Is Visa payWave Really As Secure As They Say?

Visa payWave is a payment method that allows users to make purchases without physically swiping through the payment terminal. However, rumours and scares have surfaced surrounding this, causing people to question its safety and security features. Well, we’re here today to settle them once and for all.

What we’ll do is address the many scaremongering concerns and see if we can debunk them all. Here we go!

1. I Found Videos Online That Show How a Device or Mobile App Claimed to Extract ALL Card Data Such As:

#### a. The Cardholder’s name (appeared on the card)

#### b. 16 digit credit card number

#### c. Card Expiry month and Year (MM/YY)

#### d. Your CVV Number (printed at the back of the Visa card)

### My Question is, How Secure Are Visa payWave Cards, Really?

Whilst there are staged demonstrations showing how credit card details could be lifted through a contactless card, this scenario is complex to execute in reality. While it includes the card number and expiry date, the data itself offers very limited potential for fraud.

Also, the contactless application of Visa payWave cards issued anywhere in Asia-Pacific, including Malaysia, do not electronically store the cardholder name onto the chip, thus, the cardholder’s name could NOT be extracted electronically. This is an additional measure to protect your personal information.

Visa payWave-enabled cards contain an embedded chip that uses advanced cryptography where a unique code is generated for every single card-present transaction which is used to authenticate the transaction. As such, it is not possible to carry out a card present transaction, either contactless or even a contact transaction, with merely an intercepted card number and expiry date. As for card absent (card not present) transactions such as e-commerce, additional security data such as One-Time-Passcode and / or the CVV is usually required.

Your CVV number printed at the back of your Visa card is NOT electronically stored in the chip. Thus, it can’t be extracted electronically from any device. These are examples of the many layers of security that protect Visa payWave transactions. Visa payWave provides faster transactions and increased convenience while still maintaining Visa’s high-security standards. So far, there are no reports of fraud from card-issuers or law enforcement agencies globally stemming from such electronic pickpocketing fraud attacks.

2. Since There’s no PIN Required to Use a Visa payWave card For Purchases Below RM250, What Happens if Fraudulent Charges Already Happen After I Lose My Card But Before I Manage to Call the Bank?

To mitigate the risk of unauthorised contactless transaction arising from lost or stolen cards, there are additional security measures in place such as consumer transaction alerts, real time transaction screening to detect and prevent irregular or suspicious transactions, capability to block a card on real time basis to prevent any transactions after a cardholder report, etc.

Hence, we encourage our cardholders to sign up for such alerts. In addition, cardholders should immediately notify their banks once they realise their payment cards are missing.

For unauthorised transactions, the terms and conditions may vary from bank to bank. Consumers are advised to check with their respective banks if they are notified of an unauthorised transaction on their cards.

3. Could I Be Debited Twice if I Have More Than One Contactless Card in My Wallet?

No. Visa payWave readers are designed to only communicate with one card at a time. If the shop’s reader finds more than one contactless card in your wallet or purse, you will be asked to select one card to pay. Therefore, you won’t have to worry about being charged twice.

4. Could I Have Unknowingly Made a Purchase if I Accidentally Walked Past the Point of Sale (POS) Reader?

No. For a purchase transaction to go through, your card has to be waved within 4cm of the contactless terminal for more than half a second. On top of that, the retailer must have first entered the amount at their POS system for you to approve or wave your Visa payWave card at the reader. Visa terminals can only process one payment transaction at a time, therefore reducing transaction errors.

5. What Information is Transmitted From the Card During Payment?

During payment, the card transmits information such as the account number, expiration date and a unique dynamic code that changes for every in-person transaction. The unique code is different from the one encoded on the magnetic stripe of a Visa card. So, if a criminal attempts to use intercepted data to manufacture and use a counterfeit card, the bank that issued you your card would be able to identify the transaction as fraudulent and stop the transaction from going through.

6. Is it Possible to Create a Counterfeit Card From Intercepted Contactless Data?

Visa payWave-enabled cards contain an embedded chip that uses advanced cryptographic security to generate a unique code for each and every transaction. So if a criminal attempts to use intercepted data to manufacture a counterfeit card, the bank that issued your card would be able to identify and prevent the transaction.

As you can see, there are numerous security measures put into Visa payWave to ensure that your data, personal information, and funds remain safe. It’s typical for new technology like this to be faced with skepticism. People are just being extra careful, which is a good thing. But don’t let that stop you from joining the future of payment systems with Visa payWave!

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EPF Kiosks Nationwide Now No Longer Print Detailed EPF Statements

All EPF self-service kiosks nationwide are no longer able to print members’ detailed statements. Instead, members can only print a summary of their accounts, which shows only the total amount in Account 1 and Account 2.

This change appears to have taken place early this month. A check at the RHB Self Banking centre in Menara UOA, Bangsar confirms this. While members can still print their 2018 statement (which shows monthly contributions), members can only print a summary of their 2019 statement (which does not show monthly contribution).

According to an officer at the branch, the EPF kiosk went offline on 2 March before going back online the next day. From that day, any member who wanted to print their detailed statement instead only got a summary.

Here’s how the EPF summary looks like:

In comparison, this is a sample of a member’s 2018 statement, which clearly shows the contributions for each month of the year:

This makes it difficult for members who are applying for a financial product like a credit card or a loan. Banks usually require an applicant to include their EPF statement as proof of income alongside their recent salary slips, so not being able to obtain this via the EPF self-service kiosks is quite a hassle.

That being said, members can easily get their detailed EPF statement for 2019 online via the EPF i-Akaun. This service, which was introduced way back in 2004, lets members view their current and previous statements (and print them), request for e-withdrawal, and check nomination information, among others. Here’s a simple guide on
how to get your EPF statement online
. Besides that, there’s even the EPF i-Akaun app for
Android
 and
iOS
 that lets members view their account information anytime, anywhere.

So, the next time you are planning to apply for a financial product, remember to print your EPF statement beforehand.

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

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Maybank Offers RM18 Off For Amex Cardholders On Shopee

Between now until 11 December, Maybank is holding a promotion that lets its American Express (Amex) cardholders enjoy an RM18 discount when they make purchases on Shopee.

With this promotion, you’ll be able to get RM18 off your expenses on Shopee when you spend a minimum of RM120 in a single receipt using your Maybank Amex credit or charge card. In other words, you’re essentially getting a maximum of 15% discount for your purchases (if you stop spending at RM120).

The discount is valid for existing cardholders and you can only use it once during the promotion period. Additionally, the deal is offered to the first 350 cardmembers daily, on a first-come first-served basis.

(Image: New Straits Times)

To tap into this deal, remember to key in the promo code (MBBAMEX) during your checkout session. Its terms and conditions also clarified that you can only use this promo for purchases made via the Shopee app (Shopee Mall and Preferred Sellers) only.

This promotion comes on the heels of Shopee’s latest update to its payment options, which enables
Shopee users to now use and save their Amex cards
 on the e-commerce platform. This includes the top-up function for the ShopeePay e-wallet as well.

To find out more about
Maybank’s Amex-Shopee promotion
, you can head on over to the bank’s website here.

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Things to Remember Before Renting Out Your Spare Room

Have you ever considered being on the other side of Airbnb by renting out the spare room you have in your house? You may think that this is only possible if you own the house yourself, but in fact, you can still rent out a spare bedroom to a guest even if you yourself are renting the place. This practice is called subletting or sub-leasing. Not only is this a lucrative practice, providing a tidy side income, it’s also a good way to make use of that empty spare bedroom you have that’s just sitting there.

As with many new endeavours, it can be intimidating to start subletting your place right away, but we’ve made a handy guide to help you with the basics of subletting.

Check for Legality

Tenancy agreements
in Malaysia
 typically do not allow for subletting. However, you can always ask your landlord whether or not they’re willing to allow you to do so. Chances are good that they would be understanding. Keep in mind that government housing units are legally
never allowed to be subletted
 to any third party, but privately owned housing can. It still depends on what your landlord says about the situation.

To make it easy for them to say yes, convince them that any dealings regarding rent or utility payment still goes through you. This minimizes the hassle for them and is also good practice for being a subletter. You may be tempted to start subletting without informing the owner of the property but should things go wrong with your tenants or if they start suspecting something amiss, they may end up evicting them (and you). That is not what we want here.

Be Vigilant

Just because you own the place or have permission from the owner, doesn’t mean everything else is automatically hunky dory. Subletting your place means your house is now vulnerable to potential theft, property damage, and other risks that you will now have to be responsible for. Make sure you and everyone else living with you already know the risks involved.

Remove any valuables or costly furniture that you don’t want ruined or any private items that you wouldn’t want strangers to find or rummage through. The financial rewards for subletting can be attractive but you have to ensure that everyone else in the house is comfortable with the liabilities involved, too.

Make a Reference Notebook

Before even beginning to look for tenants, one thing that can be of tremendous help is to have a reference notebook. In it, you should have pictures of the house, descriptions of any pre-existing damages, facilities, landmarks, and other details. Things you may already be familiar with in the house may be a jarring surprise to someone new.

Having details described up front will also help you claim for damages if any happen. Inside this notebook should also be information on when you expect which payments to arrive, important contact numbers, specific house rules, what to do in case of emergencies, and so on.

Start With a Small Pool of Candidates Already in Mind

With safety in mind, it’s wise to begin looking for tenants from the people you already know. Ask around among your friends, family or close acquaintances. They’re less likely to screw you over with late payments or property damage. In fact, they’re more likely to have a vested interest in keeping your house and your belongings safe.

If there really is nobody in that circle who can be potential tenants, you can start with advertising at a nearby college. Student can always use places to stay, and there may sometimes be visiting professors on sabbatical looking for temporary lodging.

Filter For Crazies

There’s no better way to say this, but it’s important in searching for tenants that you screen for potential weirdos. You can do this by paying attention to how they communicate via phone or email. Alternatively, you can ask them to go through a quick interview. One good line of questioning is why they’re choosing to rent at your place and what happened with their previous landlord. Don’t be afraid to ask personal questions as this person will effectively live with you for however long they want their tenancy to last. A problematic tenant can cause problems down the road you may not be equipped to deal with.

Don’t forget to include the other members of the house in the interview. A potential tenant who seems uncomfortable to live with you may be just shy or tired and you may not be the one who picks that up. Also, a candidate who gets along swimmingly with the majority of your household except for you should still be considered as long as they don’t annoy you too much.

Write Everything Down

Once you find a suitable tenant that everybody agrees on, the next step is to ensure that you get everything in writing. Ask for references, request a deposit, and load up a quick written agreement for them to sign once they’re confirmed. You will have to be a landlord of sorts to the tenant, therefore you must start acting like one. Having everything written down helps keep dealings well-documented and avoids any hanky panky.

Subletting is a good way to make some cash on the side, and you may already have the capital you need to get this one going. It’s also a good way to get to know new people without having to get out of the house. Do you guys know of any other subletting tips for newbies that we missed out on? Maybe you have a subletting story of your own you want to share with us? Do let us know in the comments section below!

Images via
torange.biz
, NobMouse’s
photostream
, pixabay, pexels, Joel Kramer’s
photostream
, and Marc Nozell’s
photostream

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Fixed Deposit Variations - Step Up and CASA Bundling

What is a fixed deposit?

First, a quick summary of what a fixed deposit is. A FD is basically a type of savings or investment account that guarantees a rate of interest for a fixed period offered by all banks in Malaysia. Unlike most regular savings accounts that calculate interest on a daily basis, no interest is paid to you if you decide to withdraw any money before the end of the FD period, the maturity date.

A standard Fixed Deposit

Here’s how a standard fixed deposit looks like:

6-month Fixed Deposit A

Interest Rate at 3.65% p.a.

Deposit Amount

(RM)

6-month Interest (RM)

5000

90.43

20000

361.73

50000

904.32

With the fixed deposit featured in the example above, all you have to do is deposit money into the account for 6-months and upon maturity, you will get your initial deposit (principal) back along with interest of 3.65% p.a.

Fixed deposit variations

Ever see banks advertise absurdly high interest rates on their
fixed deposit promotions?

Most of the time, there’s usually some sort of catch, and without even going into the mechanics of the promotion, a strong tell- tale sign shows itself when they use the phrase “earn up to X% p.a.”.

There are generally two main types of methods banks use in order to “inflate” the interest rate of their product during a promotion: by stepping up the interest rates and bundling the FD with a current or savings account (CASA). These are more commonly known as Step-Up and CASA Bundling respectively. Some FD promotions may even include both Step-Up and CASA bundling.

There is a third method where the fixed deposit is linked to some sort of investment program but we will not be covering that in this article.

Step-Up Fixed Deposit

Think of a step-up FD as a staircase.

The tenure of fixed deposit placement is split into different sections, with different interest rates assigned to them, each getting progressively higher. In this case, the advertised rate usually only affects the final month (or section) of the tenure. As such, the effective interest rate will always be lower than the advertised rate.

For example, Bank A’s Campaign boasts an interest of up to 6.88% p.a. for a 6-month Fixed Deposit market but a closer look shows this:

Month 1-2

Month 3-4

Month 5

Month 6

 Total

Interest Rate (p.a)

3.00%

3.15%

3.24%

6.88%

3.73%

Interest Earned on RM10,000 (RM)

49.39

52.08

26.88

56.31

184.66

As you can see from the table above, the 6.88% p.a. offered only affects

the 6th and final month of the tenure. Calculating the effective rate

gives you 3.73% p.a. for the 6-month period.

Fixed Deposit with CASA Bundling

This kind of fixed deposit requires you to put some money into a CASA account as well. This is on top of whatever you choose to put into your FD. The amount you have to put into your CASA account is usually a predetermined fixed amount or a percentage of your FD amount.

It may be possible to be swayed by an attractive FD rate, but don’t forget that you are actually depositing your money into a CASA as well which usually generates a very poor interest rate. In general, the more you have to put into your CASA, the lower your effective rate will be (since the CASA rate will offset the FD rate more significantly).

6-month Promo FD

6-month CASA

Total

Initial Deposit (RM)

10000

5000

15000

Interest Rate p.a.

4.28%

0.5%

3.01%

Interest Generated (RM)

211.76

2.50

214.25

For example, Bank B advertises an interest rate of 4.28% p.a. for their 6-month FD. However, the requirement is that you have to deposit 50% of your FD amount into a CASA as well. This means that if you want to deposit RM10,000 into the FD, you would also have to deposit RM5,000 into a CASA bringing the total amount deposited to RM15,000. The effective rate calculated comes up to 3.01% p.a., 1.27% lower than advertised.

If you are lucky, some banks have savings accounts which offer unusually high interest rates. A perfect example would be the
OCBC Smart Savers account
 which gives you 2.90% p.a.

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Finance Tips from the Rich and Famous

Everyone loves the thought of having a lot of money; or at the very least, having the financial freedom to give up working 9-5 to pursue their passions. Whilst we dream; these few already have it all. But why have they been able to make it big and the rest of us struggle?

We sought to find out the ultimate money lessons the world’s rich and elite impart to see if they really know something we don’t. Could these nuggets of wisdom be the missing link to monetary success for everyone? You be the judge.

1. Warren Buffett

Warren Buffett is one of the world’s most renowned investment gurus with
a fortune of about $71.5 billion to his name
. He started investing at the age of 11 when he purchased six shares of Cities Service.

So what advice does Mr Buffett have for mere mortals like us? Some of his famous quotes are:

*On Earning:* “Never depend on single income. Make investments to create a second source.”

*On Spending:* “If you buy things you do no need, soon you will have to sell things you need.”

*On Savings:* “Do not save what is left after spending, but spend what is left after saving.”

All 3 of the advice above come from readily established money-saving best practices: the creation of multiple sources of income, only spending on things you need and to make savings your priority.

But can you really make millions by adhering to these 3 simple steps? It seems a little far-fetched but doing the above anyway certainly doesn’t hurt!

2. Bill Gates

He’s the Microsoft guy, the
richest person of 2015 with a net worth of $78.8 billion
.

Although, he is a dropout; Bill Gates’ love for tech saw him create life-changing computer software and systems. According to some reports, when he was just 17 years old when he sold his first computer programme (a scheduling software) to his high school at the price tag of $4,200. Here is Bill Gates’ favourite money quote:

“If you’re born poor, it’s not your mistake. But, if you die poor, it’s your mistake.”

Bill Gates isn’t saying much. But you can’t argue with the fact that hard work is integral to success – and is completely up to you. You can only blame others (your parents, your teachers, etc) for your financial circumstances for so long!

3. Sir Richard Branson.

The founder of Virgin Group and owner of more than 400 companies; Sir Richard Branson is no stranger to limelight. According to
Forbes, his net worth in 2015 stands at $4.8 billion
, making him not only famous but comfortably well-off too.

Born with dyslexia, which made school particularly hard, it was no wonder he dropped out at the age of 16. This was integral to the the start of his business career and the foundation of Virgin Records. His advice is no surprise:

“Don’t feel ashamed of your failure. Learn from it and start again.”

Getting up and trying again often means the difference between being a failure and finally succeeding. We can’t argue with this truism either!

4. Tan Sri Syed Mokhtar Albukhary

Listed as one of the richest men in Malaysia
with a total fortune of $2.8 billion
, he is well-known both locally as well as overseas.

He has a lot of influence in wide variety of businesses including transportation and logistics; real state development; military; and power generation and engineering. But what’s his advice to billionaire wannabes?

“Education does not guarantee success in life, its hard work.”

Yup, sounds about right to us.

So, What is the Moral of All These Stories?

We’re sorry to break this to you folks, but right out of the mouths of the money-makers themselves, there seems to be no quick-fix magic pill one can take to get rich quick. In fact, every one of these business magnates and all round rich-ies seem to say exactly what personal finance sites have been telling you all along:

Work hard;

Keep trying;

Save money;

Only buy what you need;

Have as many sources of income as you can.

If you’ve tried all of these and have yet to make the Forbes rich list then perhaps the one thing these guys forgot to mention – was a good helping of intelligence and good luck! That said, it doesn’t hurt to keep trying the above!

Net worth quoted above is based on Forbes’ Real-Time Net Worth as at 3.8.2015 and is subject to change.

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Affin Bank Reveals New Brand Identity In Conjunction With 45th Anniversary

Affin Bank has refreshed its identity in a rebranding exercise, offering a brand-new logo and look to indicate the bank’s journey in becoming a modern and progressive bank to embrace a new era. This is in conjunction with the bank’s 45
th
 anniversary this year.

According to Affin Bank, the new logo will continue to feature Malaysia’s national flower, the hibiscus, as it is the origin of the bank’s previous logos. However, the hibiscus is now transformed into a modern emblem in this latest iteration, symbolising courage, life, and rapid growth. The stigma of the hibiscus, stylised as three dots, signifies the close relationships between the bank with its customers, shareholders, and employees. Meanwhile, the five petals represent AFFIN – an acronym that represents the core values of the bank.

Affin Bank also retained the blue-and-red colour scheme of its logo. The bank explained that the colour combo represents its customer centricity and loyalty to its core values, as well as an energy and passion in bringing value to its customers and stakeholders.

Aside from the new logo, Affin Bank’s rebranding exercise also came with a new tagline: Always About You. The tagline demonstrates the bank’s passion and commitment to its customers, enabling it to quickly respond to changes and to provide personalised experience for its customers.

The president and group chief executive officer of Affin Bank, Datuk Wan Razly Abdullah Wan Ali, further said that the refreshed logo is a visual statement of Affin Bank’s vision, values, strength, service, and integrity.

(Image: The Star)

“In conjunction with the Bank’s 45
th
 anniversary, we take our heritage forward with a brand-new look and identity to represent our transformation to emerge as a modern financial institution of the future. This is the best time to rethink our purpose to deliver customer value in the present and as we evolve to create value in the future,” Datuk Wan Razly expressed in a statement.

Datuk Wan Razly also said that the logo’s evolution symbolises
Affin Bank
’s transformation by embracing creativity and technology amidst an ever-changing business environment.

(Source:
The Edge Markets
)

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Govt To Widen Social Protection Net, Provide Malaysians With Better Support

(Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim said that a social protection programme will soon be rolled out to ensure that the people of Malaysia will be better supported.

Specifically, the programme will be guided by three pillars:

Prevention
: Through social insurance

Sustainability
: Improved income generation and retirement savings

Protection
: Through social assistance

“I guarantee that this government will ensure that all Malaysians will be protected, at any time. The government will widen the net of social protection to all to protect the
rakyat
 in the event of unfortunate events,” said the prime minister at the launch of the
Ekonomi Madani
 framework today.

Datuk Seri Anwar also took the opportunity to elaborate on the existing situation, where Malaysians are found to be especially lacking in the aspect of social insurance and retirement savings. Specifically, under the pillar of social insurance (prevention), the government has set aside RM100 million this year as an 80% grant to finance the Social Security Organisation (SOCSO) contributions of gig workers – but more can be done.

Meanwhile, under retirement savings (sustainability), more than 40% of the labour force were found to have
inadequate retirement savings
 that can tide them through their old age, especially informal workers.

(Image: Malay Mail/Firdaus Latif)

As for social assistance (protection), Datuk Seri Anwar said that various cash assistance programmes have already been put in place, including the Rahmah programme. But just like the pillar of social insurance, the people – especially those who are truly in need – will also benefit from more support.

Given these circumstances, the prime minister said that the government is proposing to expand Employees Provident Fund (EPF) and SOCSO coverage for the working-age population in stages. It will also continue to strengthen the Employment Insurance System (EIS) as well as re-training programmes to help those who are unemployed.

“This approach is consistent with the shift away from protecting jobs to protecting workers in the context of a rapidly changing economy,” said Datuk Seri Anwar.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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3 Things Happening in 2015 That Will Affect Malaysians' Finances

Happy 2015 everyone! Amidst plans for a bigger and better year; you’re going to definitely be looking at your finances. Whilst some of these are already known to most of you; have you realised just what this means for your financial plans and goals?

To get you going on your budgeting, personal finance plans and those talks with your personal financial advisor; we’ve listed some of the changes in policy and practice that have been announce to date for 2015, which you’ll want to pay attention to.

1. Petrol Price Fluctuations

Word on the ‘street’ today is that despite falling oil prices (which, has fallen another RM0.35 in January 2015); people
can’t really expect to see reductions in prices of other goods and services
. Whilst a fluctuating price point may sometimes mean lower prices; it’s still becoming increasingly difficult to predict petrol spending on your monthly budget. This is especially true if you travel frequently or long distances for work. The effect is expounded if you manage a transportation or logistics business requiring extensive road travel.

However, it’s always better to err on the side of caution. Despite prices falling, where possible, maintain higher budgets for road travel throughout the year and keep a consistently healthy miscellaneous budget fund for increases that may happen. Because it can; at any time.

You should also be aware (and wary) of the possibility of petrol merchants withholding certain types of fuel if prices continue to fall (they are
allegedly already doing so!
) and consider the effects of a different type of fuel on your expenses and vehicle maintenance.

2. GST

The GST horse has been flogged good, not just by us but every newspaper in town. So, we’re not going to go on about it but give you a small reminder that GST will be hitting items and services you probably did not think about. Just today,
reports loomed about higher entertainment ticket prices
 and most likely many, many other things.

Whilst we expect businesses to simply pass to cost on to consumers with nary a glance; if you’re running a business; it’s important to remember that such changes, especially something as little-understood at this time by consumers as GST, will cause people to be much more cautious with their spending and that means less spending on non-necessities.

Cautious spending is great for your personal savings but not so much on the overall economy and business of small traders. So everyone essentially needs to take note; not just consumers.

It’s going to be a highly challenging year for your finances and how it ends up; is really anyone’s guess. As far as possible, proper financial plans with a good dose of flexibility is going to be crucial.

3. The Removal of the BLR as a benchmark for Home Loans

If you’re thinking of investing in property or simply buying your first home this year; take note that banks from today will
not be basing their interest rates on the Base Lending Rate (BLR)
 by Bank Negara anymore.

The BLR will be replaced by an internal Base Rate, which will be decided by each bank based on their own benchmark cost of funds. Some banks have already announced what their base rate for 2015 is going to be so do take note. This change, however, will not affect customers with existing loans pegged against the BLR.

If you want more info on the Base Rate and how it’s going to affect your home loan – check back next week when we give you the full lowdown in our Base Rate Announcement and Guide.

A Year of New Beginnings

No doubt, 2015 is definitely going to be a year of new things for your finances and it”s both exciting yet somewhat nerve-wrecking to see what comes out of it all. But it’s important to remember that in any stormy financial sea; nothing provides the lifeboat you need quite like a firm grasp of budgeting and saving.

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Cleanpro Express: First Laundromat Chain In SEA To Accept Visa Contactless Payments

Cleanpro Express has partnered with Visa to allow its customers to use contactless payments at its self-service machines. This partnership has made Cleanpro Express the first laundromat chain in Southeast Asia to accept contactless payments. Malaysians can use their Visa contactless cards to pay for their laundry at 300 outlets across the nation, including its Aladin Dobi and iBu Sayang branches.

“This is the first time in Southeast Asia that we are introducing Visa contactless acceptance for a laundromat chain, and this is a milestone for Visa given that the laundromat industry is a heavily cash-based merchant,” said Visa Country Manager for Malaysia Ng Kong Boon.

According to Ng, contactless payments can help Malaysians experience a more seamless checkout process, without the need to fumble for cash and coins while paying. As for the merchants, the labour hours required to count cash collected at the machines will be reduced, allowing staff to make better use of their time instead.

In conjunction with the collaboration, Cleanpro and Visa are currently running a “Tap & Win with Visa” contest with two Honda City cars and ten Samsung Galaxy S10 phones as the prizes. To participate, customers just need to spend any amount in a single receipt at a Cleanpro Express, iBu Sayang, and Aladin Dobi outlet and pay for it with a Visa card via contactless payment. Each successful contactless payment transaction with a Visa card is entitled to one automatic entry in the contest, and the contest period runs from 31July to 31 October 2019.

You can find out more at the
Cleanpro Express website
.

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Should You Get a Cashback or Rewards Points Credit Card?

Picking a regular credit card sounds like a simple task; until you find yourself staring at a couple of cards that you almost can’t tell apart. You may not be the only one who’s faced such a problem because this scenario is especially true for when it comes to deciding between a
cashback
 and
rewards points credit card
.

The question has been asked before but in light of current changes and overhauls happening with both cards; it was time to look at it again. They’re identical in many ways, yet so different. So which one should you choose? Let us break down the benefits and drawbacks of both these cards to help you pick one that best suits you.

The Cashback Credit Card

A
cashback credit card
 lives up to its name by rewarding its holder with cold cash when swiped away for purchases. These purchases should correspond to categories enlisted by each card, and can include grocery shopping, travel, dining, petrol, entertainment and online shopping just to name a few.

Some credit cards offer a range of these categories from which holders can choose from, while others have fixed categories. Either way, holders will earn a stipulated sum or percentage patented to each card’s category in cash rebates.

They can range anywhere between 1% and 10% with maximum monthly caps that can go up to as high as RM100. This cash reward will then be debited into the account of the holder according to the bank’s own cashback policy.

Advantages

1) Receive Cold Hard Cash Rebates

Cash is king, they say. It will be debited to you according to your usage and the credit card’s cashback policy. Maximise your monthly cap and you will be rewarded handsomely in shiny rebates that appear in your monthly statement for any item that you choose to swipe on.

2) Not Bound by Catalogue Products

You are not in any way obliged to purchase products from the credit card issuer company and can use it for whatever item you deem desirable. Unlike the limited items in the bank’s redemption catalogue, swipe the purchase of any item you wish and see a rebate on your next bill according to the cashback rates offered.

3) Automatic Cashback Rebate

Unlike rewards points which are credited into a personal point counter that you (the holder) manage, your cashback returns are reflected in your credit card statement. They come in the form of bill rebates and will never slip through your fingers. Rewards points on the other hand often lapse as people forget to redeem them before they expire.

Disadvantages

1) Limited Earnings

Cashback credit cards reward cold hard cash but its earning limit is what causes it to come in second if pit against rewards points. Your annual returns can be calculated from the very start of the year and that is as much as you would be able to get.

2) Minimum Spend

Some cashback credit cards in the market offer returns with no minimum spend but with lower cashback rates. Others with high cashback rates require minimum spend in a single receipt or collectively throughout a month to trigger the highest rate of cashback.

3) Limited to Categories

Unlike the rewards points that cover most types of spend, the cashback card covers a limited range of categories and that in itself is a drawback. You could opt to customise your cashback plan (if the bank allows it) especially for your spending, but that still would not be able to cover all areas.

The Rewards Points Credit Card

The
rewards points credit card
 somewhat operates in a similar fashion akin to the cashback credit card, however its rewards system dispenses points instead of cash rebated in your monthly bill.

You may find that certain cards offer both, rewards points and cashback, but if you feel that the bank catalogue is a more appealing reward system than physical cash, this is definitely the way to swing.

With no categories to abide to, the rewards points system can be very generous with points. On top of the standard rewards points issuance for every Ringgit spent, some cards offer up to five times the rewards points for specific spending like swiping away all travel arrangements and spending abroad. Make no mistake though because these aren’t spending restrictions, instead they are bonuses on top of your flexible spending rewards.

Advantages

1) Exclusive Redemption Deals

The rewards points catalogue refreshes from time to time, and every once in a while, amazing deals pop up. These money-can’t-buy deals usually are in the form of travel perks as well as double points promotion periods that multiply your earnings by many folds to make redeeming bigger gifts easier.

2) Convert Points

The rewards points that you rack up don’t just work for the bank’s redemption catalogue, they can double up as travel miles through conversion. This ability gives you the liberty of converting them into priceless air miles, which can be very pricey to purchase with cash.

3) No Specific Category Spend

The rewards points’ mechanism typically applies to all sorts of spending, as opposed to cashback credit card categories. Restrictions on spending are minimal and any rewards points multiplication is considered an added advantage to collect even more points. For instance, a five-fold rewards points earning for every RM1 spent overseas.

Disadvantages

1) Points Can Expire

Like how the cashback credit cards have the drawback of monthly caps, the rewards points that you collect may have a limited lifespan. However, certain cards do offer rewards points that are evergreen, but it is important that the card you pick must first suit your spending habits ahead of your catalogue-redemption craving.

2) Limited Item Redemption

The cashback slices off amounts from your monthly credit card bill for anything that you swipe on but with rewards points, that privilege is limited to as far as a catalogue brochure. Rewards points may be converted to air miles for instance, but it still remains largely limited compared to value of cash rebates.

3) Value Inflated Catalogue Items

Most of the items presented in bank catalogues have values that don’t balance well with the amount of points required to redeem them. A quick mental calculation will tell you that the Ringgit to Ringgit value seems to be lost in this equation and is something you can obtain with the cashback credit cards instead.

Rewards Point vs Cashback

This is the part where we figure out the value of a rewards point (1) against a Ringgit (RM1) to see where you would fit better as a credit card holder. We’ve picked the best in each category, so let’s see how the face off pans out. Let’s first assess what you can score with the top rewards points credit card as illustrated in the table below:

Item

Value (RM)

Rewards Points

Philips Jar Rice Cooker

RM229

67,680

Samsung Galaxy Tab (T705 8.4 LTE/16GB)

RM1899

694,240

RM50 TESCO Voucher

RM50

23,040

The
Maybank 2 Gold Cards
 offer 5 points for every RM1 spent and you can get a Philips Jar Rice Cooker with a retail value of RM229 for 67,680 TREATS Points. This means that the product value is 0.3% of the total rewards points used.

Similarly, the Maybank catalogue offers a Samsung Galaxy Tab (T705 8.4 LTE/16GB) with a retail value of RM1899 and a RM50 TESCO voucher for 694,240 and 23,040 TREATS Points respectively – making the former product value about 0.3% and the latter 0.2% of the total rewards points used.

The mathematics above would conclude that one (1) rewards point would be worth about 0.3 cents, or RM0.003. Doesn’t sound much? You get to rack up all you want and there’s no limit to how much you can, like we explained in the rewards points credit card pros above. Not convincing enough? Let’s reveal the cashback credit cards details instead.

The
Hong Leong Wise Platinum
 offers a 10% cashback rate with a monthly cap of RM100. In order to maximise your returns, you would have to spend RM1,000 and anything spent above that won’t yield any returns.

The Maybank 2 Gold Cards offer 5 TREATS Points for each RM1 spent, earning you 1.5 cents worth of points for every Ringgit. In order to match the cashback earning of RM100 in a month, one would have to spend RM6,667 on this rewards points credit card. Now that we have the rewards point against Ringgit value, let’s take a look at the verdict.

The Verdict

Its a pretty huge difference between the two but they each have strengths and weaknesses that suit the type of spender you are to help you get more from every penny you spend swiping.

If you usually rack up a modest credit card bill of about RM1,000, then the
cashback credit card
 would be your best pick to earn maximum returns of RM100 a month, which can be rebated in your credit card bill on any item you choose to swipe on.

However, if you do rack up a mean monthly credit card bill that spills way over the RM1,000 mark, you should consider signing up for the
rewards points credit card
 instead. Patiently stack those points up with large monthly spending and redeem a handsome gift from the bank’s catalogue – it’ll be worth the wait.

Of course, even if you narrowed down your type of card; it’s important to pick the right one! Some
rewards’ point credit cards
 are certainly better than others whilst some
cashback cards
 give better returns. Check out comparison pages to get a clear idea on which may be more rewarding. Good luck with your selection!

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Digital Tax Rate In Malaysia Set At 6%, To Begin 1 January 2020

The Dewan Rakyat has passed a bill to implement a digital service tax beginning 1 January 2020. The approved rate is set at 6%, which the government feel is fair and is lower than in other countries.

Originally announced at Budget 2019, the
proposed digital service tax
 would be imposed foreign digital service providers such as Netflix and Spotify, game platforms such as Steam, and could even cover digital advertising avenues such as Google and Facebook.

At the Dewan Rakyat yesterday, Deputy Finance Minister Datuk Amiruddin Hamzah stated that the proposed 6% rate was deemed fair, and that it was much lower when compared to the digital tax rate in other countries, citing examples such as Russia (18%), Norway (25%), and New Zealand (15%).

“They (digital service providers) should have no problem to pay…because it’s only six per cent. If they can comply with Russia, Norway and New Zealand, I don’t see any reason why they should refuse to comply with the rate in Malaysia,” he said.

(Image: The Star)

Datuk Amiruddin also stressed that this tax is already in place for local digital service providers, but the Bill was amended to extend its reach to cover foreign companies as well. “It’s not fair if only the local digital service providers had to pay the tax. This is not a new tax, it’s just having the scopes extended to providers in other countries,” he said.

With the digital service tax approved and its rate confirmed, it will be interesting to see if foreign digital service providers choose to absorb the tax, or decide to increase their prices and pass on the tax charges to customers.

(Source:
Malay Mail
)

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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.

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DAP Launches Aduan Moratorium Portal To Help Borrowers With Moratorium Extension Issues

(Image: Malay Mail/Hari Anggara)

The Democratic Action Party (DAP) has set up a website called Aduan Moratorium today, aimed at helping Malaysians who face difficulties in extending their loan moratorium when the ongoing relief expires at the end of this month.

“This campaign seeks to gather those who are facing problems in applying for moratorium extension or assistance from the banks. The feedback received will be analysed and thereafter collectively presented to the federal government and Bank Negara Malaysia for further action,” said the party in the website.

Users who do lodge a complaint on the website will be required to provide their personal information, details of their loans, as well as difficulties faced when applying for their moratorium extensions. They can also attach relevant supporting documents for verification purposes. Additionally, the website is available in four languages for users’ convenience, namely Bahasa Malaysia, English, Mandarin, and Tamil.

Meanwhile, the secretary-general of DAP Lim Guan Eng said that many borrowers have had their extension applications rejected thus far. “Hence, we hope this portal will help them as there are 7.7 million Malaysians who have loans and over 3,000 small and medium enterprises that are affected by the pandemic and in need of financial aid,” he said.

Guan Eng further said that while banks may have recorded a loss of RM6.4 billion between April to September due to the ongoing automatic moratorium, the measure has benefitted about 8 million Malaysians. The automatic moratorium itself is valued at RM74.3 billion.

Prior to this, Guan Eng had also called for the
injection of another RM45 billion
 into the economy to ensure that Malaysia does not fall into further recession, especially now that the recovery movement control order (RMCO) has been extended to 31 December. He said that this extra fund will aid 32 million Malaysians.

The
current six-month automatic moratorium
 had commenced in April, intended to help individuals and SMEs cope with the financial impact caused by the Covid-19 pandemic and the movement control order (MCO). Despite calls from
various parties for the automatic moratorium to be extended
 when it ends, the
government subsequently announced
 that the banks would be offering
varied targeted-approach assistance schemes
 instead.

You can head on over to DAP’s
Aduan Moratorium
 to find out more or to make a submission.

(Source:
Malay Mail
)

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

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Maybank Is Crowned World’s Best Consumer Digital Bank In Malaysia & Indonesia

(Image: New Straits Times)

Maybank has been crowned the World’s Best Consumer Digital Bank in Malaysia and Indonesia as one of the Round One winners for Global Financial’s 2020 World’s Best Digital Bank Awards (Asia Pacific region). In addition to that, the bank also won a regional sub-category award – the Best Website Design award – in the same event.

According to a statement from Global Finance, Round One saw the winners announced for the Best Consumer Digital Banks, Best Corporate/Institutional Digital Banks, and Best Islamic Digital Banks categories at the country level. The winners were selected from Africa, Asia Pacific, Central and Eastern Europe, Latin America, the Middle East, North America, and Western Europe.

In this same round, the publication also revealed the regional winners for sub-categories, including Best Information Security and Fraud Management, Best Mobile Banking App, and Most Innovative Digital Bank.

(Image: The Star)

In announcing the Round One winners, the publisher and editorial director of Global Finance, Joseph D. Giarraputo, said that although the global pandemic may have accelerated the transition to digital banking, forward-thinking banks were already on that road. “The Digital Bank Awards hones in on the institutions that are leading the shift toward a new world of banking,” he said.

Global Finance further explained that its editors chose the final selection of winners from entries that were evaluated by a world-class panel of judges at Infosys – a global leader in consulting, technology, and outsourcing. “Only banks that entered the competition were considered for awards, and that awards were only given in the regions, countries, and categories in which there are entries,” it added.

The winning banks were selected based on a variety of criteria, including strength of strategy for attracting and servicing digital customers, as well as success in getting clients to use digital offerings. Meanwhile, Round Two winners – which include the overall regional and global winners, as well as global sub-category winners – are expected to be announced in October.

Global Finance, which was founded in 1987 and is based in New York, has several annual awards in which it selects the best financial institutions around the world. These awards have become a recognised and trusted standard of excellence. In fact, Maybank has been listed by Global Finance as one of the
world’s best banks in 2020
.

(Sources:
Global Finance
,
The Sun Daily
)

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

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Rewarding Credit Cards

Getting rewarded just by spending is one of the nicest aspects of using a credit card: Which is why the reward point credit card is still going strong. While some banks still give you one point per Ringgit spent; there others willing to give you more incentives to swipe. If you play your cards right (excuse the pun!), you could earn up to 8 times the usual point award.

Here are three of the best reward credit cards in Malaysia today.

Citibank Rewards Platinum Card

With five different categories to choose from, you can get 5x the reward points on the list of merchants under the category that you select, which ensures you get rewarded with the things that matter to you the most.

Reward Points:
 5x

Points

Awarded on:
 Selected merchants based on the five categories available; Points will never expire

Annual Fee:
Every category chosen will cost RM100; so if you have two categories, you will pay RM200. Fee waivers are given depending on the amount you spend per year. For example; you get one category fee waived by spending RM15000 a year. So the more you spend, the more waivers you earn.

There is also a calculator to help you figure out what rewards you will be receiving based on the amount spent in the selected category. For example, if your chosen categories are shopping and home, by spending RM3000 within these two categories, you can choose between the following gifts.

RM700 worth of Giant vouchers

RM750 worth of AirAsia vouchers

a Philips Immersive Sound Home Theatre

And these will also come with a 50% off Senheng and Topshop coupon.

You can use your Rewards points for instant rewards at Citibank’s participating merchants, to offset purchases or redeem gifts, air tickets or cash vouchers via the
Rewards Catalogue
.

Maybankard 2 Platinum Amex

Applying for the Maybankard 2 will get you an American Express Platinum Credit Card and a Maybankard Platinum Master Card. However, the bonus 5x points will only apply to retail purchases made with the American Express card in the package. The MasterCard will unfortunately, only give you the regular 1x.

Reward Points:
5x (for American Express card).

Points Awarded on:
All payments made in Malaysia or anywhere else in the world except for Government Bodies, Education Institutions and Insurance Provider. These points will expire in 3 years

Annual Fee:
Lifetime fee waiver for Principal and Supplementary Cards

Seeing as you get points for all payments, say you spend RM3000 on the card and as such, have accumulated 15,000 TreatsPoints. You have a choice of redeeming items such as:

X-Prime Cooling Pad with special art designs

HCF Migo Summer Tote

Barbantia Can Opener & Cap Opener

Giant RM50 voucher

Focus Point RM50 voucher

Poh Kong RM50 voucher

These are just some of the items you can get with 15,000 points. You can redeem
these items and more
 on the spot through selected retail outlets or via mail or fax order where they will be mailed to you.

The American Express card also gives you 5% cashback on weekend spending on top of the point accumulation.

HSBC Visa Platinum Credit Card

If shopping malls are your second home, this card offers you 8x reward points with every Ringgit you spend with this credit card in Mid Valley and The Gardens Mall. You can also earn 5x points in other participating shopping malls in Malaysia (for a full list of participating malls,
check HSBC’s website
).

Reward Points:
8x, 5x

Points

Awarded on:
Any spending made in the over 30 selected malls available. These points will expire in 3 years.

Annual Fee:
RM240 for Primary and RM120 for supplementary

It isn’t hard to rack up points if you consider grocery and all other shopping at malls that a family does. For a monthly spend of RM3000, you would have earned 24,000 points (at 8x), which is a tidy sum. Here are some of the items you can redeem with that amount:

Vidal Sassoon Pink Angel Compact 25mm Ceramic Straightener

Caresens Blood Glucose Monitor

Pendrive USB Drive Click-Co 32GB

Morgan Blender

Panasonic Coffee Maker

Pensonic Mini Thermo Pot

You can redeem these items online or by calling HSBC.

Choosing the Right Rewards Credit Card

Like all credit cards, the right credit card for you depends on the lifestyle you lead and the amount of money you spend on certain items yearly. Also take note of any limitations to rewards accumulation such as time of spend or category. Couple this with the fee you are required to pay to get a good idea of whether you should be getting the card in question. Sometimes, a high fee can negate any reward so do ensure that your spending gives you the best deal.

Choose your card wisely and you can reap the benefits of having all those extra points.

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Analysts: Devise Future-Proof Policies To Protect Consumers From Banking Fraud

(Image: BBC)

Some analysts have urged banking institutions to further strengthen their collaboration and devise future-proof policies in an effort to protect consumers from banking fraud.

According to criminal analyst Kamal Affandi Hashim, banks as well as the government must come together to future-proof the banking system by employing forward-thinking policies. He acknowledged that while some cases involve consumers being duped into performing fraudulent transactions, the fact remains that the banking system has been compromised.

“We should be asking the risk management group at each bank as to what they are doing,” Kamal Affandi further said, adding that banks should intensify their
Suspicious Transaction Reporting (STR)
 for any transactions amounting to RM25,000 and above to prevent fraud.

Meanwhile, cybercrime analyst from Universiti Utara Malaysia, Associate Professor Dr Mohamad Fadli Zolkipli noted that the security of Malaysia’s banking system is generally under control. He, however, stressed that banks must constantly enhance their systems, especially as fraudsters will always explore the latest technology and tactics to steal customers’ money.

(Image: Bloomberg)

Therefore, Dr Mohamad Fadli said that banks must regularly improve and diversify their user verification methods, system defence, and incident management, to mitigate fraud. For instance, he suggested that every bank should have a Cyber Threat Intelligence (CTI) team to monitor all activities on its servers and digital infrastructure.

“If a suspicious incident occurs, digital forensics methods need to be applied to track the attacker, and a report on the latest trends of the attacker’s practice must be lodged,” Dr Mohamad Fadli explained, adding that the information can also be used to prevent fraud cases of a similar nature.

Additionally, Dr Mohamad Fadli emphasised that banks have the autonomy to set up technology and security measures based on the current needs – provided that they meet the cost, function, and expertise required. This is in addition to the banking policies and standard operating procedures (SOPs) set by Bank Negara Malaysia (BNM) that must be followed by all banks.

Finally, Dr Mohamad Fadli remarked that banks should be encouraged to share their best practices related to cybersecurity and online banking in order to improve the quality and security of the banking services. “It should be understood that there is no single solution to curbing system intrusion or online money theft,” he also said, highlighting that cybersecurity technology can help slow down or complicate the attack by fraudsters.

(Source:
New Straits Times
)

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Samsung To Terminate Boost QR Payment Feature In Samsung Pay App

Samsung will be terminating the Boost QR payment feature on its Samsung Pay app, effective from 15 November 2021 onwards.

In an email to its users, Samsung said that all users will be required to update their Samsung Pay app on the scheduled day, or at a date as notified in-app, so that this change can be reflected. Between today until 15 November, however, existing users who have linked their Boost account to Samsung Pay will still be able to continue using the Boost QR payment feature for their purchases.

Samsung further reassured users that their Boost e-wallet balance will not be affected following this update, along with their Boost Partner Wallet credit or credit top-up via Samsung Pay. This is because the balance amount is parked within the Boost e-wallet itself.

Additionally, Samsung stated that it will no longer be manually crediting missing Samsung Rewards Points to users when they use the Samsung Pay Boost QR payment feature to scan DuitNow QR codes by non-Boost e-wallets. This takes effect immediately.

The integration of the Boost QR payment feature within Samsung Pay came about following a partnership between Samsung with Axiata Digital eCode Sdn Bhd in 2020. It was
officially announced in May 2020
, with the aim to provide seamless and secure cashless payment options, but was
hinted at since March itself
.

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Shifting Towards Renewable Energy For The Future Of Malaysia

When it comes to climate change, anyone from scientists, engineers, nature photographers, and activists, to those who may not necessarily be closely working on the subject come together to discuss its global implications on future generations, nature, as well as green solutions that can help mitigate its impact.

Renewable energy is frequently considered as a measure the world can make to mitigate the worst effects of rising temperatures. Why? Because renewable energy sources like solar and wind do not create carbon dioxide or other greenhouse gases, which contribute to global warming.

To realise Malaysia’s vision of shifting from using fuel to 31% renewable energy (RE) by 2025, the national grid must be ready to receive RE to support dynamic two-way energy flows while maintaining voltage stability, Deputy Energy and Natural Resources Minister Datuk Ali Biju said.

A Smarter, Greener Path Paved By TNB

The national grid, made up of a vast band of cables spanning from tall towers along many of our highways, is how electricity is transported to all states, districts, and villages in the country.

Tenaga Nasional Berhad (TNB) plans on modernising the national grid into a smart grid that’s not only automated, but also digitally enabled for maximum efficiency, reliability, and sustainability.

Upon completion, the smart grid would be able to reutilise excess energy from power plants, solar farms, or any other source, so it can be received and supplied to other users. This would mean that the supplier and consumer would be able to communicate to one another, cater to their changing needs, and choose which energy is best suited to avoid wastage of resources as well as costs.

The Grid Of The Future

Deemed the “grid of the future”, monitors and sensors installed along the grid will be able to detect flaws and alert engineers, who will then be able to remotely repair the issues or use drones to help mend errors. Power can even be redirected to areas that are likely to have disruptions or power trips, ultimately avoiding common problem locations.. The chances of massive blackouts occurring in the future are low, as issues are anticipated to be resolved in a matter of minutes.

As electricity would be stored and distributed when required, customers can even form their very own micro grids. For example, within a large neighbourhood, they could disconnect from the main grid and instead, become self-sustaining and rely on their own energy source.

In order to consume less energy, the grid is complemented with smart meters that have already been installed in many residential homes nationwide. There were 1.2 million smart meters installed in Peninsular Malaysia as of May 2021 and by 2027, it is expected that the number of installed meters will reach 9.1 million.

The smart meters may seem like they don’t do much but in reality, users are given the avenue to monitor their electricity usage from the tip of their fingers and monitor accordingly.

Driving Clean Energy On A Wide Scale

The grid has played an important role in TNB’s energy transformation, and the company is investing heavily in the national grid to improve its capacity to reliably and efficiently support the growing generation of renewable energy by its consumers.

“We are undertaking investments to address climate change issues while doing what is necessary to help stimulate and reshape the country’s economic recovery,” TNB chief regulatory and stakeholder management officer Datuk Wira Roslan Ab Rahman said.

He also adds that TNB aims to enhance the industry’s efficiency and improve customer experience while promoting sustainable energy consumption to balance the capability and security of Malaysia’s grid system.

“TNB is also ready to lead Malaysia’s transition into low-carbon mobility, especially via battery electric vehicles, through collaborative efforts with various stakeholders in the country,” Roslan shared.

TNB plans to invest RM27 billion in their Grid of the Future technologies between 2021 and 2023, with money flowing towards essential core renovations and expansions. The company hopes to generate an estimated RM20 billion in GDP while also creating over 300,000 jobs.

To find out more about Tenaga Nasional Berhad’s Grid of the Future,
click here
.

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Lisa Ameera Azman

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    Jimmy

    1 year ago

We are all waiting for the 132kV selco guideline to come out

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Xiaomi Launches Redmi Note 7 and Redmi 7 In Malaysia At Aggressively Low Prices

Xiaomi has unveiled the latest editions to two of its best-selling models, the Redmi and Redmi Note. Now in its seventh iteration, the Redmi 7 and Redmi Note 7 once again aim to redefine what “affordable smartphones” really mean.

Xiaomi Redmi Note 7

The Redmi Note series is one of the best-selling Xiaomi smartphones in Malaysia ever since it was introduced here nearly five years ago. The Redmi Note 7 brings all that goodness into a device that offers a “flagship-level experience” – at a stunningly affordable price point.

Packing serious hardware into a new premium design, the Redmi Note 7 looks nothing like the budget workhorse it grew popular for in the past. The front and back of the device is protected by Gorilla Glass 5, while the display features the “Dot Drop” notched screen for extra slim bezels. The premium finish is aided by the three sexy colourways: Space Black, Nebula Red, and Neptune Blue – the latter two colours sport a gradient design from the top to bottom.

That said, Xiaomi states the Redmi Note 7 remains a workhorse, revealing that the device has been tested to withstand some brutal tests. To further back its belief, the Redmi Note 7 comes with an 18-month warranty – the first on a Xiaomi device.

The Redmi Note 7’s hardware remains top-notch and almost unbelievable for its price point. Powered by a Qualcomm Snapdragon 660 chipset that’s even seen in devices double the Redmi Note 7’s price, it is also one of the very few smartphones that support Qualcomm’s Quick Charge 4 technology to speed up charging the massive 4,000mAh battery inside. Other notable specs include a 6.3-inch FHD+ IPS display, a 13MP selfie camera, and a USB Type-C port. That said, the 4GB RAM cap is a disappointing decision on Xiaomi’s part considering the competition offering as much as 6GB RAM on their phones.

Besides that, Xiaomi took a chunk of time to explain the huge 48MP rear camera fitted on the Redmi Note 7. Using the sensor’s Tetracell technology, four individual pixels merge as one large pixel in the sensor, allowing it to absorb more light and gather more data, resulting in crisp, highly-detailed 12MP images even in low-light conditions. The secondary 5MP sensor at the back captures depth information, allowing the Redmi Note 7 to deliver better portrait shots.

Xiaomi Redmi 7

The entry-level model in Xiaomi’s Redmi lineup surprises further, thanks to the hardware within the new Redmi 7. Launched here in Malaysia just 24 hours after its official global announcement in China, the Redmi 7’s hardware and price point is quite astounding, especially with its choice of chipset.

The Redmi 7 is powered by a Qualcomm Snapdragon 632 processor – the first time a mid-range chipset has been included in the entry-level Redmi series. It’s also got a 6.26-inch HD+ “Dot Drop” notched display, an 8MP selfie camera, and a curved back for greater comfort. Like the Redmi Note 7, the Redmi 7 also packs a large 4,000mAh battery.

As for the rear camera, the Redmi 7 has a dual 12MP + 2MP setup, where the 2MP sensor captures depth information for better portrait shots.

Pricing and availability

The Redmi Note 7 will be available in three colours (Space Black, Nebula Red, Neptune Blue), and in three configurations:

3GB RAM + 32GB storage:
RM679

4GB RAM + 64GB storage:
RM799

4GB RAM + 128GB storage:
RM949

Meanwhile the Redmi 7 will also be available in three colours (Eclipse Black, Comet Blue, Lunar Red), and in two configurations:

2GB RAM + 16GB storage:
RM499

3GB RAM + 32GB storage:
RM599

Both the Redmi Note 7 and Redmi 7 will be available in Malaysia from 27 March 2019 exclusively in the
official Xiaomi Store in Lazada
, before they are released across a huge range of online and offline retailers.

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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.

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How To Avoid Falling For Financial Scams

Whether it’s a Macau scam or Internet love scam, it’s always best to stay aware of all the devious conmen (and conwomen) out there trying to part you from your money. We’ve previously covered how to avoid the
latest charity scams
,
online scams
, and even
scams targeting the elderly
 – and now we want to make sure our readers and customers don’t get tricked by any swindlers who are falsely using the RinggitPlus name.

There have been isolated incidents of scammers posing as employees of RinggitPlus on social media and instant messaging apps. These individuals claim to offer services such as securing personal loans and credit cards, only to then ask for various fees to “process” the application.

This is a scam! All application activities for the products offered on RinggitPlus (credit card, personal loan, insurance, among others) are conducted only on our website (
www.ringgitplus.com
), and all customer data is handled securely and strictly adheres to the Personal Data Protection Act – you can view our Privacy Policy for more info.

RinggitPlus vs Scams: the differences

Here are some key differences between how official RinggitPlus services work, and a scammer who is falsely operating under our name.

RinggitPlus services are 100% free of charge.
 We do not charge customers for using our platform to apply for financial products offered by financial institutions in Malaysia. We also do not have any fees after application. That’s right, there are no legal, processing, tax, stamp duty, or even service fees involved.

However, note that in some application instances (such as with insurance policies), RinggitPlus assists with the payment process
only on our website using secure payment gateways
.

We have found that scammers most often inform victims that there are some fees to be paid before the personal loan funds are released. The fees are also usually required to be paid to a third-party bank account. Remember, RinggitPlus is completely free to use!

There is NO SUCH THING as a RinggitPlus Personal Loan.
 One common scam involves personal loans “offered” by RinggitPlus. RinggitPlus is a platform that allows individuals to apply for personal loans (and other financial products) offered by financial institutions (banks and certified money lenders) in Malaysia. RinggitPlus (nor its parent company Jirnexu Sdn Bhd) does not provide its own personal loans, credit cards, or other financial products.

In some scam cases, we found that victims were given documents with the RinggitPlus letterhead for personal loan agreements supposedly offered by RinggitPlus. So if someone tries to offer you a “RinggitPlus Personal Loan”, you now know it’s
definitely
 a scam.

Prevention starts with you

Example of an email phishing scam (Image: Bank Negara Malaysia)

In general, it always helps to be extra cautious. Here are some additional ways where you can protect yourselves from possible scam cases.

Do extensive background checks.
Just because someone says he/she claims they work for a certain company, does not mean he does. These days, anyone can print their own name cards, so that should not be a proof that he/she genuinely works there. Contact the company he or she supposedly works for, and see if the individual actually works there. When it comes to handing over sensitive documents, it doesn’t hurt to be extra cautious. For RinggitPlus, you can contact us at 03 7890 0808 for any queries you may have.

If something doesn’t feel right, do NOT proceed.
If an “agent” starts requesting for fees or charges that sound dubious, contact the authorities immediately. Don’t be pressured into doing something you don’t feel comfortable with.

Be careful of messages from non-official channels.
 For example, any follow-up contact from RinggitPlus regarding applications are always conducted via multiple channels: email, SMS, and telephone. For email, always double check the domain name – for example, all official contact via email will be sent from an address ending with “@ringgitplus.com”. Also, note that RinggitPlus will only contact you on these channels if you have already made an application on our website.

If an offer sounds too good to be true, it probably is.
 Scammers always prey on the gullible by promising tempting offers, “limited time” promotions, or “backdoor deals” – especially to those who aren’t officially eligible. These shady deals always come with a catch…which usually will cost you dearly. If you receive a message of a “guaranteed approval” personal loan offer which also includes lines like “blacklisted individuals welcome”, be extremely careful.

Macau scams have been around for years, though they’re more notorious in recent times. (Image:
NST
)

Most of the time, those who fall victims to financial scams are either blinded by the good offers, or are in a situation where they desperately need money. In these instances the victims’ judgment is affected, resulting in making bad decisions.

If you ever come across a potential scam like what we describe in this article, don’t hesitate to double check either with family and friends, or better, with the company where the potential scammer says he/she is working for.

Finally, now that you’ve armed yourself with knowledge, stay informed and spread the word!

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    Nur

    2 years ago

Do you guys provide help through Whatsapp app?

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    Pang Tun Yau

    2 years ago

    Reply to

        Nur

Hi! No, we have a WhatsApp chatbot that assists with product application process, but if you need any assistance using our services, you can contact us on our Facebook and Twitter pages 🙂

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    Kok

    1 month ago

What is the procedure to apply credit card through Ringgit Plus? Should we provide personal data through WhatsApp?

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Motorcycles vs Cars: Which is the Better Choice?

We all have our own ideas about which of these two vehicles is the safer and more economical option – but let’s put them to a test! Here’s a quick look at the costs and safety features of the most inexpensive car and motorcycle listed on a popular car comparison site:

Table 1: Motorcycle vs Car

Motorcycle

Car

Model

Demak EX-90

Axia 1.0 Standard E-Manual

Price

RM2,621

RM24,437.16

Safety Features

Pass Switch

Airbags

Safety Issues

No traction control No anti-lock braking system No stability control No leg guards

No anti-lock braking system

Maintenance

RM366.50
*

RM777.40

Passenger Carriage

2 persons

5 persons

Petrol Consumption

69.8km/L*

21.6km/L

License Renewal per Year

RM20

RM30

License Course Fee**

RM650

RM2,200

Road Tax

RM20

RM20

Insurance (without NCD)

RM160.67

RM883.16

*Actual maintenance costs and petrol consumption stats for the specified models were not available, thus the cost stated in the table is based on general service and maintenance calculations for one year. The petrol consumption is based on a motorcycle with similar specifications.

**Course fee for licenses may vary based on the driving institute.

What the Table Tells Us

1. Cost:
 It is obvious that a
motorcycle is a much more cost- efficient purchase
 compared to a car. This should hold true across various brands and models of moped motorcycles unless you’re looking to buy a superbike or a Harley Davidson. Even the
cheapest car costs almost 10 times more
 than a brand new, typical motorcycle.

You’ll also notice that a motorcycle’s fuel consumption is considerably more efficient, as are its other costs such as insurance, license course fees and maintenance.

2. Safety:
 The motorcycle we are comparing has almost zero safety features, while the car comes with two airbags at the very least. A
2013 study
 revealed that motorcycle accidents accounted for 60% of all road traumas and that motorcyclists are an extremely vulnerable road user group.

Other Factors to Think About

### Carrying Capacity

Another major difference between a car and a motorcycle is how much you can carry in them. Part of transportation is also transporting items
with
 you, and with a motorcycle, you just can’t carry too much along. Driving a car also means being able to drive at least three other passengers around compared to just one pillion rider if you opt for a motorcycle.

Comfort

There is also the issue of being comfortable in your vehicle of choice. While riding a motorcycle is not that painful for short stretches, it can get tiring for long distance travels, especially those that are longer than a few hours. Driving a motorcycle in the rain is also another challenge, for even in the safest road conditions, traveling with 80% of your body pelted with water can’t be comfortable for anybody.

Maneuverability

Depending on where and how you travel, being able to move your vehicle nimbly might be another important thing to think about. If your commute is toll-heavy but not long distance, and parking is tricky, a motorcycle might benefit you more. You can park it easier and you don’t have to worry about tolls.

Which Should You Choose?

On the one hand, motorcycles are fuel-efficient and convenient as well as affordable to purchase and maintain. In addition, learner licenses are cheaper and most highways don’t charge toll fees for motorcyclists. But even though cars are more expensive, they are typically the safer option, all things considered.

Still, that doesn’t mean that cars are infallible. A
study
 revealed that poor driver behavior is one of the most

important indicators of accidents. Thus whichever decision you make, remember to drive or ride safe at all times.

But your choice isn’t limited to a new car or a new bike; there is another option – a used car. While the maintenance and related costs to drive will remain higher than that of a motorcycle, a second-hand car is much cheaper to purchase.

If you don’t have the cash to buy brand new or second-hand, financing is often available to help you make the purchase. To find an auto loan with the most affordable rates, do check out our
comparison page
.

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All the Ways Being Single on Valentine's Day is Lighter on Your Wallet

If you’re in a loving relationship and looking forward to celebrating Valentine’s Day this weekend, then we’re very happy for you. No, really, we are. Go ahead and post pictures or videos of the two of you blowing your hard-earned cash on each other all over our news feeds, we don’t mind at all.

Clearly, you love each other and are willing to go broke to show it. That’s a completely legitimate way to live your life. There’s absolutely nothing wrong with that. Don’t feel sorry for all the single ladies and gentlemen out there on Valentine’s Day, we’ll be just fine thank you very much. Especially finance-wise. In fact, it’s possible that you lovey-dovey couples have no idea how much cheaper it is to be free and single.

No Valentine’s Day Gifts

Sure, getting flowers and heartfelt, handwritten notes delivered to your office desk is a great way to show off how good you have it with your partner. And if you’re of the more intimate type, it might be a touching moment of genuine adoration when your better half went to the trouble of getting just the perfect gift, exceeding your expectations. Aww.

But did you know you can buy
yourself
 presents? What’s more, you don’t have to go to the trouble of finding out what you secretly want without asking yourself outright. You already know what you want, because you
are
 you! How convenient is that? Order yourself something special online. Write yourself a note and send yourself some flowers. You deserve it.

No Fancy Dinner For Two

On V-Day, upscale restaurants and hotels also promote opportunities for allegedly discounted dinner dates. How lucky the two of you would be to find out that the Valentine’s Day prices are merely exorbitant instead of just extortionate. Who wouldn’t want to pass up the chance to pay two month’s salary to enjoy food made with ingredients you can’t pronounce, served in portions designed to keep you slim and sexy?

Being single means not having to bother dressing up fancy or taking out a loan to pay for your entrées. Just stay at home and cook all your favourite food yourself. As
we’ve mentioned before
, cooking is a skill that grows you as a person in many ways, in addition to being cheap. Or better yet, just order food to be delivered so you can keep your kitchen clean and your pants off. How’s
that
 for gastronomic indulgence?

No Movie Date

Some couples prefer to splurge by catching their favourite upcoming movie at the cinema while employing the full services of the luxury VIP seats. Getting all cuddly and going on a full-on theatrical experience in 3D IMAX is fun, of course. If you like saying nothing to each other for 2 hours staring in the same direction in the dark surrounded by strangers.

If an intimate setting to enjoy the best cinematic storytelling is what you want, then why not use local video-on-demand services like Netflix or iflix? Being single means nobody can complain that you didn’t put enough effort into that activity. In fact, part of the appeal is how cheap and easy it is. We’ve even made a
comparison chart
 of TV and movies between the two services so you can choose which one fits you best. Just curl up in bed under your
face blanket
 and you’re ready to roll.

No Romantic Spa Breaks

“Hey honey, I feel like doing something physically intimate this Valentine’s Day. Let’s get a stranger to oil you up and rub you all over, wouldn’t that be great?” We have no idea who was the first to think that the best way to celebrate romantic love is by being mutually felt up by people they don’t know. But it just goes to show, there are plenty of ways to express love in this world.

If you’re single and in need of a backrub to relax, just visit your nearby mall and use their cash-operated massage chairs. The chairs will be empty anyway since everybody is elsewhere doing their lovey-dovey couple stuff together having fun without you. You don’t need anybody else to have fun. Being single is great. Yup.

Do you have any other tips on how to enjoy Valentine’s Day despite not having a partner to care about you and share your most intimate hopes and dreams together, proving you’ll always be lonely for the rest of your life? Let us know in the comments section below!

Photo credits:
Sarah_Ackerman on flickr
.

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Ahmad Mudhakkir

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4 Features All Good Medical Cards Must Have

Nobody wants to be hit with a medical emergency unprepared. This is why it’s best for us to have medical insurance to make sure we’re adequately protected from financial ruin should this happen. While RinggitPlus does have
a comparison page you can look through
 to pick out the one that fits your needs, you would be better equipped in your research if you’re absolutely clear about the features that a good medical card should have. With that in mind, let’s go through the top 4 things you must look out for:

1. High Insurance Limits

Since an insurance limit is the maximum amount of money an insurance company will pay you for a covered loss, it makes sense for you to look for policies with high limits. Pay special attention also to the difference between annual limits and lifetime limits, since these numbers affect how much you can claim and when.

Zurich MegaMed for example, provides an annual limit of up to RM2.25 million with no lifetime limit for selected plans. With this amount, you can worry a lot less about pricey medical emergencies and keep your cashflow undisturbed.

2. Outpatient Cancer Treatment

Outpatient treatment often includes routine services such as checkups, physiotherapy, or just regular clinic visits. But one particular treatment that can be incredibly useful to have covered in a medical policy is cancer treatment. This is of course because paying for regular cancer treatment out of pocket can be prohibitively expensive.

One such policy that provides this is Zurich MegaMed. It offers outpatient kidney dialysis as well as cancer treatment which you’ll be reimbursed for based on your annual and lifetime limit. So if you ever get kidney failure or cancer, you don’t have to worry.

3. Full Reimbursement for Surgery

Medical cards don’t always mean total and complete coverage of costs. Some expenses are subject to deductibles or co-insurance, both of which are forms of cost-sharing where you split the cost of the medical service with the insurance company. While it’s fine to choose policies that feature these since it usually makes the premium cheaper, we recommend you look for full reimbursements when it comes to medical procedures that cost more, like surgeries.

Zurich MegaMed for example, offers full reimbursement for day surgery and other related expenses like anaesthetist fees, post-surgical care (up to 90 days from discharge), diagnostic tests, and ambulance fees among others.

4. Accessible Panel Hospitals

Finally, what good is medical coverage if you can’t access it, right? When shopping around for medical insurance, pay attention to the list of panel hospitals and the limits of your coverage. Ideally, your medical insurance should protect you even if you’re travelling overseas to a certain extent.

To address this concern, Zurich MegaMed offers an International Medical Assistance Programme to help you when travelling abroad. Certain plans under this policy also offers Overseas Medical Treatment in Singapore to treat illnesses that require expertise that we don’t have in Malaysia yet. Eligible expenses incurred will be fully reimbursed upon your return to the country as well, subject to terms and conditions.

Choosing the Best Medical Card For You

While there are plenty of other ways to make sure you find the right medical card for you, we feel that these 4 features are the most important ones you should keep in mind. If you need to know more about Zurich MegaMed or Zurich Medica2016, head on over to
our product page for more information
!

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EPF Proposes Introduction Of Akaun 3 That Allows Flexible, Unconditional Withdrawals

(Image: Utusan Malaysia)

The Employees Provident Fund (EPF) has said that it is considering the introduction of a new Akaun 3, which will function similarly to a savings account. Members will have the flexibility to withdraw any amounts at any time from this proposed account, thereby addressing possible cash flow concerns in the future, especially during times of emergencies.

Chief strategy officer of EPF, Nurhisham Hussein explained that the proposed Akaun 3 is primarily targeted at informal sector and own-account workers, and will be implemented for new contributors within two years if approved. However, existing members are also allowed to opt-in once the account is created, if they wish to.

In terms of contribution percentage, Nurhisham explained that about 5% to 10% of a member’s monthly EPF contribution will be allocated for Akaun 3 if they opt in – slightly lower than the other accounts as it is supposed to serve as an emergency fund. There is also a possibility that the EPF may increase the contribution percentage for Akaun 1, and give members the option to transfer their funds from Akaun 3 to Akaun 1 and 2 if they wish. Similarly, those who sign up for Akaun 3 may also be able to transfer their savings from Akaun 1 and 2 to Akaun 3, after which they can make withdrawals without any conditions.

(Image: Khazanah Research Institute)

To note, the current EPF contribution structure requires members’ monthly contribution to be split between Akaun 1 and 2 with a ratio of 70% and 30%, respectively.

Additionally, this is not the first time that the introduction of a special Akaun 3 has been mooted. Back in 2019, former finance minister Lim Guan Eng had also suggested the
launch of a special EPF account (Akaun 3) as part of the Malaysia@Work initiative
, which allowed flexible withdrawals as well. It was originally slated to be rolled out in stages during the second quarter of 2020, but unfortunately did not come to realisation.

(Sources:
New Straits Times
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Anonymous

    1 month ago

nice

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