projections are lower than the previously announced growth range of 6.0 – 7.5%, mostly due to the re-imposition of nationwide containment measures.

“Nevertheless, the expected re-opening of the economy would support a gradual recovery in the fourth quarter this year, with higher global growth and sustained policy support providing a further lift to economic growth,” said BNM. “The recovery is expected to accelerate further going into 2022, supported by a gradual normalisation of economic activities as well as the positive spillovers from continued improvement in external demand.”

(Source:
BNM
,
DOSM
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Covid-19 Economy

Department of Statistics Malaysia

DOSM

GDP

Malaysian Economy

National Recovery Plan

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


KTM Intercity, ETS Tickets For Chinese New Year Period Now On Sale

Tickets for the KTM Intercity trains and the Electric Train Service (ETS) for the travel period of 1 January to 31 March 2021 are on sale starting today.

According to Keretapi Tanah Melayu Berhad (KTMB), the opening of ticket sales is to allow for early travel planning – especially for those who are celebrating Chinese New Year, returning to their hometowns, and have plans for the holidays.

“The ETS train service will offer 24 trips daily while KTM Intercity still maintains the 18 daily trips,” said KTMB in a
statement
. “KTMB also offers two additional services for the ETS Business Class train for the KL Sentral-Butterworth round trip using the new schedule.”

The public are advised to get their tickets in advance to enjoy lower fares and multiplied savings. Those who buy their tickets early also have the option to select their seating compared to those with last-minute purchases.

You can purchase your tickets through the KTMB Mobile (KITS) mobile application or via the
official KTMB website
. For more information on the train service schedules, check online or contact the KTMB call centre at 03-22671200.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Chinese New Year

CNY

Domestic Travel

ETS

Intercity Trains

KTM

KTMB

Train Tickets

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Credit Card Basics Everyone Should Know

The ‘
credit card plot
‘ was a popular type of sitcom episode back in the 90s. Episodes revolving this plot involves one of the main characters being issued a credit card, with which he/she proceeds to buy whatever they wanted, equating it to free money. Later on in the episode, the bill comes and they all scramble to figure out how to undo the financial damage.

Sounds madcap and goofy, right? But that may have contributed to the urban myth that credit cards are bad for you. Read on for some basic information on what credit cards are and how they work in the real world.

What is a credit card?

At its core, a credit card is an instrument for a bank to pay for an item on your behalf, the amount of which you will owe the bank. In theory, when you pay for something with a credit card, that amount is not what you spent, but what you owe the bank.

Each transaction you make with your credit card is tabulated in your credit card bill at the end of the monthly billing cycle. You are then required to pay the bank within a stipulated time frame (usually 20 days). Failure to do so will incur an interest rate of the outstanding amount you owe the bank.

Contrary to popular belief, credit cards are not only for the rich. They are designed to cater to various income levels, from the entry-level (sometimes referred to as “Gold”), mid-range (“Platinum”), and premium (different cards have different names, from Infinite, Premier, Signature, and more). A few cards are invite-only, which is catered to select individuals at the discretion of the bank.

Why should I get a credit card?

The most common reasons behind owning a credit card is convenience and safety. Big ticket purchases no longer require you to carry huge amounts of cash, putting you at risk of petty thieves. Likewise, this applies to everyday life as well: with a credit card on you, there’s no reason to be carrying a lot of cash at any given time.

Another reason to get a credit card is so you have another avenue to build your
credit score
 that banks can refer to. Credit score is basically a report card of an individual’s financial wellbeing, which the banks can refer to as a means of assessing the risks the banks take when lending the individual money. Building a good credit score, which among others can be done by always paying your bills on time, goes a long way in the future when you are applying for a home or car loan.

Combined, these two reasons should encourage you to use credit cards – even if you have enough cash on hand. Not only do you protect yourself by not carrying lots of cash around, you are also building your credit score which will be beneficial to you in the long run. When used responsibly, a credit card is a very useful tool.

Sounds reasonable enough. But what about the interest rates?

If you consistently pay your credit card bills in full and on time, then you don’t have to worry about interest rates at all. This may not be theoretically correct, but banks charge interest on the outstanding amount as a penalty for borrowing their money and not repaying them on time.

Typically expressed as an annual percentage rate, credit card interest only needs to be paid by the cardholder on the outstanding balance they have on the card. The interest rate is usually high (anywhere between 8.88% to an eye-watering 21%), and if cardholders are not careful, the compounding effect on the interest charge can leave you crippling in debt.

So, our advice is simple: always,
always
 pay your credit card bills on time. In full, if possible.

That’s scary. Maybe I should just stick to cash?

If you’re financially responsible, it is actually beneficial to make payments with a credit card. Not all credit cards are created equal; there is generally one or two that offer perks that will appeal to you. Most cards offer rewards points that can be used to redeem items for free, while others have cashback features. Take time to find the right card for you, and you will benefit from them without changing your spending habits.

Imagine getting cashback from paying your utility bills or groceries, or being invited to the business class lounge even when you are flying in economy class. These perks are offered in various credit cards, which means extra benefits to cardholders just for paying for the things you already do in cash, with a credit card.

Besides that, a credit card will also come in handy in unexpected situations. Accidents or emergency repairs to your house or car, for example, may incur a bill that is too expensive to pay at one go. Paying them with a credit card – and faithfully repaying them quickly – frees up physical cash for day-to-day use, which is important even if you incur the late payment interest charges.

Finally, the credit score factor comes into play once again. Applying for a car, home, or personal loan will have the banks refer to your credit score before approving your application. If you’ve historically been paying for items in cash, your credit score may not be comprehensive enough to convince the banks to approve your loan. This can easily be offset by using a credit card.

Wow, these credit card perks sound great! Is there anything else I should know?

Banks like it when you use credit cards because quite often, they make money from the interest charges incurred on the outstanding amount. So the perks attached to credit cards are designed to encourage credit card use (and potentially buy more than what cardholders can afford). Banks can’t just let you use their money for free, and they don’t make any money if you are financially responsible and pay your bills on time.

Therefore, credit cards have a number of fees attached to them, such as annual fees, balance transfer fees, cash advance fees, and so on. On the other hand, some cards are “free-for-life” (zero annual fees), or have their annual fees waived if you use them regularly. Therefore, it literally pays for you to read the fine print to these cards, and see if the perks on offer outweigh the costs you may have to pay to use the card.

That should cover the basics of what everyone needs to know about credit cards. There are of course, a lot more that we can talk about, but we’ll save that for the coming guides. You can also head over to our
credit card comparison tool
, which breaks down the features of virtually all credit cards available in Malaysia.

Stay tuned for the next part of our credit card guide!

5

2

votes

Article Rating

SHARE

TAGS:

Balance Transfer

Balance Transfer Credit Card

Cash Advance

Cashback

Credit Cards

Easy Payment Plans

Installment Payment Plans

Rewards

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Starbucks To Transition Over To A New Rewards Loyalty Programme

(Image: The Malaysian Reserve)

Starbucks Malaysia has announced that it will be replacing its current Starbucks Rewards Loyalty Programme with a new one, and urged customers with any existing active rewards to redeem their points soon.

“Dear valued members,

Starbucks Rewards is transitioning soon! We would like to bring to your attention that all active rewards from current Starbucks Rewards must be redeemed before 20
th
 June 2021. Any unclaimed rewards will be forfeited on 21
st
 June 2021 and will not be reinstated,” said the popular beverage brand in its mobile app.

We are transitioning to an all-new Starbucks Rewards Loyalty Program 🤩 Claim your existing active rewards before 20th June 2021.

*Unclaimed rewards will be forfeited on 21st June 2021

To ensure a smooth transition, no rewards will be issued from 16th June 2021-30th June 2021.
pic.twitter.com/sOlEfZuW8E

— Starbucks Malaysia (@StarbucksMY)
April 15, 2021

Starbucks also informed customers via social media posts that no rewards will be issued for purchases made between 16 June 2021 to 30 June 2021. This is to ensure that the transition will be carried out smoothly.

The existing Starbucks Rewards Loyalty Programme allows customers to earn points as they spend, which they can then use to redeem selected rewards – such as complimentary drinks, food, and coffee beans – on top of additional personalised rewards. The Starbucks Rewards Loyalty Programme be accessed on the Starbucks app.

(Source:
Starbucks Malaysia
)

0

0

votes

Article Rating

SHARE

TAGS:

Loyalty Programmes

Starbucks

Starbucks Rewards Loyalty Programme

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysian University Students To Receive RM100 In Aid

(Source: Study Malaysia)

As many as 1.2 million Malaysian students in tertiary education around the country are expected to receive RM100 worth of aid from the government.

According to a statement released by the Finance Ministry, the aid will be disbursed at the end of March 2019. A total of RM120 million is allocated for this Higher Education Student Aid (BPPT) programme.

The aid is a result of the Education Ministry’s recommendations and is intended to ease the financial burden of Malaysian students in institutions of higher learning. It is also in line with the RM100
cost of living aid (BSH)
 for single Malaysians announced on 20 February.

(Source: Malaysiakini)

The previous government offered financial aid to tertiary students with the Kad Diskaun Siswa 1Malaysia. It was distributed in the form of a Bank Rakyat debit card preloaded with RM250 and replaced the previous book voucher scheme in 2017.

The Finance Ministry said that the money will be disbursed through the existing mechanism using Bank Rakyat debit cards. The Ministry of Education is expected to provide more details on the implementation of BPPT and eligibility criteria at a later date.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank Rakyat

Ministry of Education

Ministry of Finance

Student Discounts

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Win The Nothing Phone (1), Apple Watch & More When You Apply For Credit Cards!

The holiday season is upon us and what better way to celebrate than by getting yourself a fancy new gift?

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 19 to 27 December 2022, our featured bank partners are

none other than
Citibank, HSBC Bank, Standard Chartered Bank, Public Bank, Alliance Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple Watch Series 7

Take your fitness levels to new heights this 2023! Stand to win the Apple Watch Series 7 that’s equipped with a multitude of sport modes, insightful features like a sleep, blood oxygen, and heart rate monitor, and can be used to pay for your cashless transactions with Apple Pay.Take it along with you so you can keep track of your daily steps!

Don’t worry if you don’t win the Apple Watch because you’ll still be guaranteed another Apple gift – the 2nd Gen AirPods! Listen to your favourite music or podcast wirelessly, with a charging case that keeps you running for hours.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – Nothing Phone (1)

This week, you could be one of the lucky winners to win the exciting and much hyped smartphone, the Nothing Phone (1)!

Listed as one of the best inventions of 2022 by TIME, the Phone (1) has a unique Glyph Interface with light patterns that indicate notifications and more. The phone has Dual-side Gorilla® Glass that’s bound to keep the phone protected through rough conditions. What’s even better is that the phone comes with a 50 MP Dual Camera!

If you don’t win the Nothing Phone (1), you’ll still be celebrating because RM600 Touch ‘n Go eWallet Credit is guaranteed to be yours.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Public Bank – Panasonic NanoeX Air Purifier

Be one of the lucky winners to take home the Panasonic NanoeX Air Purifier. Purify the air of your home or office with the NanoeX’s impressive ability to remove viruses, bacteria, and odours while keeping skin and hair hydrated.

Complete with a HEPA Composite Filter, allergens and viruses can be reduced by up to 99% and bacteria reproduction can also be eradicated.

For those who are not selected, you will get a guaranteed RM150 Shopee e-Voucher.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – RM1000 Cash Via DuitNow

Have you ever wondered what you’d do with an extra RM1000 in cash? This week, you could win RM1000 Cash via DuitNow when you apply, activate, and spend with Standard Chartered Credit Cards!

Whether you want to use it to treat a loved one, dine at a reputable restaurant, buy a new electronic device, or spend it on a memorable trip somewhere new, the possibilities are endless.

Don’t worry if you’re not selected, as you will still get a guaranteed URBANLite Ledge 24″ luggage for your travels.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Xiaomi Mijia Water Dispenser C1 or Xiaomi 70mai 1S Dash Cam 1080p

Are you ready to take home a brand new Xiaomi gift?

When you apply for an Alliance Credit Card with Balance Transfer, you’ll be rewarded with the Xiaomi Mijia Water Dispenser C1. Complete with a large 2.5L tank capacity, the water dispenser makes life more convenient by offering 3 levels of water temperatures and a quick one-button start.

Otherwise, take home a guaranteed Xiaomi 70mai 1S Dash Cam 1080p that can help you record clear footage while you’re driving on the road when you apply for an Alliance Bank Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the prize. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here

RHB – RM1000 Touch ‘n Go eWallet Credit

Wouldn’t life be just a tad sweeter if we had more free meals and didn’t have to pay for tolls? This week, you could be one of the lucky winners to win RM1000 Touch ‘n Go eWallet Credit!

You could go watch a new movie in the cinema, have a tasty dinner with someone special, pay your utility bills, and still have more to spend. Apply for an RHB Credit Card and this gift could be yours.

If you don’t win the RM1000 TNG Credit, you’ll still be guaranteed the Xiaomi Smart Band 7 Pro that has over 150 watch faces, a battery that could last up to 12 days, and over 110 sport modes.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 27 December (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Alliance Bank Credit Cards

Citibank Credit Cards

HSBC Credit Cards

Public Bank Credit Cards

RHB Credit Cards

Standard Chartered Credit Cards

Unbox This Week

About THE AUTHOR

Lisa Ameera Azman

Lisa Ameera Azman

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


CIMB Islamic Introduces New Petronas Credit Cards: CIMB Petronas Visa Platinum-i And Infinite-i

CIMB Islamic Bank has launched two new co-branded credit cards in collaboration with Petronas, dubbed the CIMB Petronas Visa Platinum-i card and the CIMB Petronas Visa Infinite-i card. Offering up to 8% and 12% cashback for Petronas-related transactions, respectively, the cards also reward cardholders with cashback for several other expense categories, including groceries, dining, and cashless parking spend.

To start, the CIMB Petronas Visa Platinum-i card offers up to 8% cash rebate when you spend via Petronas transactions, Setel transactions at Petronas, and EV charging at Petronas stations (capped at RM50 per month). To unlock the highest 8% rate, however, you must have a monthly statement balance of RM2,000 and above for the month. If your monthly statement balance falls between RM500 to RM1,999, then you will only be able to enjoy 4% cash rebate for your Petronas-related expenses.

In addition to that, the CIMB Petronas Visa Platinum-i card also lets you earn 2% cash rebate for your groceries, dining, and cashless parking expenses (capped at another RM50 per month), but again, this rate is only applicable if your monthly statement balance hits at least RM2,000. Otherwise, you will only be able to get 1% cash rebate for these transactions.

Here’s a table to summarise the benefits of the CIMB Petronas Visa Platinum-i card:

Spend categories
Cash rebate rate for statement balance of RM500 – RM1,999
Cash rebate rate for statement balance of RM2,000 and above
Monthly cap
– Petronas transactions
– Setel transactions at Petronas
– EV charging at Petronas
4%
8%
RM50
– Groceries
– Dining
– Cashless parking
1%
2%
RM50

Total cashback
RM100

Meanwhile, CIMB Islamic customers who own the CIMB Petronas Visa Infinite-i card will get to enjoy up to 12% cash rebate for their Petronas transactions, Setel transactions at Petronas, and EV charging at Petronas stations (capped at RM60 per month). According to the bank, this makes it the best Petronas cashback credit card with the highest cash rebate rate at present.

Like the CIMB Petronas Visa Platinum-i card, the cash rebate offered for the CIMB Petronas Visa Infinite-i is also tiered according to your monthly statement balance; you must achieve a minimum monthly statement balance of RM4,000 and above in order to reap the highest 12% rate. If your monthly statement balance falls between RM1,500 to RM3,999, then you’ll only be entitled to 6% cash rebate.

As for groceries, dining, and cashless parking expenses, CIMB Petronas Visa Infinite-i cardholders will be able to enjoy either a cash rebate of 6% (statement balance of RM4,000 and above) or 3% (statement balance of RM1,500 to RM3,999). This category of cash rebate is capped at another RM60 per month.

On top of these benefits, the CIMB Petronas Visa Infinite-i card also has some additional perks over the lower variant CIMB Petronas Visa Platinum-i card, such as the 1% cash rebate for overseas spend – to be provided regardless of your statement balance. Additionally, cardholders will be entitled to 4x complimentary access to the Plaza Premium Lounge each year.

Here’s another table to help you quickly grasp the cash rebate benefits of the CIMB Petronas Visa Infinite-i card:

Spend categories
Cash rebate rate for statement balance of RM1,500 – RM3,999
Cash rebate rate for statement balance of RM4,000 and above
Monthly cap
– Petronas transactions
– Setel transactions at Petronas
– EV charging at Petronas
6%
12%
RM60
– Groceries
– Dining
– Cashless parking
3%
6%
RM60
Overseas
1%
1%
Unlimited

Total cashback
RM120 (not inclusive of unlimited cash rebate earned for overseas expenses)

If you’re interested to apply for either the CIMB Petronas Visa Platinum-i or CIMB Petronas Visa Infinite-i card, note that the minimum annual income requirement is set at RM24,000 and RM120,000, respectively. As for annual fees, both cards (principal and supplementary) are free for life.

(Source: CIMB [
1
,
2
])

4.7

3

votes

Article Rating

SHARE

TAGS:

CIMB Islamic Bank

CIMB Petronas Visa Infinite-i

CIMB Petronas Visa Platinum-i

New Credit Card

Petronas

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Stand A Chance To Win RM1 Million With MBSB Bank PrimeWin RM1,000,000 CASA-i Campaign

MBSB has announced the MBSB PrimeWin RM1,000,000 CASA-i campaign, offering Malaysians the chance to win cash prizes worth a total of RM2 million by simply making deposits to their savings accounts.

The campaign, which began on 24 April 2019 and will end next year on 30 April 2020, puts customers in the running to win cash prizes by making a deposit into their MBSB Current Account-i or Savings Account-i. To participate, customers just simply need to deposit and maintain a minimum amount of RM100 in the savings account-i or RM1,000 for the current account-i.

Winners will be chosen every month and every quarter. In total, 145 winners will be chosen, including 120 RM1,000 monthly consolation prize winners, 12 RM10,000 monthly prize winners, 12 RM50,000 quarterly prize winners, and of course, the grand prize winner of RM1 million cash which will be chosen in June 2020.

To be eligible for the prize draws, a minimum month-end balance (MEAB) is required, ranging from RM100 for the monthly draw, RM500 MEAB for the quarterly draw, and RM3,000 MEAB for the RM1 million grand prize draw.

(Image:
The Edge Markets
)

“With this campaign, we will be able to reward our current customers as well as draw new customers to experience banking with MBSB Bank,” said MBSB Bank President, Datuk Seri Ahmad Zaini Othman during the campaign launch.

In the near future, the second largest full-fledged Islamic Bank is looking into further digitizations of its operation which includes the introduction of a mobile application and digital branches for customers.

Visit the nearest MBSB Bank branch or the
MBSB Bank website
 for the campaign’s terms and conditions.

0

0

votes

Article Rating

SHARE

TAGS:

000

000 CASA-i

Datuk Seri Ahmad Zaini Othman

MBSB

MBSB Bank

MBSB Current Account-i

MBSB PrimeWin RM1

MBSB Savings Account-i

Promotional Campaigns

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Rakuten Trade’s US Trading Service Now Enhanced With Foreign Currency Facility

(Image: The Sun Daily)

Rakuten Trade has enhanced its US trading service with a foreign currency facility, which offers investors the flexibility to trade in the US market in either the US dollar (USD) or the Malaysian ringgit (MYR) – depending on their preference.

According to Rakuten Trade, investors can now seamlessly convert their funds between USD and MYR when trading on Rakuten Trade’s web platform or the iSpeed.my app (a localised version of the trading app developed by Rakuten Securities in Japan). The conversions will be performed in real time, and at a competitive rate with no additional foreign exchange charges imposed on inter-currency trades.

In its website, Rakuten Trade further explained that traders who carry out their US trading in MYR will enjoy more convenience because they will not need to worry about manually converting their funds for the trading process. However, they may lose out on foreign exchange rates due to the auto conversion from MYR to USD, or vice versa. As such, opting to trade in MYR may be more suitable for those who hold stocks for mid- to long-term and who rarely perform day trades.

Meanwhile, individuals who trade more frequently or in the short term may prefer to keep their funds in USD within the foreign currency facility. This ensures that they will always have ready funds to trade at an instant, and are also able to save on foreign exchange conversion fees. If they’d like to cash out in MYR, all they need to do is to request for the conversion on their dashboard at their convenience.

Rakuten Trade said that its enhanced US trading service is expected to appeal to a wider range of digital investors who were previously limited in choice for a local broker when investing in the US market. This inadvertently forced them to sign up with overseas brokers.

Chief executive officer of Rakuten Trade, Kazumasa Mise also shared that almost 25,000 US trading accounts have been opened via the platform since its
US trading service
 was introduced early this year. Specifically, Rakuten Trade rolled out the service in January 2022, with a low brokerage fee of between RM7 to RM100.

Mise also said that its US trading accounts serve as a medium for new investors to test trading strategies on Bursa Malaysia before they eventually diversify into the US market. “To date, more than 85% of Rakuten Trade’s clients trade first on Bursa Malaysia before foraying into the US market. As a result, Rakuten Trade continues to record strong and steady trading growth on the New York Stock Exchange (NYSE) and Nasdaq,” he said.

Aside from US trading, Rakuten Trade had also previously said that it is seeking to
launch its Hong Kong-share-trading service
. This was originally set to be rolled out by the second quarter of 2022.

(Sources:
Rakuten Trade
,
The Sun Daily
)

0

0

votes

Article Rating

SHARE

TAGS:

Bursa Malaysia

Kazumasa Mise

Rakuten Trade

Rakuten Trade US Trading Service

Stock Market

Stock Trading

Stocks

US Stocks

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


HSBC Offers RM15 GrabFood Vouchers With Minimum RM100 GrabPay Reloads

HSBC is now rewarding its cardholders with RM15 GrabFood vouchers when they top up a minimum of RM100 in their GrabPay e-wallet. Ongoing from now until 28 February 2021, the reloads must be made with HSBC/HSBC Amanah credit or debit cards.

Note that the campaign period will differ for credit and debit cardholders. While HSBC and HSBC Amanah credit cardholders are eligible for the full six-month campaign period, debit cardholders will only be able to join in starting from the second month until the fifth month. Here’s the full schedule for your reference:

Month

Offer dates

Eligible HSBC/HSBC Amanah credit and debit cards

1

25 – 30 Sept 2020

All HSBC/HSBC Amanah credit card/-i

2

1 – 31 Oct 2020

All HSBC/HSBC Amanah credit card/-i and debit card/-i

3

1 – 30 Nov 2020

All HSBC/HSBC Amanah credit card/-i and debit card/-i

4

1 – 31 Dec 2020

All HSBC/HSBC Amanah credit card/-i and debit card/-i

5

1 – 31 Jan 2021

All HSBC/HSBC Amanah credit card/-i and debit card/-i

6

1 – 28 Feb 2021

All HSBC/HSBC Amanah credit card/-i

Similar to the ongoing
HSBC x TNG eWallet campaign
, each eligible cardholder will be entitled to only one RM15 GrabFood voucher per month, which is provided on a first-come, first-served basis. HSBC has allocated a maximum of RM520,000 of vouchers to be given out for the whole campaign, with RM66,000 going to credit cardholders and RM30,000 to debit cardholders during each valid offer month.

Note also that the GrabFood vouchers have a validity period of 3 months. You can check out
HSBC’s RM15 GrabFood voucher offer
 on the bank’s website, or read the
full T&C
 for more information.

5

1

vote

Article Rating

SHARE

TAGS:

GrabFood

GrabPay

GrabPay Top-Up

HSBC

HSBC Amanah

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Types of Facebook Posts That You Didn't Know Can Ruin Your Job Offer

Of course, posting on Facebook while you’re at a job interview is probably a bad move, but that’s not really what we’re talking about. What we want to explore here is how the things you post on social media can have a real and potentially negative affect on your chances of getting hired.

While you may think you’re safe as long as there are no postings of you committing a crime, abusing illicit substances, or sharing off-colour remarks, it may be worth checking out what other kind of things you shouldn’t be posting on Facebook or any other
social media
, just in case.

Sharing Your Job Offer

Got a lucrative offer and excited to share the news? Stick to private messaging. Why? Because it’s possible that your job offer was confidential. Read the small print in the email or letter of offer you’ve received to be sure before you even tap that blue Facebook icon. Careless candidates can lose the offer if you’re found to violate the confidentially via an errant status update.

And if this isn’t obvious, should you choose to share the offer, be sure to not say anything negative about it!
Mashable.com reported in 2011
 on a woman who posted “Cisco just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating the work.” She lost her job before her first day started.

Complaining About Your Boss or Job

This sounds like it shouldn’t be a big deal. It’s not like you’re complaining about the job you’re about to get, right? Wrong. Badmouthing anybody in a public forum isn’t just a bad look overall, it can also reflect poorly on your soft skills. Chances are, if you stay in the same industry, whoever you talked smack about will reappear in your work life sooner or later. Which is a chance your potential employer may not want to take.

Furthermore, while your complaints and grievances
may sound reasonable
 from your end, they may know more about your position than you do, and decide that you don’t have the patience or fortitude to be hired for the position you’ve just been offered.

Plagiarism

Another red flag as far as soft skills are concerned, plagiarism is a signal of laziness, poor work ethic, and incompetence. While it may matter more to positions that require meticulous attention to detail or jobs that value originality and creativity, it is still bad form to post a photo, quote, or any other piece of media without crediting the original creator.

In addition, if your potential employer sees you taking credit for somebody else’s work so easily in social media, it’s not a stretch to imagine you doing the same in the workplace, too. Not cool.

Textspeak

The occasional abbreviation forced upon by say,
Twitter
‘s character-limit should be fine. But frequent and egregious use of poor grammar and spelling can be not just off-putting, but grounds for a polite “no thank you” email in your inbox.

Why? Because most jobs require their employees to communicate professionally and effectively. Seeing a potential recruit haphazardly butcher the language on a regular basis signals that they might need plenty of training to learn how to communicate better. Training means costs, and better candidates are always out there. Remember: spellcheck is your friend.

As it turns out, just as important as the words we say, are the words we type out on our devices. Let’s hope we all become just a little bit more vigilant with what we share online, not just to keep ourselves out of trouble, but also to keep the internet a pleasant space to spend our lunch break in. Or… you can always use a pseudonym of course.

Have anything to contribute to the article? Do share your thoughts and ideas with us in the comments section down below!

Image Credits:
Digital Parenting
,
Nedroid Fun Times
 and Marc Nozell’s
Photostream

0

0

votes

Article Rating

SHARE

TAGS:

Employment

Facebook

Instagram

Job Hunting

Social Media

Social Media Platforms

Twitter

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


What Do Banks Really Look For In Your Loan Application?

It’s never easy to get rejected when it comes to love or job applications, and loan applications are no different. You’ll be waiting, hoping, and praying that your loan comes through and if it doesn’t, cue the crushing blows.

To reduce your chances of being a loan-reject, your application needs to be a solid one. But how exactly do banks measure your financial status? What do they look for when it comes to approving loans? Here are the three main areas that prospective lenders will focus on when reviewing financing applications:

Annual Income and Type of Employment

The amount of money you earn in comparison to the debt you have indicates your loan repayment ability, but it is also tied to several areas of your employment. Thus, your earnings are not the only point of contention as stability of income is also crucial to your application as well.

Therefore, even if you are making big money as a freelancer or a sole proprietor, when compared to a permanent employee with a fixed monthly salary, you’re likely to appear as the higher-risk applicant. Don’t worry though – just like look for loans that welcome applicants by both salaried and self-employed employees, like the
RHB Easy-Pinjaman Express
 and
Alliance Bank CashFirst Personal Loan
.

In addition, the high status of the company you work for i.e. MNC or public-listed firm could help bolster your application, whereas a newly-incorporated sole proprietor may not hold as much sway.

Savings and Other Assets

Having a healthy reserve in savings accounts and fixed deposits or owning other assets like property, stocks and bonds indicate that you have the means to repay your prospective lenders.

Furthermore, if your accounts are tied with the bank you intend to borrow from, you might just have a leg up in securing a loan. Your application could be deemed as less risky because of their ‘right to set off’ your dues from the savings accounts (and other assets) you hold with them.

Credit History

While this is an obvious one, you might not be familiar with the exact aspects of your credit history the banks are concerned with. Did you know that being blacklisted by a utility company or leaving multiple savings accounts dormant could have an effect on your loan application?

It certainly can and while these very common infractions may not even ring a bell to you, it could be listed by credit reporting agencies and raise red flags on your report.

This is why it’s necessary view your credit report before making any loan application so you can clear off your remaining debt beforehand. All the same, you can also take out a personal loan with the aim of consolidating all your previous debts – such as the
Standard Chartered CashOne Debt Consolidation Plan
 – so it varies from situation to situation.

Bonus Tip:
 Don’t know what your credit health is like? There are many ways for you to get a credit report or health check instantly and online!

Apart from these factors, banks may also look at a borrower’s status, as in their age, professional qualifications, titles held, community ties and the like.

More Things You Can Do To Get Your Loan Approved

Support your application with these handy tips:

1. Get a Guarantor

A parent or spouse with good credit standing can improve your application and perhaps even secure better loan terms. If you’re running your own business, try to get a recommendation letter from reputable creditors who are willing to help you.

2. Choose Your Lenders Carefully

Apply to at least one bank with which you have a good relationship i.e. one that you have actively maintained an account with or promptly repaid any credit issued or loan undertaken in the past. Not being a stranger can be beneficial especially if the prior conduct was positive. For example, you could even get better interest rates for a
Citibank Personal Loan
 if you have a credit card with Citibank.

3. Time Your Application

Avoid making numerous loan applications at the same time as it might indicate desperation for funds and could raise unwanted red flags on your credit report. If your loan has been rejected by more than one bank, wait at least a year before you reapply. Also, good planning can give you time to gather assets and clear your credit history before you start reapplying.

Bonus Tip:
 The simple truth is that banks have different metrics for evaluating loan applicants, so if you’ve been
turned down
 by one prospective lender – chin up, because another might approve your loan when you apply later on down the road!

Find all the relevant information that you need about personal loans and financing all in one place on
RinggitPlus
.

4.3

6

votes

Article Rating

SHARE

TAGS:

Alliance Bank CashFirst Personal Loan

Citibank Personal Loan

Credit Score

Loan Applications

myRinggitHealth

Personal Financing

Personal Loan

RHB Easy-Pinjaman Ekspres

Standard Chartered CashOne Debt Consolidation Plan

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


PEMERKASA: Additional Cash Aid For Affected B40 & BPR Recipients

The government is offering a one-off payment of RM500 to B40 Malaysians who have lost their source of income, and an additional RM500 to Bantuan Prihatin Rakyat (BPR) recipients who earn RM1,000 and below. These new initiatives were announced by Prime Minister Tan Sri Muhyiddin Yassin as part of the new PEMERKASA stimulus package.

The two cash aids will involve recipients aged between 21 and 60 years old, who will not need to make any new registrations to qualify. Verification as to the loss of income and the necessary cross-checks will be done through the existing systems belonging to the Inland Revenue Board (LHDN), Employees Provident Fund (EPF), and SOCSO.

“Both these special forms of assistance will be paid directly into the recipients’ bank accounts beginning June 2021,” the prime minister said. The government has allocated a total of RM1.2 billion for as many as 2.4 million recipients for the financial aid.

5

1

vote

Article Rating

SHARE

TAGS:

B40

Bantuan Prihatin Rakyat

BPR

Cash Aid

One-Off Payments

PEMERKASA

Prime Minister Tan Sri Muhyiddin Yassin

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


4 Ways Digital Marketing Is Changing SMEs Today

Everyone’s on the net these days. Be it shopping, ordering food, getting entertained, or even connecting with friends and family,
Malaysians have embraced digitalisation post Covid-19
.

With more consumers staying at home and spending time online, local SME businesses now see the need to adapt their marketing strategies by turning to digital marketing. Many consumers have gotten accustomed to getting things done online even as MCO restrictions are slowly being lifted now and digital marketing has become one of the most effective ways for SMEs to be seen for various reasons.

For one, it’s cost-effective and allows SMEs to reach more audiences. It also puts SMEs and large brands on equal footing with reasonable fees. When going online, you can see local SME brands being advertised side-by-side with big global brands.

But, if you’re still not sure if digital marketing is right for your local business, here are 4 other ways digital marketing is changing how SMEs reach out to their consumers today.

1. It’s Not Just Business, It’s Personal

The modern consumer is not just seeking a product or service. They want to know who’s behind the brand and what they stand for. As companies grow, they tend to overlook the importance of adding a personal touch to their marketing approach and generic messaging will not fly with consumers today.

People want a genuine connection with brands and some level of personalisation is expected when purchasing something or perusing a service online. Just a simple act of remembering a customer’s journey on a website can leave a lasting impression. For example, tailoring a product recommendation based on search and purchase history is one way businesses can personalise the customer journey – and digital marketing can help SMEs do that.

Furthermore, it’s imperative that brands know their story and communicate it to their customers. On this aspect, SMEs may have an edge over bigger brands because it’s easier to connect in a tight-knit community.

The extra effort spent on injecting some personalisation into your business with digital marketing can go a long way. It is that extra oomph that’s needed to build customer loyalty and increase conversions.

2. Be Seen By The Right Audience

Everyone can get in front of their customers nowadays thanks to developments in digital marketing. But sometimes, who is looking makes a difference too.

When smaller brands have to be picky with where they spend their budget, they need to focus on what gives the biggest impact. Instead of poking around in the dark and having your efforts go to waste, you can send out specific ads to your targeted audience that you know would be interested.

Employing a digital marketing company can be helpful here. With their large databases, these experts can apply search engine marketing (SEM) strategies to identify groups of consumers that may be interested in your products and services based on the keywords searched by the consumer. With important insights such as this, digital marketers can then help SMEs direct their marketing efforts to that specific group of people.

Social media marketing, on the other hand, allows companies to target certain demographics. If you have a specific demographic in mind you want to target, you can craft your promotional materials accordingly to what will appeal to that particular group of people.

3. Speak With Your Customers Directly In Real Time

We’re living in a fast-paced world where everyone wants everything now. Imagine if someone came across a promotion of yours but, because it’s after hours or no staff was available, they couldn’t enquire further or make an order. That would be a lost opportunity for the business.

This is where chatbots come into play. As the name implies,
chatbot is an affordable form of digital marketing that uses text, voice and messaging to converse with consumers. With chatbot technology, you get to address your customers’ enquiries in real time, communicate directly with customers from far corners of the world and more, which makes it a worthy investment.

SMEs
 can use private chat groups and one-to-one messaging applications to reach out directly to customers, and vice versa.
There are currently 1.3 billion users on the Messenger app of social media giant Facebook and so, Messenger chatbots can really help make a difference for a lot of businesses.

Social media is also a great way to reach out to customers directly thanks to their interactive features. Not only do SMEs get to post content about their product, but they also get to communicate directly with their customers in real time which can give them valuable insights into their business. It doesn’t have to be a one-way street where you just stop hearing from your customer after sharing your product or service with them.

4. Show Off Your Creative Side

Creativity helps businesses stand out. Like a person, every brand has a personality. When everything on the shelves look similar, it’s easy to be forgotten. Thinking out of the box can help SMEs shine and stick in someone’s mind. For example, keep things exciting on your social media by creatively using humour when promoting your product. This way, you might garner some attention and even show customers a relatable side of the company.

Most people come into the digital space to find entertainment and businesses need to engage them and at the same time bring value to their lives. As people across the world experience lockdown,
millions
 of people go on the internet for entertainment and more and internet hits have increased by between 50% to 70%.

However, being creative is no easy feat especially on the net. The only consistent thing about the digital space is that it’s constantly changing and extremely fast-paced, so something that might be considered out-of-the-box yesterday may no longer be the next day.

Rather than having to worry about what the latest marketing trends are, why not outsource creative projects to digital marketers so you can focus your attention on your business. SMEs can consult digital marketers on what kind of campaigns are popular these days, the best ways to promote a certain message or product, and how to appeal to certain demographics.

***

Eager to be seen? We can help you.

Many SMEs have come to realise that it’s high time they ramp up their digital presence. After all, Malaysia has the largest number of digital consumers in ASEAN and RinggitPlus can help your SME business tap into the market. Realising your digital potential can drive your business forward by leaps and bounds and we have a full suite of services to address all your needs. All our solutions are backed by innovative technology such as chatbot and our assets which include expansive firsthand data.

Our website also has a high user traffic. RinggitPlus is Malaysia’s number one financial comparison site offering independent and free information on personal finance products. We give users easy and round-the-clock access to a range of products via online application. With 600,000 average monthly site visits, you know Malaysians enjoy our platform and we can put you and your company in front of active and highly relevant customers.

In addition, we have a widespread digital reach that can help deliver your message to the right audience as 100,000 people follow us on our social media. We also have a strong and proven track record of generating leads to increase business exposure for our clients. Tapping into your digital potential can make a huge difference for your SME and the good news is, it doesn’t have to be disruptive. Leave your digital marketing efforts to us as we help you drive them to new heights while you focus your attention on your business.

Get in touch with us today.

Loading…

0

0

votes

Article Rating

SHARE

TAGS:

RinggitPlus SME

Small Medium Enterprise (SME)

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


OCBC is giving you up to RM80 in cashback rebates

We’ve got excellent news for you if you plan to become an OCBC credit card and savings/current account holder. The bank is giving you a
combined RM80 rebate for doing very little in return.
 This figure comprises a RM50 rebate for credit card use and a RM30 rebate for online bill payment.

The RM50 credit card rebate applies to new cardholders only. All you have to do is apply for an OCBC credit card as a principal cardholder.

If you’ve been approved, just make three swipes within 45 days of your card approval date and the 50 ringgit is all yours. The sum will be credited into your credit card account at least 60 days from the approval date.

This promotion lasts until 31 December. Here are its
terms and conditions.

To get the RM30 rebate, you’ll need to receive an SMS from the bank inviting you to register for OCBC Online Banking service. If you do sign up for it, you’ll have to then make one bill payment via the service. The list of eligible bills is stated in the promotion’s
T&Cs document.

Upon doing this, the RM30 will be credited into your account eight to ten weeks from the end of the campaign period. If you don’t have an OCBC credit card, however, you’ll only receive RM20 in rebates.

Do take note that the campaign is not open to existing OCBC Online Banking customers, and no further rebates will be given out once the RM150,000 Rebate Fund has been exhausted, even if you fulfil all eligibility criteria. Promotion ends on 30 June.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

John Royce

John Royce

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank Provides New Bank Notes For Withdrawal Via ATM

A total of 101 Maybank ATMs throughout Malaysia is providing the facility for new banknotes withdrawal for
duit raya
.

(Image:
Mohd Shukur via Facebook
)

The
duit raya
 notes available for withdrawals are limited to RM10, RM20, and RM50 with a maximum of 30 notes allowed per withdrawal. The withdrawal limit per day is RM5000, but is subject to your card’s withdrawal limit and the availability of the notes in that particular machine.

The service is available exclusively for Maybank customers from 27 May until 4 June 2019. For the full list of locations with the ATM
duit raya
 facilities, visit the official
Maybank website
.

0

0

votes

Article Rating

SHARE

TAGS:

ATM

Banknotes

Duit Raya

Hari Raya Aidilfitri

Maybank

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


PTPTN Loan Repayments Plunged In May 2018 Thanks To "Wait And See" Attitude

(Image: Rojak Daily)

The National Higher Education Funds Corporation (PTPTN) has announced monthly repayment collections for this year have significantly dropped. Besides that, PTPTN also revealed that over 400,000 PTPTN loan defaulters have been removed from the Immigration Department travel blacklist.

According to PTPTN chairman Wan Saiful Wan Jan, the drop in monthly repayment collection began in January this year. According to him, not a single month in 2018 so far has recorded monthly collections that exceed RM300 million. The worst recorded month was May 2018, where the monthly collection dropped by almost RM100 million, to just RM200.45 million.

It is no coincidence that the sharpest drop in collection is related to the Malaysian general elections. PTPTN deputy chief executive Mastura Mohd Khalid said that borrowers adopted a wait-and-see attitude to see if the new government would follow through on its pledge to allow borrowers who earn below RM4,000 to delay repaying their loan.

(Image: The Malaysian Times)

Meanwhile, PTPTN has also removed all 429,945 PTPTN loan defaulters from the Malaysian travel blacklist. This allows the defaulters to renew their passports as well as travel abroad without restrictions from the Immigration Department.

Wan Saiful Wan Jan stated that the whitelisting process is in line with one of the current government’s “10 Promises in 100 days” pledge, namely to eliminate the policy of blacklisting PTPTN loan defaulters. He added the whole process was completed on 8 June, one week ahead of schedule.

Although borrowers can now travel overseas without restrictions from the Immigration Department, Wan Saiful Wan Jan insisted that borrowers must continue to repay their education loan as the practice of listing all PTPTN borrowers into the Central Credit Reference Information System (CCRIS) will continue. This means that any PTPTN borrower who defaults on his or her loan will be given a bad credit score, which will make applying for loans more difficult.

(Source:
The

Star
)

0

0

votes

Article Rating

SHARE

TAGS:

CCRIS

Loan Payments

PTPTN

PTPTN Loans

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Securities Commission: 25% Increase In Reports Of Investment Scams During Covid-19

(Image: New Straits Times)

Securities Commission Malaysia (SC) revealed that there was a 25% increase in the number of complaints and enquiries made in relation to investment scams within Malaysia during the Covid-19 pandemic.

According to the general manager of the Consumer & Investor Office for the SC, Jawahar Ali Ameer Ali, a total of 1,857 complaints and enquiries related to investment scams was reported in 2021. In comparison, there were just 1,482 enquiries made in the year before.

Jawahar Ali also commented that the cases reported were mainly about scams that were promoted via social media. “My observation is that during the Covid-19 pandemic, a lot of people felt bored at home during the lockdowns or were struggling financially, so they started looking for investment opportunities as they needed more money. This created a fertile ground for the scammers,” he said.

As such, Jawahar Ali said that the SC has taken the initiative to conduct a series of nationwide educational talks – in both urban and rural areas – in a bid to educate the people about recommended anti-scam measures. These include precautions such as never depositing money into an unknown individual’s bank account.

(Image: Borneo Post Online)

Jawahar Ali further highlighted various other scam-related details, such as common tactics that are employed by scammers. He said that fraudsters will often attempt to convince victims with “unusually high returns” on small initial investments – as low as RM300.

“Let’s say you ‘invested’ RM300 – they [scammers] would promise you a return of RM3,000 in 24 hours. But before you could withdraw that RM3,000, they would direct you to deposit an amount meant as payment for the Inland Revenue Board’s fee, Bank Negara Malaysia charges, or administration fees,” explained Jawahar Ali.

Jawahar Ali also stressed the prevalence of clone firm scams, where scammers impersonate licensed intermediaries. “This means that the perpetrators clone the credentials of a legitimate, licensed entity to convince the victims that they are registered, when in actual fact, that’s not the case,” he said.

Furthermore, Jawahar Ali reminded that investment firms licensed by foreign authorities cannot solicit funds from Malaysians unless it is approved by the SC to do so. “Some of these companies claim to be international investment firms, but this is the myth that we are trying to dispel here. It does not matter if they’re licensed by ten different jurisdictions; most importantly, they must have a licence in Malaysia to operate in Malaysia,” he emphasised.

(Image: The Star)

Jawahar Ali further noted that Facebook and Telegram have both been identified as platforms that are often used to propagate investment scams. Oftentimes, victim will be redirected to scammers after clicking on a link on these platforms.

Ultimately, Jawahar Ali said that if something sounds too good to be true, then it probably is. He also pointed out that the SC has been tasked with regulating and developing the Malaysian capital market, along with protecting investors’ rights and interests. As such, it has been proactive in educating the public about investment scams through various online and offline channels.

“Such information can be found on our official Facebook, Twitter, Instagram, and YouTube pages under the name ‘InvestSmart SC’. The Investor Alert list has also been set up on our website, which contains the names of entities that are not licensed by the SC to sell investment products in the country,” said Jawahar Ali, adding that the SC has also been conducting outreach programmes at schools.

Upcoming efforts include the Invest Smart Fest – an investor education and exhibition programme – which is slated to take place between 14 to 16 October 2022 at Kuala Lumpur Convention Centre.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19 Economy

Investment Scams

Investor Alert List

Jawahar Ali Ameer Ali

Securities Commission Investor Alert List

Securities Commission InvestSmart

Securities Commission Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Experts: Govt Must Look Beyond Re-Examining Subsidies To Manage Cost Of Living Pressure

(Image: The Star)

Experts have urged the government to also look into identifying and addressing the root causes of rising prices of goods, even as it focuses on re-examining the country’s subsidy system. This is as both measures must go hand in hand to help the people manage their cost of living.

Senior education officer from the Consumers Association of Penang (CAP), N. V. Subbarow said that above all, the government must study how it can resolve agricultural output challenges. This, in turn, will help to safeguard the main source of food for the population – which will ultimately stabilise the prices of goods.

To illustrate his point, Subbarow highlighted the existing problem of egg shortage, which
has forced Malaysia to temporarily import chicken eggs
 as a short-term solution. “They (farmers) said some of the chickens can no longer lay eggs, so the meat was sold to the market instead. The Agriculture and Food Security Ministry must look into the real issue instead of giving more and more subsidies to the producers. Similar issues have occurred with other livestock. I also know breeders of milk-producing goats who have sold off their livestock for the meat,” explained Subbarow.

(Image: Malaysia Gazette)

In addition to that, Subbarow suggested for the government to increase the number of platforms for farmers to sell their products directly to consumers, or at least to authority bodies. This will then remove the problem of middlemen, which contributes to the rising prices of goods. A good option is to build more agricultural centres in the regions, thereby resolving farmers’ transportation issues.

“Some farmers have no choice but to sell their vegetables to middlemen as they don’t have the means to transport them far away. Centres located near their farms will greatly help these farmers with selling their products directly. Regular checks and enforcement actions would also help prevent profiteering among sellers,” Subbarow elaborated.

As for the proposed restructuring of subsidies, Subbarow believes that introducing a cap on the amount of subsidised electricity for domestic users will encourage them to become smarter consumers who avoid wastage. Commercial users or industries that receive subsidies, too, should ensure that the prices of their produced goods do reflect the aid. “It’s not fair for them to raise the prices when they also receive subsidies,” he said.

Meanwhile, economic analyst at the Putra Business School, Associate Professor Dr Ahmed Razman Abdul Latiff commented that although the government may mean well by providing targeted electricity subsidies only for B40 and M40 households to reduce their cost burden, this means manufacturers will be subjected to higher tariffs. In turn, it will cause them to pass on the cost by hiking up the prices of essential items.

“Without subsidies, larger corporations will have to push up the prices of their products to cope with the higher electricity tariff. Fuel production will also get more expensive next year since it is expected that the cost of purchasing coal and gas will be 2.5 times higher than now. If the higher tariff rates translate into price hikes for consumers, then the subsidy revamp will be a futile exercise,” said Dr Ahmed Razman.

Given this situation, Dr Ahmed Razman proposed for the government to provide monthly financial assistance for B40 and M40 households instead, catering to their daily expenses and necessities. These could be in the form of e-vouchers, which is more sustainable than giving cash handouts. This is as cash handouts will require the government to borrow more money, and as such raise the federal government debt.

(Image: Utusan Malaysia/Mohd. Shahjehan Maamin)

E-vouchers, on the other hand, can be provided until Malaysia’s inflation is under control. Furthermore, the government can tap into the Bantuan Keluarga Malaysia (BKM) and Inland Revenue Board (LHDN) database to identify eligible recipients, said Dr Ahmed Razman.

Just yesterday, Prime Minister Datuk Seri Anwar Ibrahim had said that the government will look at
reallocating blanket subsidies
 that are currently also benefitting wealthy individuals and conglomerates. He stressed that the subsidies are meant only for those in need, including individuals in the lower income group, and therefore should be implemented as such.

(Source:
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

B40

B40 Households

Blanket Subsidies

Consumers Association of Penang (CAP)

Cost of Living

Dr Ahmed Razman Abdul Latiff

Electricity Subsidy

Government Subsidies

M40

M40 Households

N. V. Subbarow

Subsidy

Targeted Subsidies

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Guaranteed Gifts Up For Grabs Including RM700 TNG E-Wallet Credit

Updated: 17 February 2022

The Unbox This Week credit card campaign is back to sweeten your Valentine’s week with awesome gifts from participating banks!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this week (14 – 21 February), our featured bank partners include

Citibank, HSBC Bank, Standard Chartered Bank, and Alliance Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank –
RM700 TNG E-Wallet Credit

This week, we’re giving away guaranteed RM700 TNG e-wallet credit when you apply for a Citibank credit card with us. Get some extra credits to spend on tolls, meals, and more!

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC – RM600 Cash via DuitNow

This week, we’re giving away guaranteed RM600 cash via DuitNow when you apply for a credit card with HSBC! From sending money to loved ones to treating them to nice dinners, here’s a gift that keeps giving.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Standard Chartered Bank – Riino Rapid Air Fryer 3.5L

Standard Chartered is now giving ALL approved applicants a guaranteed gift – an air fryer by Riino that is pleasing to the eyes. This functional yet aesthetically-designed air fryer is the perfect companion in the kitchen, helping you whip up your favourite snacks without hassle and easier clean up.

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Xiaomi Redmi TV Soundbar

This week, we have Alliance Bank joining the party with a guaranteed Xiaomi Redmi TV Soundbar. Upgrade your home viewing experience with a soundbar that simulates the theatre experience with 3D sound and fits easily into your entertainment area with a wall mount.

Upon approval, you just have to activate to meet the requirements of the campaign and be eligible to get the prize.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 21 February (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Alliance Bank Credit Cards

Citibank Credit Cards

Credit Cards

HSBC Credit Cards

Riino Rapid Air Fryer 3.5L

RinggitPlus Unbox This Week Campaign

RM600 Cash via DuitNow

RM600 Shopee e-Voucher

Standard Chartered Credit Cards

Xiaomi Redmi TV Soundbar

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments