Maybank IBG Expects Budget 2023 To Have Less Expansionary Fiscal Policy

(Image: Bernama)

Maybank Investment Banking Group (Maybank IBG) has said that it foresees the upcoming Budget 2023 to have a less expansionary fiscal policy. It is also expected to have a lower budget deficit to gross domestic product (GDP) of 5% amid a fairly limited fiscal space.

According to the chief economist at Maybank IBG, Suhaimi Ilias, the government will also likely begin medium-term fiscal consolidation, which serves to reduce deficits and the accumulation of debt. Specifically, this round of medium-term fiscal consolidation will be in line with the aim to lower the budget deficit from between 6% and 6.5% of GDP from 2020, to between 3% and 3.5% by 2025 – as per the 12
th
 Malaysia Plan (12MP).

“I think the process must begin in 2023, the midpoint of the 12MP, and this is also reasonable from the perspective that narrative by the government on fiscal reform and shifting subsidies from current blanket subsidies to targeted subsidies,” said Suhaimi.

(Image: The Star)

Suhaimi further commented that it is also crucial to carry out medium-term fiscal consolidation because it would allow the government to have more sustainable resources of revenue. In turn, they will not need to rely on volatile commodity-related revenue as well as one-off tax revenue, such as Cukai Makmur (windfall/prosperity tax). Briefly, Cukai Makmur is a one-off 33% tax that is charged on companies that profit more than RM100 million for the year of assessment 2022 (YA2022).

Meanwhile, the head of equity research, Anand Pathmakanthan predicted that Malaysia will see growth in rebounding post-Cukai Makmur. This is alongside sustained economic recovery for 2023, with a 12.4% earning expansion for the FTSE Bursa Malaysia KLCI (FBM KLCI). Commodity sectors – such as oil and gas, as well as palm oil – too, will enjoy sustained growth to eventually become winners in an inflationary environment.

That said, margin pressures are also expected to develop across multiple sectors due to rising cost pressures. To explain, margin pressure is the risk of negative effects that certain elements may have on a company’s profitability margins. Ultimately, Pathmakanthan noted that these forecasts will inform Maybank IBG’s current “overweight”, “neutral”, and “underweight” calls on selected sectors.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Luno Teases The Arrival Of Bitcoin Cash On Its Platform Soon

(Update 6 May 2021: Luno has since officially announced that it is now offering Bitcoin Cash for trading on its platform.)

Cryptocurrency exchange Luno has teased the arrival of Bitcoin Cash on its platform for trading, saying that it is “coming soon”.

According to the short teaser posted by Luno on its Facebook page, users in Malaysia can expect to be able to trade and store Bitcoin Cash on its platform soon. That said, it did not specify an actual date for the arrival of the new cryptocurrency to the platform. “Luno provides safe and secure access to crypto so that you can confidently buy, trade, and store. A new coin is coming soon – are you ready?” it wrote in its post.

Bitcoin Cash is the latest cryptocurrency to have
received provisional approval
 from the Securities Commission (SC), which will allow it to be traded on authorised cryptocurrency platforms in the near future. If fully approved, Malaysian cryptocurrency traders will be able to dabble in a total of five cryptocurrencies, in addition to Bitcoin, Ethereum, Ripple, and Litecoin. To briefly explain, Bitcoin Cash is a derivation of Bitcoin, with an improved blockchain technology that supposedly allows for faster and cheaper transactions.

Meanwhile, Luno is one of the three digital asset exchanges (DAX) that were approved by the SC for operation within the country as recognised market operators (RMO), with the other two being SINEGY Technologies and Tokenize Technology. It first entered Malaysia in 2015, and was subsequently
relaunched in 2019
 after obtaining its licence from the SC. At present, it allows trading in Bitcoin, Ethereum, Ripple, and Litecoin.

(Source:
Luno
)

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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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Tealive Responds Against Chatime’s Court Of Appeal Win

(Image:
Tealive Asia Facebook
)

In the latest development in the Tealive vs Chatime legal battle, the Court of Appeal has ruled in favour of Chatime owner La Kaffa International Co Ltd. La Kaffa has successfully been granted an injunction against its former franchise holder and current Tealive business owner, Loob Holding Sdn Bhd, preventing Tealive from carrying out a similar business in the market for bubble teas.

Justice Hamid Sultan Abu Backer based the injunction on Loob Holding’s breach of post-franchise obligations, franchise law, and the fact that Loob Holding was using La Kaffa International’s assets to run its business.

The Court of Appeal overturned the previous decision by the High Court, which had dismissed the injunction against Loob Holding. The High Court had ruled in favour of Loob Holding based on the grounds that the livelihood of its outlets and employees would be affected if the business were to be barred.

La Kaffa appealed to the Court of Appeal against this judgment last year and won with this latest ruling. However, Tealive has released a statement saying that it will file for a stay and for leave to appeal to the Federal Court. A stay is effectively a suspension of an injunction while an appeal is proceeding, whereas an appeal to the Federal Court would give Loob Holding one last chance to receive a favourable decision as this is the highest court in the nation.

“This matter is being handled by our lawyers and we will let the due process of law take its course,” the statement read. “We have instructed them to make the necessary application to the courts to allow us to maintain status quo until final settlement of the entire legal process.”

The Court of Appeal ruling took place on 27 June, but there have been no signs of the Tealive business ceasing operations in any of their outlets as yet.

(Sources:
Free Malaysia Today
,
The Star
)

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E-Ang Pow Campaigns That You Should Check Out This Chinese New Year

(Image: The Star/Art Chen)

With just a couple more days to go, Chinese New Year is so close we can
almost taste
 the anticipation in the air. Sure, the reimplementation of the movement control order (MCO 2.0) means we will miss out on some favourite activities – such as visiting relatives who keep asking about your plans for marriage or having (more) kids – but there is plenty that you can do to keep the festivities going!

Unquestionably, the custom of receiving ang pows sits pretty high up on the list of things that make Chinese New Year awesome! And this year, with many families being unable to meet up in person to celebrate, many banks and e-wallet service providers are advocating for e-ang pows to help keep the tradition alive. Here are some that you can check out!

Banks

Affin Bank

Campaign period: 5 – 26 Feb 2021

Affin Bank has tapped into a festive Go Green Campaign by the Association of Banks in Malaysia (ABM) to encourage the use of e-ang pow this Chinese New Year. The bank urged customers to celebrate tradition “with a modern twist”, using DuitNow instant transfer or the special e-ang pow features via your bank’s online and mobile banking platforms to spread prosperity. The awareness campaign also appeals to the environmental-friendly and responsible side of you to go green and comply with MCO standard operating procedures (SOPs) with e-ang pows.

AmBank

Campaign period: 1 – 28 Feb 2021

AmBank’s DuitNow Your Angpow campaign lets you earn chances to win weekly prizes worth RM888 or a grand prize of RM8,888 when you transfer at least RM5 to a unique DuitNow ID within the campaign month. Open to all new and existing current or savings accountholders (individual) who have registered for AmOnline, the campaign will see three winners being chosen for each week, and two for the grand prize, as can be seen in the following table:

There is no limit to the number of entries that you can earn, but each eligible customer is only entitled to win only one prize during the campaign period. All winners will be selected at the end of the campaign period via an algorithm system, after which they’ll be notified via SMS, phone call, or email within four weeks. Meanwhile, the cash prizes will be credited into the winners’ current or savings account within two working days after the announcement.

You can find out more about
AmBank’s DuitNow Your Ang Pow campaign
 here.

Hong Leong Bank

Campaign period: N/A

Hong Leong has created a special tile for e-ang pow transactions in the main page of its Connect mobile app to help customers send their red packets more conveniently – complete with a Chinese New Year theme. Once you access the function, you will be given the ready option to transfer either RM1.80, RM8.80, or RM18.80. Alternatively, you can go for “Other Amount” if you prefer – after which you can just carry out your money transfers as usual. When you’re done, feel free to send the receipt of the transfer in the form of an exclusive e-greeting to the recipient!

HSBC Bank

Campaign period: N/A

HSBC is also encouraging its customers to send e-ang pows via its HSBC MY mobile banking app with exclusive HSBC Chinese New Year e-receipts! To do so, you will need to scan your recipient’s DuitNow QR, obtained either physically or virtually. Here’s a video from HSBC with a step-by-step guide as to how you can do it:

Maybank

Campaign period: 8 Feb – 7 Mar 2021

Maybank’s All Sorts of ONG campaign offers customers the chance to win RM7 million worth of cash rewards and prizes when they carry out eligible transactions. Open to individual customers with a valid Maybank2u login, these transactions include sending and receiving e-ang pows from family and friends.

Essentially, each eligible transaction carried out during this campaign will earn you a number of entries to play the All Sorts of ONG game. The game consists of sorting out a variety of items into their respective categories within 30 seconds, netting you points to obtain prizes. Depending on how much points you are able to accumulate in your games, you can win single-game, weekly, and grand prizes.

You will be able to earn one entry to play the All Sorts of ONG game every time you send or receive a minimum of RM5 from your family and friends. You are allowed up to five transactions per action from each family member or friend, with no restriction on the number of individuals that you can transact with. These e-ang pows can be sent using either the Send Money or Scan & Pay function via e-Angpao in the MAE by Maybank2u (MAE) mobile app. Note that your funds for the Scan & Pay function must not come from credit cards in order to qualify for the campaign!

On top of that, do also be aware that while the All Sorts of ONG campaign is accessible via the Maybank2u app and website, the game itself is only available on the MAE app. All winners will be announced on the campaign page, whereas the prizes will be delivered according to their respective timelines and channels.

Find out more about
Maybank’s e-Angpao effort
 and the
All Sorts of ONG campaign
 on the bank’s official page.

Public Bank

Campaign period: 11 – 26 Feb 2021

Public Bank, too, is having a DuitNow e-ang pow campaign that allows its customers a chance to win cash prizes of up to RM10.00 when they send an e-ang pow worth a minimum of RM10.

Open to all Public Bank personal banking customers with a PB engage account, the campaign will get you an opportunity to “shake” the Tree of Fortune after performing the required DuitNow transaction. Tap on the Tree of Fortune icon when it pops up in your app, and shake it until it reveals your prize! You will either receive a leaf (which means you get RM0), or an ang pow containing a cash reward that ranges from RM1 to RM10.

Note that each customer is entitled to a maximum of three cash prizes during the campaign period, and the prize allocation per day is as follows:

Campaign Day (2021)

Number of winners per day

11 Feb

12 Feb

13 Feb

14 Feb

15 Feb

16 Feb

17 Feb

18 Feb

19 Feb

20 Feb

21 Feb

22 Feb

23 Feb

24 Feb

25 Feb

26 Feb

250

1,100

1,100

250

110

110

110

110

110

110

110

110

110

110

110

250

Total

4,160

If you do win, the cash prize will be credited into your account by the end of the next working day. You can check out
Public Bank’s e-ang pow campaign page
 here for more information.

Standard Chartered Bank

Campaign period: 26 Jan – 26 Feb 2021

Standard Chartered’s ongoing Daily Double Ang Pow Cashback Rewards campaign will reward 12 lucky customers each day with 2x cashback when they transfer money to their family and friends via DuitNow. In other words, you stand a chance to win double the amount that you transfer during your transaction – capped at a maximum of RM100.

Each customer is only allowed to win one Daily Ang Pow, with a total of 384 winners throughout the whole campaign period. If you do win, your Daily Ang Pow will be credited to your bank account within 60 days after the end of the campaign.

Note, though, that this campaign is only open to new and existing customers who successfully applied for their Islamic (Tawarruq-based Islamic account) or conventional current/savings account during the campaign period.

Head on over to Standard Chartered’s website to find out more about its
Daily Double Ang Pow Cashback Rewards
.

E-wallets

BigPay

Campaign period: N/A

BigPay lets you conveniently send e-ang pows to your family and friends with a special Ang Pao tile in its app. You can also write your personal prosperity message to pass along with the e-ang pow, providing “digital prosperity” and festive cheer for your loved ones during this Chinese New Year amidst the new normal! Here’s BigPay’s video to show you how it’s done.

Boost

Campaign period: 8 – 26 Feb 2021

Boost
 has brought back its e-ang pow feature this year as well, allowing users to keep the tradition alive despite the physical distance. You’ll be able to choose from six different red packet designs when sending your e-ang pow, in addition to the option of including a personalised greeting as well. For convenience, the app also lets you send your customised e-ang pow to 10 people at one go, with the ability to vary the amount of money to each recipient.

A few things to note, though: only Premium Boost users can send and receive these e-ang pows, whereas Basic Boost users can only receive them. Also, you must open the e-ang pow that you receive within 12 hours, or the money will be returned to the sender.

Start sending your e-ang pow by tapping on the e-ang pow tile under the “What’s New” section!

Grab

Campaign period: Now – 26 Feb 2021

Grab
 is trying something different for its e-ang pow initiative this year; while you can still make money transfers via the GrabPay e-wallet, the tech giant is encouraging users to send e-ang pows in the form of GrabGift gift cards.

You can choose to purchase GrabRide, GrabFood, or GrabMart gift cards for your loved ones, with values ranging from RM5 to RM50 (for GrabRide and GrabFood), or RM10 to RM20 (for GrabMart). On top of that, you can choose from 15 designs for these virtual gift cards, along with a personalised message.

Find Grab’s e-ang pow initiative under the “Huat deals on food, groceries, and more” tile, placed within the “Keep discovering” section.

Shopee

Campaign period: 4 – 11 Feb 2021 and 14 – 26 Feb 2021

Shopee
 users will have a chance to win a guaranteed amount of between 8 to 88,888 Shopee Coins when they transfer a minimum of RM8 as an e-ang pow to their family and friends via ShopeePay. On top of that, you can earn even more Shopee Coins if you share your win on your Instagram feed.

Note, though, that you will be required to first verify your identity before you can make any e-ang pow transfers. Once you’ve done so, go ahead and send your e-ang pow – after which you will get to open a red packet containing either 8, 88, 888, or 8,888 Shopee Coins. You are only entitled to one lucky draw per day.

On top of this e-ang pow campaign, you can also win more Shopee Coins by sharing your win on your Instagram Feed, along with the hashtag #angpowshopeepay. Shopee will select 50 lucky winners after the end of the ongoing e-ang pow campaign to reward them with more Shopee Coins, although the amount has not yet been disclosed. These winners will be announced on 1 March 2021.

To take part in this e-ang pow campaign, head on over to the “Me” page on your Shopee app, and then tap on “ShopeePay”, followed by “Transfer”.

Touch ‘n Go eWallet

Campaign period: N/A

The E-Huat e-ang pow initiative by Touch ‘n Go eWallet this year is pretty straightforward; it essentially taps into the eWallet’s Transfer function to let you send money to your loved ones during this festive season. This offers both convenience and safety as you continue to uphold this age-old tradition of giving and receiving ang pow during this new normal.

***

As you can see, there are plenty of channels that you can opt for if you’d like to switch from gifting traditional ang pows to e-ang pows. Not only do these e-ang pow initiatives provide safety amidst the spread of the Covid-19 pandemic and the opportunity to bridge the physical distance during MCO 2.0, some of them also come with additional benefits and rewards.

However, if you’re one of those who still cherish the tradition of gifting physical ang pows and are able to do so during MCO 2.0, here is a
list of banks
 that are offering fresh notes for your ang pows.

Until then, we at RinggitPlus would like to wish you a very Happy Chinese New Year, and stay safe!

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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BNM Maintains OPR At 1.75% At Final 2021 MPC Meeting

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has opted to maintain the overnight policy rate (OPR) at 1.75% in its final 2021 meeting today. This marks the eighth time the MPC has decided to hold the key policy rate at its current rate of record low since July 2020.

BNM clarified that the decision was made after taking into account downside risks that continue to persist with regard to Malaysia’s economic growth outlook, especially amidst lingering Covid-19 concerns.

“Going into 2022, the growth momentum is expected to improve, supported by expansion in global demand, higher private-sector expenditure in line with the resumption of economic activity, and continued policy support. Risks to the growth outlook, however, remain tilted to the downside due to external and domestic factors,” BNM shared. Some of such risks include weaker-than-expected global economic recovery, worsening supply chain disruptions, and the reimposition of containment measures due to new Covid-19 variants.

Additionally, the central bank also expects the country’s inflation to remain moderate. “As economic activity normalises, core inflation is expected to edge upwards but remain benign given the continued spare capacity in the economy and slack in the labour market. The outlook, however, continues to be subject to global commodity price developments and some risk from prolonged supply-related disruptions,” it said.

(Image: Malay Mail)

More specifically, BNM expects headline inflation to average within the projected range of between 2% and 3% for 2021, having remained at 2.3% year to date. Meanwhile, underlying inflation will likely average below 1% for the year.

BNM also emphasised that the MPC considered the stance of the bank’s monetary policy to be both appropriate and accommodative. Moreover, it believes that Malaysia’s fiscal and financial measures will continue to help mitigate some of the economic impact on businesses and households, as well as provide the necessary support.

“Given the uncertainties surrounding the pandemic, the stance of monetary policy will continue to be determined by new data and information, and their implications for the overall outlook for inflation and domestic growth. The bank (BNM) remains committed to utilising its policy levers as appropriate to foster enabling conditions for a sustainable economic recovery,” BNM further said.

In 2020, BNM had cut the OPR by four times, reducing it from
3.0% to 2.75% in January
, then to
2.5% in March
 and
2.0% in May
. Finally, in July 2020, the OPR was brought to its
current record low of 1.75%
.

(Source:
BNM
)

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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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Unexpectedly Good Reasons to Use Same Day Delivery

Have you heard about Lazada’s same day delivery for their products? For an additional fee, you can have your order delivered to you on the same day you clicked on it through the browser window. Isn’t that cool?

But we know some of you are thinking, “why on Earth would I need this?” While it’s true that any product you buy online is worth waiting at least a few days for, there actually are quite a few practical reasons why you’d want to use same day delivery.

For Special Occasions

If you were swamped with work and forgot that your kid’s birthday was today, how are you going to sneak out and find that toy that he or she was waiting for at home?

Imagine the buckets of tears you would have to mop up. On top of the additional presents you would have to buy for compensation and make up, you are going to be crying just as much for being a “terrible” parent who forgot or was too busy to get the gift for their kid.

What you could do to save yourself from such a dramatic situation is, get online before the busy workday starts and just get the item with same day delivery. Your day would be saved, still get to go home looking like the hero and not to mention saved time, money, and saved the tears.

Replacing a Broken Item

Imagine this, someone entrusts you with their house as they needed to be away for a few days and you need to get in there daily to feed their pet chihuahua named Dragon. While fiddling in the kitchen you break something. This is just going to spell trouble when they get back tonight.

Be smart about this, how would you solve this issue if you had a busy day planned out? Own up to the mistake? Worst idea ever, since you won’t be able to date their daughter anymore and that will be the last you get to feed their little Dragon.

Instead, you could just take advantage of same day delivery and get a replacement before all hell breaks lose. This way everybody wins.

Last Minute Outfit Emergency

If you had flown down to Kuala Lumpur to be one of the bridesmaids for a friend’s wedding and your luggage mysteriously disappears at the pick up zone of the airport. How are you going to attend a wedding without a proper dress? What about your make up? As one of the bridesmaids ,you are going to be really busy attending to the bride. Mostly, to ensure she does not freak out today and make a run for it.

Well fret not, you can just order your dress and make up while you are in the taxi on the way to the hotel and get it delivered to you, on the same day. That way you get to save time, save money and more importantly save yourself from any embarrassment of wearing the comfy sweatpants you flew in with for the function.

Shopping Online

The whole ordeal of shopping online has come a long way. It has become safer, easier and way more convenient. Imagine not having to drive through a traffic jam, minus the 20 minute hunt for a parking space, running from one end of the mall to the other looking for the item that’s in stock.

If you do choose to shop online with all the added convenience, be sure to check out our
best credit cards for online shopping
 to take full advantage of all the rewards points and get more for your money!

Have anything to say about this article? Share your thoughts with us in the comments section down below!

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Gavin Pereira

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UOB Credit Card Mother’s Day Catalogue

Feeling at a lost on what to get mom for Mother’s Day? If you’re a UOB credit cardholder check out Thomas Sabo charm bracelets that are on promotion from 1 April till 31 July 2013. If she’s not keen on starting a charm bracelet collection you can’t go wrong with a brand new Gucci bag or Samsung Galaxy camera. Or you could double up for Father’s Day at the same time and get your parents matching Tag Heuer watches. All these products except the Thomas Sabo charm bracelets are available on UOB credit card instalment plans and open to all principal cardholders.

The full catalogue and order form can be found
here
 along with the Terms & Conditions. Please note that all orders are subject to a 10 working-day cooling-off period and products are offered on a first-come-first-serve basis.

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Money Saving Hacks

GST is to be implemented in less than a month, and the price of most goods and services are expected to hike. Which translates into a tighter budget for most of us not lucky enough to receive an accompanying salary bump.

An increasing cost of living does not necessarily dictate a compromised living standard. Even if your wage remained the same, you can always optimise your budget to get more mileage out of it.

Think of the impending price hike as an excuse to perform a financial audit on yourself. Here are a couple of money saving hacks to help you optimise your budget.

## Audit Your Subscriptions

While self-renewing subscriptions and direct debit payments are convenient, they sometimes result in lingering subscriptions for services we no longer use that are sapping money from our accounts on a monthly basis.

Comb through your bank and credit card statements to check for any automated direct debit payments for services or subscriptions that you have ceased to use and forgot about. If there are any; get rid of them. It’s also helpful to keep a tab on your ongoing subscriptions and services.

One of the dangers of
direct debit or standing order payments
, is that you may not realise if any extra charges were heaped on, especially when it comes to services where you could unknowingly accrue extra charges like mobile phone subscriptions.

Also make sure to check after you’ve canceled a subscription to see if they are still charging you. Sometimes the service provider could be a little cheeky.

We are not implying that you should avoid the conveniences of automatic billing. Automated billing is a great tool to help you pay your bills efficiently; just make sure you keep tabs on the number of direct debit charges you have set up.

Balance Transfer to Manage Your Debt

Balance transfers allow you to consolidate your credit card debts into a single card, usually a card with a low interest rate. Balance transfer plans usually entails a certain number of months where your debt on the card receiving the transferred debts would incur no interest or a very low interest rate. Note that some plans charge an upfront fee.

Browse through your array of credit cards and determine if it’s worth transferring their balances to a single card with lower interest. That could save you a significant amount of interest payment if you are not one of those who pays off their credit card balance completely at the end of every month.

A balance transfer is a useful tool to help you restructure your credit card debt to reduce your interest rate and render them more manageable. If you are interested to find a card for balance transfer, find the perfect card with low or zero interest to transfer your balance
on our card comparator
.

We would also advice you to go through our
article on balance transfer
 prior to applying for one.

Opt for Installment Plans

Installment plans can come in handy if you plan to make big purchases with your credit card in which you don’t intend to pay off quickly.

Most major banks offer 0% interest installment options for their credit card holders.

Making use of the installment plans like
Maybank’s EzyPay
 and
CIMB’s Easy Pay
 instead of paying for the item in full upfront using your credit card could save you a significant amount of money in interest charges. You can find out which credit card offers an installment plan
here
.

Alternatively, you can form your own version of installments. Layaway is a purchasing method where the buyer places a deposit to the seller to
hold on
 to a product and proceeds to pay the seller in multiple small payments until the product is paid in full, in which the seller would release the sold product to the buyer.

While layaway is not practised in Malaysia, you can lay away a sum of cash in your savings account every month until you have enough to purchase the item you have set your eyes on. There’s the added benefit of giving you time to think. If you are still intent on making the purchase by the time you’ve saved up for it, it’s probably not an impulsive purchase.

Conclusion

There are always ways to optimise your budget. If you can’t increase your income; squeeze more out of it then!

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Guo Heng

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Alliance Revises Timeless Bonus Points Awards For Visa Infinite & Visa Platinum Cards

Alliance Bank has announced that it will be revising the terms of two credit cards: the Visa Infinite and the Visa Platinum. In particular, the bank is tweaking the awards of Timeless Bonus Points (TBP) related to e-wallet and dining transactions that will go into effect from 14 March 2022.

The two cards,
relaunched with fresh designs and new features back in 2020
, currently offer a generous 8x TBP for every RM1 spent on e-wallet and online transactions. With the revision, both cards will only earn 8x TBP for the first RM3,000 spent on e-wallet transactions per statement cycle – subsequent transactions will earn 1x TBP for every RM1 spent.

Meanwhile, the
Visa Infinite
 and
Visa Platinum
 both currently only offer 1x TBP for every RM1 spent on dining. But now that the economy is reopening and physical dine-ins are available once more, Alliance is bumping up the rewards for dining on both cards. The revision will see the Visa Infinite earn 5x TBP for every RM1 spent on dining, while the Visa Platinum will earn 3x TBP.

Here’s a summary of the upcoming changes to both cards:

Card
Current Features
From 14 March 2022
Alliance Visa Infinite
8x TBP on e-wallet transactions
1x TBP on dining transactions
8x TBP on e-wallet transactions (for the first RM3,000 per statement cycle, 1x TBP for subsequent spend)
5x TBP on dining transactions
Alliance Visa Platinum
8x TBP on e-wallet transactions
1x TBP on dining transactions
8x TBP on e-wallet transactions (for the first RM3,000 per statement cycle, 1x TBP for subsequent spend)
3x TBP on dining transactions

As mentioned, the revision to both cards will come into effect from 14 March 2022. The changes will most likely only affect the hardcore e-wallet users, as the RM3,000 limit per monthly statement cycle is still fairly hard to hit for most users. At the same time, the addition of the 5x TBP bonus for dining may incentivise more users to use what was previously associated as a pure online usage card in physical dining outlets.

(Source:
Alliance Bank
)

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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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Boost Will No Longer Allow Credit Card Top-Ups For Investment Purposes

E-wallet app Boost will no longer allow funds sourced from credit card top-ups to be used towards investment purposes. From 28 April onwards, all investments made on Boost will be limited only to funds from online banking or debit card top-ups.

Currently, the Boost app allows users to make investments using the funds in their Boost e-wallet on several different platforms, including HelloGold, Opus, PTPTN SSPN-i, and PTPTN SSPN i-Plus. According to Boost, all of these investment platforms are included in the new policy, as well as any other investment partners in the future.

It is not out of the ordinary for e-wallet companies to take steps to limit or reduce credit card top-ups. BigPay gradually reduced the maximum credit card reload amount from
RM10,000
 when it first started out to the current cap of
RM1,000 per month
. BigPay cited the fees charged by credit card companies as the reason behind its current policy. Recently, Grab also released a notice about using GrabPay on unlicensed platforms after cryptocurrency platform
Binance announced payment support for e-wallets
 including GrabPay.

Interestingly, Boost chose to explain the move as a way to help its users minimise risk exposure. “It is safer to invest via online banking or debit card with funds that you own. We want to help you minimise exposure in this uncertain economic situation, allowing you to invest safely,” Boost stated in its notice published on its app.

“We understand the importance of safety and consistently strive to improve our efforts to continuously look after our users,” the notice read before concluding with the hashtag #BoostGotYou.

For reference, HelloGold is a gold exchange platform, Opus is an investment platform offering a money market fund and a bond fund, while SSPN-i is a savings scheme from PTPTN with a 10-year average dividend of more than 4% and has tax benefits.

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Enjoy A 7.5% Cash Rebate When You Apply For UOB BizCare

*This post has been updated on 22 September 2022.

In the initial stages of starting a business, insurance may not be one of the first few things that come to business owners’ minds. More than 90% of local entrepreneurs are uninsured against risks including natural disasters, and have no safety net in place should an unfortunate event occur.

Some of the benefits that business insurance can offer Malaysian Small and Medium Enterprises (SMEs) include:

1. Financial protection against a variety of risks like fire, theft, and liabilities.

2. Safeguarding the business if any legal action is taken against it.

3. Confidence and assurance for employees, the business, and shareholders.

One of Malaysia’s top-rated Banks, UOB, offers a solution that can help safeguard Malaysian SMEs from unexpected incidents. Introducing UOB BizCare, a comprehensive insurance coverage designed for businesses nationwide. For a limited time, you can enjoy a one-off UOB BizCare cash rebate of 7.5% from the total gross premium amount* when you apply for your coverage through the portal using the code “UOB2022” before 31 December 2022.

Let’s explore how UOB BizCare can keep your business protected.

Risks can be hard to predict and in some cases, it can threaten a business’ livelihood. To ensure your business is out of harm’s way, consider an all-inclusive insurance plan like UOB BizCare so you can maintain peace of mind if any unfortunate incidents strike. UOB BizCare provides a wide range of coverages with plans that include burglary, liability, and fire, offering protection based on what your business needs.

Business insurance is there to protect your business and assets against peril. Without insurance coverage, your business is exposed to the risk of liabilities, physical danger, legal threats, and financial loss.

To claim your one-off UOB BizCare cash rebate of 7.5% from the total gross premium amount**, apply for your coverage through the portal using the code “UOB2022”. Don’t wait – offer ends 31 December 2022.
Apply for UOB BizCare today
.

**Terms and Conditions apply.

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Lisa Ameera Azman

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Is it a Good Idea to Freelance Full-Time?

You may have at one point or another considered what it would be like to just drift through the world as a freelancer. But most living the
dream
 will tell you that in order to make a real living, hardly any drifting is involved. Instead, it’s hard-work, discipline, money-management skills, and an enterprising nature that will give you the best shot for success.

As you think about whether or not it’s the right path for you, do consider these pros and cons first:

Pros

1) You Can Save Time and Money

Have you ever considered the “costs of working” that aren’t reimbursed by your employers? These could include petrol and toll, travel time, buying professional attire, lunching out, and perhaps even paying for parking passes. Now note that such costs are significantly reduced and saved when you freelance from home.

Furthermore, parents may find the prospect of flexible freelancing quite attractive for two reasons; saving on babysitter fees (around RM500 to RM1,000 per month) and spending more time with their kids instead of on the
commute to work
 every day.

2) You Have the Potential to Earn More

Your money-making abilities as a freelancer are entirely fluid. You aren’t dependent on other people to ‘give’ you increments, bonuses, or a share in the company’s profits when they feel you deserve it. The risk-reward here is that, while it’s not easy to find and keep clients, every single cent you make will go into your pocket.

Cons

1) Dealing With Financial Worries

The biggest obstacle is learning how to responsibly manage your money when there isn’t a steady income. The anxiety of making car loan repayments and rent without guaranteed earnings at the end of the month can be unbearable for some.

2) Difficulty Obtaining Credit

Speaking of loans, it’s not as easy to get one when you freelance, although not impossible either. Banks don’t generally favour applicants who can’t assure a stable income to cover future repayments. So this means you may need to put big purchases like a house or car on hold for a bit, now is this a sacrifice you are willing to make?

Should You Do It?

This depends on if the pros outweigh the cons or vice versa. It’s always exciting to think about making a drastic change, but realistically the challenge could prove too much if you are unprepared.

Here’s a quick guide to help you decide:

1)
Consider freelancing full-time
, if you have enough saved up to cover financial commitments for at least six months, a steady pool of clients or work lined up, and sufficient support from friends and family.

2)
Stick with permanent employment
, if you have a hard time coping with the stress of unsteady paycheques, your monthly financial commitments are hefty (e.g. car and home loans), and you truly enjoy having co-workers. Yes, it can get lonely as a freelancer!

Whether or not you decide to take on the challenge of being a self-employed person, consider saving and growing your money in a Fixed Deposit Account. We have singled-out the best ones for you to look at on our
FD comparison page
.

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Desiree Nair

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6 Useful Tips For Better Budgeting

Smart budgeting plays an important role in personal financial management. However, not many of us take a seemingly boring subject very seriously. It’s best to view personal money management as a necessary evil that will benefit you big time rather than something that Chartered Accountants do for fun.

For some folks, taking a sensible view of money matters means living beneath your means, but in order be like the rich, you need to stop acting like you have money in the bank. Did you know that most wealthy people gained their financial freedom through a strict budgeting?

Take it from multi-millionaire investor Warren Buffet, who summed it up best by saying:

“Don’t save what is left after spending; spend what is left after saving.”

Tip 1: Have A Vision Of Your Future

Have you ever imagined what your life would be like after retirement? A study have shown that
visualising your future self
 is an effective way to make all your future plans that much closer to reality.

In this report, most people who fail to plan for retirement cannot picture or relate to the people they will become, 20 or 30 years down the road, and live, breathe, and spend only in the now – seize the day instead to take control of your finances.

Tip 2: Get A Set of Goals

Personal budgets usually focus on the basic necessities – food, housing, and transportation. After taking expenses into account, it’s vital to decide how to prioritise the other important stuff such as
savings
,
credit card bills
, loans, and the like.

First of all, set a BIG goal! From that you can segment into a number of mini-goals that will help you reach the finish line within the desired time. For example, if you have a dream of owning your own home you’ll need to set aside a slush fund to save up enough for the down-payment.

Tip 3: Track All Your Spending

Follow your money trail! Don’t throw away your purchase receipts, keep them and log in your expenses manually into your personal ledger. If you risk look like a ‘
kiam-siap
‘ aunty walking around with a notebook in hand, you can take advantage of mobile
financial management apps
 and tools for all your expenditures.

You may discover things you have never expected to find  – spending too much on lunch during working days? Time to pack food from home!

Tip 4: Pay Your Debts In Full

If you are tied down by debts – like a car loan and credit cards debt, be sure to pay them down with any existing savings. Do not risk paying only the minimum amount on your credit card bill – oh but won’t the banks love it if you do! With charges of up to 18% p.a., you’d be stuck with paying off only the interest and barely scratching the surface of your actual debt amount.

If things are getting out of hand, try opting for a
0% balance transfer plan
 with a bank, to allow you to focus on obligations which are most important.

Tip 5: Allocate Funds Wisely

Before parking your hard earned cash into a bank account, it is important to do your research – use our
current account comparison tool
 to compare the interest rates, maintenance fees, and withdrawal restrictions. Will your bank offer a standing instruction for easy bill payments? Can you access accounts conveniently via online banking? – these are the things you have to know if you want to manage your wealth even more efficiently.

Lastly, it is a good idea to transfer some funds into a
long-term fixed deposit
 so you won’t be able to touch any of the money until it reaches maturity. It can act as your emergency fund for future purposes.

Tip 6: Stop Keeping Up With The Joneses!

This may sound strange, but recent research has states that those who
frequent social media
 such as Facebook tend to spend more! That’s right, they’ve have concluded that the bigger your online social circle, and the more involved you are, the greater the influence it has on your spending.

So next time you see a friend’s picture with a fabulous dress, instead of taking out your credit card and make an unplanned purchase, just “like” and move on!  But it’s not all bad, you can also earn exclusive deals and discounts for following and liking pictures from brands who have social media presence.

How about you, do you constantly try to keep up with the Joneses? Tell us more in the comments!

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Winnie Wu

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PIAM: Total Motor Claims Remained High In First Half Of 2020 Despite Lesser Traffic During MCO

(Image: New Straits Times)

The General Insurance Association of Malaysia (PIAM) has revealed that despite the significant reduction in traffic nationwide during the overall MCO period, the total motor claims paid out by insurers remained elevated at RM2.4 billion in the first half of 2020 (1H20).

In response to this, PIAM chairman Antony Lee emphasised in a statement that a mindset change is required to transform the driving habits of Malaysian motorists. “High-risk drivers with their dangerous driving behaviour affect public safety in the same way as drink-drive motorists. Their risky and irresponsible driving behaviour should be recognised with higher insurance premiums,” he said.

Lee further added that PIAM will continue to work with the Ministry of Transport, the Road Transport Department (JPJ), the Royal Malaysia Police (PDRM), and other parties to reduce road accidents in the country.

(Image: The Star)

Additionally, PIAM anticipates the full liberalisation of the motor insurance tariff by Bank Negara Malaysia (BNM) so that the industry can adopt a risk-based pricing model for motor insurance premiums. This is in comparison to the conventional pricing model that charges motor insurance premiums based on an individual’s past driving history, make and model of the vehicle, mileage, and vehicle use.

PIAM further highlighted that the number of stolen vehicles has decreased for the seventh year in a row, dropping by 39% from 5,512 to 3,340 vehicles for all classes during 1H20 compared to the same period last year.

In the same statement, PIAM disclosed as well that the general insurance industry faced its steepest half-year drop in recent years, declining 3.6% in its gross direct premiums for 1H20 compared to the same period in 2019. The plummet amounted to RM8.60 billion.

(Image: Berita Harian Online)

Motor, as the largest class of the general insurance industry, fell a significant 7.4% at RM3.87 billion. This is mainly attributed to the massive slump in automotive demand during 1H20, which saw a decrease of more than 40% in sales.

Meanwhile, personal insurance saw the sharpest plunge of all the classes, stumbling by 13.4% to RM522 million. Marine aviation and transit (MAT) insurance also dipped 0.7% to RM0.80 billion, affected by the 9.0% and 8.7% decline in cargo and offshore oil-related classes, respectively.

Conversely, fire insurance grew by 2.2% to RM1.76 billion, while medical and health insurance climbed up 3% to RM586 million.

Additionally, PIAM also noted the various efforts that its member companies have been proactively doing to
lessen the financial burden of their policyholders
 during this challenging time. These include offering extra coverage for Covid-19 with no increase in premiums, as well as waiving selected exclusions on medical policies that are relevant to the pandemic.

(Source:
PIAM
)

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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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Mah Sing And RinggitPlus Launch Malaysia’s First Home Loan Chatbot

RinggitPlus has teamed up with property developer Mah Sing to launch the nation’s first home loan chatbot. Known as “Madam Loan”, potential home buyers can get personalised answers to their home-loan related questions and even apply for a home loan via the chatbot.

Built to be a one-stop solution for anyone interested to own a home in the near future, Madam Loan was designed with five pillars in mind: automated home loan applications, loan eligibility calculator, available government assistance programs, property recommendations, and finally, a home loan basics guide.

The Madam Loan chatbot stands out as a unique proposition that allows easy access to information that’s previously difficult to obtain, all in one easy to use chatbot application. For instance, the automated home loan application lets you apply from 4 different banks, giving you the transparency to compare and choose the best home loan for your new property. Plus, everything is done online, so you don’t need to fill in multiple forms to apply from multiple banks!

Besides that, Madam Loan also features a home loan calculator with a twist. Madam Loan’s calculation algorithms employs the latest formulae used by banks, which uses different information such as net income and commitments to obtain an accurate debt service ratio (DSR) and from there, a realistic estimate of how much home loan you can borrow from a bank.

On top of that, Madam Loan is also well-versed in the latest government policies on housing and homeownership – regardless whether you are a first-time home buyer or not. With Madam Loan, the latest assistance programs and incentives are at your fingertips; Madam Loan can even let you know which programs you qualify for!

For first-time home buyers, Madam Loan’s extensive knowledge in everything related to home loans and property purchasing is simply a few clicks away. From the different mortgage types and which suits you, how to save on interest costs, and the various fees, charges, and even penalties applicable, Madam Loan is there for you.

Finally, with the information you provided, Madam Loan can recommend suitable properties from a massive base of Mah Sing’s property projects. With over 50 projects nationwide, Madam Loan can offer property recommendations based on your needs (location, budget, property type).

Oh, and since Madam Loan lives online, there’s no need to schedule an appointment or travel anywhere to get your queries answered. Just have a chat with Madam Loan anytime, anywhere!

The Madam Loan chatbot is powered by artificial intelligence and is the first of its kind in the Malaysian property landscape. “With Madam Loan, we can empower our customers to engage with us in the way that they want, and connect with us on their own terms,” said Rachel Leong, Mah Sing Group’s Director of Group Strategy & Operations.

“We are excited to collaborate with Mah Sing to not just empower Malaysians with useful information and tips when buying a house, but at the same time help them to select the most suitable home loan based on their needs,” said Liew Ooi Hann, CEO of RinggitPlus.

If you’re interested in purchasing a property or just curious, you can have a
chat with Madam Loan
 from now until 31 December 2019.

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Dr M: New Taxes May Be Needed, Malaysia Now A “Small Kitten”

(Image: The Star)

Malaysia was once an Asian tiger, but has now become a “small kitten” due to problems left behind by the previous administration, according to Prime Minister Tun Dr Mahathir. He further revealed that the new government would have to consider certain steps to pay off the inherited national debt, including the introduction of new taxes.

Dr Mahathir acknowledged that bringing in new taxes would be an unpopular move. “I don’t think that is something welcomed by the people, but we may have to devise new taxes in order to have the money to pay our debts,” he said. Finance Minister Lim Guan Eng said that members of the public should expect new tax measures to be announced during the tabling of the upcoming Budget 2019 on 2 November.

Another way in which the Malaysian government could raise funds is to sell off some of its assets, such as land. Dr Mahathir said that the previous government had done this, but the land was sold to foreigners. “I don’t think that would be good for us, but we can still send land to locals so that they can develop the housing projects and settlements that they believe will give them returns,” he said.

(Image: Malay Mail)

In the meantime, Dr Mahathir highlighted on the necessity of growing the Malaysian economy, which would allow the country’s debt to appear smaller in comparison to its GDP. “For this purpose, we have invited investors,” he said. “During my recent trip to the UK and US, I met a lot of big companies interested in investing in Malaysia, and I believe in time they will come and their investment will contribute to the growth of Malaysia.”

These statements were made at the Pakatan Harapan government’s first investor conference on 9 October, themed “Malaysia: A New Dawn”. It was attended by over 1,200 institutional investors from 10 countries, including Hong Kong, Japan, the UK, and the US.

“It is hoped that with forums like this, people can give ideas to the government and that the government can implement some of those ideas,” said Dr Mahathir. “I am sure that this country will again grow to become yet another tiger.”

(Source:
Free Malaysia Today
,
The Star
)

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Jacie Tan

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Maybank Enables Prepaid Reloads For International Mobile Numbers Via Maybank2u

Maybank has rolled out a new service that allows customers to make mobile prepaid reloads for international numbers via the Maybank2u website. This international mobile reload service is free of charge, and currently covers selected telcos in Indonesia, the Philippines, Singapore, Thailand, and Vietnam.

Customers who wish to perform international mobile reloads via this service may do so by following these steps:

Step 1:
 Log in to the
Maybank2u website
Step 2:
 Go to Pay & Transfer, and select the Reload tab
Step 3:
 Click on Reload To, and select Mobile Prepaid (International)
Step 4:
 Choose from the list of countries and telcos available
Step 5:
Key in the recipient’s mobile number, and select a reload amount (capped at RM300 per telco)
Step 6:
 Authorise the transaction via Secure2u/SMS TAC

Upon completing the transaction, Maybank will then send an SMS to the recipient of the prepaid reload (for both instant prepaid reloads and prepaid reloads with PINs) as part of its security measures. Note as well that the international mobile reload feature is currently not available on both the Maybank2u and MAE by Maybank2u (MAE) apps.

The new international mobile reload feature is an expansion of Maybank’s mobile reload service, which previously only catered for local numbers.
Maybank’s mobile prepaid reload service for local numbers
 is available via the Maybank2u website, as well as the Maybank2u and MAE apps.

Finally, if you have any queries about the new international mobile reload feature, or are in need of assistance, you may contact the Maybank Group Customer Care at 1-300-88-6688 or via
email
.

(Source: Maybank [
1
,
2
])

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EdgeWood Residences Offers You Your Own Green Sanctuary Just 5KM from KL City Center

The pandemic has changed many aspects of our life, one of which being our perception of owning a home and how a desired living space should be. Whereas a home might used to be just a roof over our heads as we rest and sleep at night, now it has become the centre of our lives, doubling as our office, and more. Naturally, we might start looking into residences with more substantial space, privacy, among other things.

EdgeWood Residences by SkyWorld is the first phase of SkySanctuary, a 42-acre nature-inspired township development which comprises of both residential and commercial properties. It offers residents a way of enhanced wellness living within Kuala Lumpur’s private garden, accessible only by the residents. The 3-acre central park features four sections of facilities namely the Celebration Light Piazza, Treasure Fantasy, Tropical Haven, and the whimsical Isle of Dreams.

Nestled within Setapak’s urban centre, EdgeWood Residences also sits in a mature neighbourhood surrounded by the conveniences of a city. As more of us are spending time at home, we might not want to be living in a place that’s too far from the areas we frequent.

Read on to find out how you can have your own private sanctuary with EdgeWood Residences!

***

The pandemic has completely altered the way we live, work, and enjoy our leisure time. As our life centres around our home, we might rediscover the meaning of what quality living is, which of course includes having substantial space and privacy.

EdgeWood Residences is one of the rare lakeside residential properties you can find nestled in an urban centre surrounded by essential amenities. In addition,
prices of property are expected to rise
 in the near future with inflation causing the costs of building materials to increase. So, if you’re looking to buy a home complete with its very own residents-only private park, consider EdgeWood Residences. The three-bedroom home starts from RM438,000, with a monthly instalment of RM1,600.

Find out more about EdgeWood Residences on their
website
 or call (03) 2727 7468. Otherwise, make your way to the sales gallery that is open daily, from 10am to 6pm at SkyWorld Gallery @ Setapak.

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CIMB Revises Rewards Structure Of Its CIMB e Credit Card For Easier Use

CIMB has announced that it is enhancing the rewards structure of its CIMB e Credit Card with several revisions. These include enabling its 12x Bonus Points (BP) reward for all merchants under selected expense categories during the monthly eDay event, as well as standardising the BP that can be earned for these categories at 3x on ordinary days. These revisions are set to take effect starting from 5 May 2022.

At present, the CIMB e Credit Card has a relatively complex BP rewards structure that benefits cardholders differently, depending on whether they are spending on the once-a-month eDay (on the 10
th
 of every month) or other ordinary days.

On eDays, you’ll earn 12x BP for online retail, e-wallet, and auto-billing transactions, as well as contactless payments made in store –
if
you shop with a featured merchant partner. For all other merchants, you’ll earn 10x BP. Meanwhile, online retail, e-wallet, and auto-billing expenses on ordinary days will net you 5x BP, whereas contactless payments will get you 1x BP. For other offline retail expenses, you’ll get 1x BP, regardless of whether you spend on the special eDay or ordinary days.

Come 5 May 2022, CIMB is changing its eDay from the 10
th
 of every month to the 28
th
 of every month, as well as doing away with the concept of featured partners. Instead, on this special day, cardholders will earn 12x for expenses made with
all
 merchants that are listed under the online retail, e-wallet, auto-billing, and contactless payment category. Meanwhile, other retail spend (offline payments) will continue to earn you 1x BP.

On ordinary days, CIMB is also simplifying things by allowing cardholders to earn a flat 3x BP for all online retail, e-wallet, auto-billing, and contactless payments. As for other retail spend (offline payments), you’ll still earn 1x BP on these days.

Here’s a table to help you better grasp the enhanced rewards structure for the CIMB e Credit Card, starting from 5 May onwards:

Spend category
BP earned on eDay (28
th
 of every month)
BP earned on ordinary days
Online retail
E-wallet expenses
Auto-billing
Contactless payments (in-store)
12x BP
3x BP
Other retail (offline/in-store payments)
1x BP
1x BP

So as you can see, cardholders will no longer need to go through the hassle of constantly tracking who they must spend with in order to maximise the perks of the CIMB e Credit Card. Given that the card is already
a fairly rewarding one with its eDay perk and Pay With Points feature
, this revision is set to make it easier to use.

On top of the changes to the BP reward structure, CIMB also said that it is waiving the annual fee for the card until December 2025. This includes current cardholders. The annual fee for the CIMB e Credit Card is set at RM100, and is waived for the first year.

Other than these revisions, other features of the CIMB e Credit Card will remain the same. Its BP conversion rate remains at 400 BP = RM1, and the BP rewards cap is still set at 20,000 BP per statement cycle.

(Source:
CIMB
)

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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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Boost Introduces Partner Wallet With Cashback Feature

In its latest update, e-wallet Boost has introduced a new feature called the Boost Partner Wallet. The Boost Partner Wallet allows you to earn cashback from participating partners that you can use during your next visit to that merchant.

The cashback earned through the Boost Partner Wallet is instant and will be automatically deducted on your next transaction at the same place. In this way, this partner wallet works in a similar way to Fave’s partner cashback. The cashback in the Boost Partner Wallet must also be used within the duration specified for each promotion or it will expire.

According to Boost, the cashback from the Partner Wallet cannot be transferred to the main Boost Wallet or sent to other Boost users. It also cannot be withdrawn to a bank account, which is unsurprising as Boost has
permanently removed the withdraw-to-bank feature
 for its main e-wallet starting yesterday.

You can find the Boost Partner Wallet in your BoostUP Rewards Page under the My Rewards section automatically after you have made an eligible transaction with a participating partner. Keep an eye out on Boost’s social media or the Boost app itself to find out which other merchants will be participating in this programme.

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Anyone Can Start Investing Easily With Term Investment Account-i By Hong Leong Islamic Bank

You’ve probably noticed price increases in food, grocery items, and more recently. With the budget for basic necessities like cooking oil, bread, and rice expanding, this might leave one with less to save. After all, essential purchases, as opposed to indulgent ones, are required for survival and are not something we can cut back on very much.

Fortunately, there are still ways to grow your money so you can save more and retain your buying power amid inflation.

With Term Investment Account-i by Hong Leong Islamic Bank, you invest your money with the bank for an agreed period of time to earn attractive returns. It is suitable for anyone from beginners to seasoned investors who want to grow their wealth.

What’s more, you can enjoy even higher returns with a current promotion whereby you could reap indicative returns of up to 4.20% by investing as low as RM2,000 till 15 February 2023.

Read on to find out more about Term Investment Account-i by Hong Leong Islamic Bank.

When growing your wealth, it’s important to be consistent. Having a hassle-free way to grow your money can encourage one to take the first step and continue.

You can invest in Term Investment Account-i via HLB Connect Online from the comforts of your home and it’s easy to maintain without having a lot of investment knowledge or spending time on market outlook research. Plus, investors can take advantage of its ongoing promotion that ends on 15 February 2023 to earn potential returns of up to 4.20% per annum for 6 Months.

Learn more about the Term Investment Account-i by Hong Leong Islamic Bank
here
.

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

The scenario provided above is intended as an example for illustration purposes only.

Should the actual returns be higher than the indicative profit rate, Investment Account Holders agree that the excess profit, if any, shall be waived under the Shariah “principle of ‘Tanazul’ (waiver of entitlement to claim)” where the excess profit shall be retained by the Bank.

Terms and conditions apply.

This product is not bank deposits and not insured by PIDM; and subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results, prices/invested sum is subject to market risks which may result in appreciation or depreciation.

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Airfares To Sabah, Sarawak During Raya Significantly Reduced Due To Increased Flight Frequencies

(Image: Malay Mail/Devan Manuel)

Transport Minister Datuk Seri Wee Ka Siong said that the price of flight tickets to East Malaysia for the Hari Raya festive season has dropped significantly. This came following discussions with various industry players, including the Malaysian Aviation Commission (MAVCOM), the Civil Aviation Authority of Malaysia (CAAM), and domestic airlines.

Specifically, the minister commented that one-way economy class flight tickets from Peninsular Malaysia to Sabah and Sarawak (for the period of 27 April to 8 May 2022) are now considerably cheaper.

“Based on MAVCOM’s observation on 16 April, the one-way economy fare for that period (27 April to 8 May) is between RM105 and RM1,398, while for 29 April to 1 May (peak period), the one-way fare is between RM195 and RM1,398. Out of this price fare range, the majority of airline ticket prices available for the purchase for all one-way economy routes to Sabah and Sarawak during this period are only between RM300 and RM500,” Datuk Seri Wee stated, adding that the public should take advantage of the reduced price and plan their travels now.

(Image: Malay Mail/Choo Choy May)

This updated price range for trips to Sabah and Sarawak is in comparison to earlier airfares, which – according to a
Bernama report
 in early April – surged past RM2,000 (return flights) during the 29 April-8 May period. This was essentially an increase of about 566% from regular fares of RM300, said the news agency. Unsurprisingly, this led to a
public outcry
, which then prompted the government to conduct a
detailed investigation into the matter
.

Meanwhile, the secretary-general of the Ministry of Transport, Datuk Isham Ishak, explained that the price drop is possible because airline operators have increased the frequency of flights to meet the people’s needs. “This is because we have managed to increase flight frequency by having the planes redeployed to focus on this (festival) sector,” he said.

(Image: Malay Mail/Hari Anggara)

Malaysia Airlines (MAS), for instance, announced that it is preparing
20 additional frequencies
 from Kuala Lumpur to Kuching, Sandakan, Tawau, and Kota Kinabalu during the peak travel period of Hari Raya. This translates to over 7,000 additional seats now available, which allows fares to be dynamically adjusted to cheaper rates.

On top of that, MAS is also offering up to 20% discount to all domestic destinations in conjunction with the Hari Raya celebration, for bookings made from 19 to 27 April 2022. The travel period begins immediately, up until 31 July 2022. Under this promo, travellers can fly from Kuala Lumpur to destinations in Peninsular Malaysia starting from the price of RM139 (all-in). Meanwhile, flights to Sabah and Sarawak will start at RM262 (all-in) and RM209 (all-in), respectively.

(Sources: Malay Mail [
1
,
2
],
Malaysia Airlines
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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StashAway Introduces A New Cash Management Portfolio, StashAway Simple

Online investment management company StashAway has launched a cash management portfolio called StashAway Simple. Working like a low-requirement savings account, StashAway Simple offers interest on your account balance, and the current projected rate of interest for StashAway Simple is 2.4% p.a..

StashAway Simple has no minimum balance requirement, no limit on the balance that can earn the projected return or lock-in period, and no management, set up, or exit fees. All you have to do is transfer however much cash you want into StashAway Simple and earn returns for however long you want. You only need to pay the net fee charged by the underlying fund manager that is already embedded in the projected rate, which is approximately 0.165% p.a.. Your Simple portfolio balance is not included in your assets under management when the fees for your investment portfolios are calculated.

Moreover, StashAway states that while StashAway Simple is an investment, the level of risk is considerably low at 1.8% according to its StashAway Risk Index. You are entitled to unlimited free transfers at any time, with deposits from your personal bank account taking only 1-2 days and withdrawals taking 2-3 days. StashAway Simple is also Shariah-compliant – the underlying fund invests in Islamic money market instruments and Islamic fixed deposits.

According to StashAway, the projected rate for StashAway Simple are driven by the rate of returns of its underlying investments, net of all expenses and rebates. “StashAway Simple projected returns are the sum of the amortised yield from the underlying fund, minus fees charged by the underlying fund managers, plus any rebates,” StashAway states on its website. “Eastspring Investments rebates StashAway, and we distribute this full rebate to you when we receive it each month. We will update the projected rate should the stated projected rate change.”

Find out more about
StashAway Simple here
.

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Tips to Earning and Giving More During Ramadhan

We’re right in the thick of Ramadhan, folks! Hope you’ve had a blessed one so far.

It certainly is an exciting month for over 1 and a half billion Muslims everywhere in the world, including Malaysia. The month of festive, blessings and smiles.

If you ask a Malaysian, what is Ramadhan like? The answer would most probably revolve around mentions of ‘Bazaar Ramadhan’, ‘Buka Puasa’ and also the ‘Sahur’ period. These experiences will be the same with other Muslim majority countries; the only difference being the food.

Let’s talk about food sometime else, because today I would like to discuss the other important bit about Ramadhan: giving. Of course, if you’re going to be giving, it’s best to try to earn more too.

It is no surprise, the month of Ramadhan, apart from being the special month for Muslims to devote ourselves to God, it is also a chance for everyone to earn and spend a little extra.

Whether it is for some new Baju Raya (new clothes for Aidilfitri, month after Ramadhan) a new curtain for the house or a new bracelet for the wife to wear; Ramadhan certainly is a window of opportunity for anyone who is willing to go the extra mile to get the economic reward.

Here are a few ways you can earn and give a little more this Ramadhan.

Earning in Ramadhan

Run a food-stall!

It is common for Muslims to break their fast at home with family and friends. Some who have time during the evening will probably cook for ‘Buka Puasa’.

However, for those without the luxury of time to cook, this might be a problem. Lucky for us Malaysians, there is always an option to go to the nearest Bazaar Ramadhan and look for something to have during the Buka Puasa.

This is a great chance for anyone who wants to make some extra money. Open a simple food stall. Choose the right menu whether it is something rare or common to the locals at your place and experience a different part of fasting altogether!

You can open your stall around 4 p.m and keep it running till 7 p.m. For only three short hours you might earn more in a month than you can during any other time of the year.

The timing, however, may suit housewives, freelance workers and even teens after school better than someone with a full-time job.

Start a part-time tailoring service

For the ladies (or men) who are talented seamstresses, the month of Shawal after Ramadhan is perhaps the perfect season for you to put your skills to good use.

It is a tradition among Muslims in Malaysia to wear new clothes during the month after Ramadhan. It represents a sense of rejuvenation after a month of divine struggle.

Despite the varieties of ready-made clothes in the stores many choose instead to buy their own fabric and send them to be tailored.

Due to this sudden flurry of demand, some of the more famous tailors often close their booking list months before Ramadhan. Getting someone to do minor alterations or tailoring will get more difficult; meaning many people will be looking into alternatives.

So if you can sew, put up a simple ad on social media and take orders from friends. Who knows, this might be a great seasonal opportunity.

Get baking

I did promise to not talk about food earlier, but its Ramadhan and afterwards we have Syawal, which is famous for its festive delicacies,
Sigh
 it seems there is no choice here.

If you have ever been to any Raya Open House, what is the most famous food item a host will serve guests? That’s right, the ‘Kuih Raya’. For those who can bake, it doesn’t matter if you have a small business outlet or you’re doing it from your home kitchen, this is the busiest time of the year.

The Ramadhan month (or for some, even the months before Ramadhan). You can make good money just by selling baked goods to friends and colleagues.

Ramadhan Cookies by
Dream it up Cookies blog
.

Every year, there will be some new recipe that grips Malaysians: the Mama Carrie; the Kurma Butter Cookies; and lots more. What’s more, Malaysians are always up for trying new recipes.

Do you have ‘special recipe’ or an interesting twist to an old favourite? Why not be part of the market and make a good amount of money in the process?

Giving in Ramadhan

As we talk about earning, never forget to talk about giving. In the spirit of Ramadhan, here are a few ways that anyone who is generous enough to give; can give.

Zakat

As all of us know, Muslims have an annual obligation to contribute part of their earnings or wealth to charity. This is called ‘
Zakat
‘. In Malaysia, the
Pusat Zakat
 will collect the monies and direct collections towards charitable ends.

For those who intend to give, you may choose to present the specific amount (differs from one state to another) through the officers-in-charge at the nearest Mosque, shopping malls, drive-through booths at the Zakat Council Branches, and now even at select Ramadhan Bazaars.

For a good cause

For those who prefer, giving to charity directly is also encouraged. You can donate straight to numerous types of individuals and organisations such as orphanages, the homeless and even to your poorer friends and neighbours.

Is there perhaps a poor family in your neighbourhood in need of some Raya cheer? Why not pass around some of your extra goodies? Giving doesn’t have to be solely money; we’re sure many Raya items will be welcome in the home of a needy family.

May the joy of Ramadhan not only bless you and your family but spread to those to whom you extend your giving!

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Standard Chartered Revises JustOne Platinum Mastercard Cashback Policy, Effective 1 July 2019

Standard Chartered has revised the cashback policy of one of its most popular credit cards, the
JustOne Platinum Mastercard
. Starting 1 July 2019, the revision will see the card’s maximum cashback cap reduced as well as several other changes.

Previously, the
Standard Chartered JustOne Platinum Mastercard
 offered one of the highest monthly cashback caps in Malaysia at a generous RM85. However, the revision will see that cap reduced to RM60 per month, as well as a new restriction: cashback for online-only purchases will be capped at RM30 per month.

Here’s a comparison of the current and new JustOne Platinum cashback features:

Retail Spend per month (RM)

Cashback on Auto-bill/Petrol/Online*

Cashback on other retail spend

Cashback cap per month (before 1 July 2019)

Cashback cap per month (effective 1 July 2019)

Below RM1,000

0.2%

0.2%

RM2

RM2

RM1,000 to RM1,499

5%

0.2%

RM12

RM12

RM1,500 to RM2,499

10%

0.2%

RM28

RM28

Above RM2,500

15%

0.2%

RM85

RM60

*Cashback for Online is capped at RM30/month

As the table shows, there are only two changes for the card’s cashback policy, but they are huge: the reduction in monthly cashback cap (from RM85 to RM60), and the introduction of a cap for online-only transactions.

This means that even if you spend more than RM2,500 on online transactions, you will only earn RM30 in cashback – the other RM30 cashback must be earned from auto-bill or petrol transactions.

On top of that, StanChart also stated that the card’s annual fee is no longer automatically waived when cardholders spend above RM20,000 per year. This means cardholders will need to contact the bank to waive the RM250 annual fee if they have spent more than RM20,000 with the card.

Note that the changes will only affect transactions made from 1 July onwards – all transactions made this month will still follow the current cashback cap of RM85.

(Source:
Standard Chartered
)

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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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Grab Upgrades The GrabUnlimited Plan, Now Offers Up To 1.5% Returns Alongside Vouchers

Grab has announced a revamp to its GrabUnlimited plan, which will now provide subscribers with additional benefits, in addition to the existing set of vouchers that offer more than RM300 in savings. Set to go live on 1 July 2022, the new plan will enable members to earn GrabRewards points with improved redemption rates to offer effective returns of 1.5%.

If you’re subscribed to GrabUnlimited, you’ll be able to earn 1.5 GrabRewards points for every RM1 spent, and enjoy a discounted redemption rate when you redeem vouchers of 500 points = RM5 (compared to 800 points = RM5 currently). Combined, this means your effective returns stands at 1.5%. Meanwhile, non-subscribers will only earn 0.75 GrabRewards for every RM1 spent, and will redeem vouchers at its normal rate (which will be revised at 750 points = RM5). This gives non-members a lower 0.5% return rate.

In addition, GrabUnlimited members will also enjoy exclusive Grab services, including a new feature known as Top-Rated Drivers when using JustGrab, which pairs users to Grab’s most experienced drivers who maintain a high driver rating for their past 100 rides. Members will also be able to pay a discounted rate of RM2.50 for the
Premium Delivery feature on GrabFood
 (instead of RM3.50).

Managing director of Grab, Sean Goh said that the roll-out of the upgraded GrabUnlimited plan is aimed at providing more value to its users. “The enhanced rewards and benefits not only make every ringgit spent on Grab more rewarding, but are also part of our ongoing efforts to outserve our consumers by offering them affordable access to the best of our platform, and giving them more reason to choose Grab for their everyday everything needs,” he said.

The new GrabUnlimited plan will be available for subscription starting from 1 July 2022, with no changes to its subscription price of 1 sen in the first month and RM4.90 for subsequent months.

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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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TNB Rolls Out Post-MCO Relief Package, Includes An Easy Payment Plan

(Image: The Malaysian Reserve)

Tenaga Nasional Bhd (TNB) has rolled out a post-MCO relief package for its 7.5 million residential customers in a bid to further help them weather through the impact of the Covid-19 pandemic. The package includes an easy payment plan (EPP) and a waiver of interest on late payments.

“Given the suspension of meter reading and the prolonged movement control order (MCO), we are aware of our residential customers’ growing concerns over a possible spike in their bills once the actual meter reading is done,” said the president and chief executive officer of TNB, Datuk Seri Amir Hamzah Azizan. During the MCO, TNB had temporarily halted physical meter reading in compliance with the restrictions imposed. It was replaced instead with
estimated bills
 based on the previous month’s bill amount.

The EPP will automatically be available for all residential customers from the first actual monthly bill that they receive after TNB resumes meter reading operations from 15 May 2020 onward. The operation will start with green zone states, namely Perlis, Penang, Kedah, Perak (except Sri Manjung), and Kelantan. Customers will gradually receive actual bills with adjustments made to the previous estimate bills so that they reflect actual usage.

“When customers receive their first actual monthly bill, they can opt to either make full payment or pay the EPP amount,” said Datuk Seri Amir. Under the EPP, payments will be staggered until December 2020. He further added that customers will be able to find the relevant information in a yellow box at the top right corner of the bill.

Aside from the EPP, the
post-MCO relief package
 also includes a waiver of interest on late payments and an extended halt of disconnection. The waiver of interest on late payments is applicable until 30 September 2020, whereas the extended halt of disconnection will be until 31 July 2020.

The post-MCO relief package is another effort on TNB’s part to assist the Malaysian public during this challenging time. It complements the ongoing
tiered discounts
 of between
2% to 50%
 offered to its customers between 1 April 2020 and 30 September 2020. The tiered discounts were announced during the reveal of the
Prihatin Economic Stimulus Package
.

For more information, you can contact TNB at the TNB CareLine at 1-300-88-5454 or email
[email protected]
.

(Source:
New Straits Times
)

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Luno Highlights Key Reminders For Investors Transferring Cryptocurrencies From Binance

Last week, local investors who use the global cryptocurrency exchange Binance to invest in cryptocurrencies were urged by Securities Commission Malaysia (SC) to withdraw their investments. The SC had announced that it is taking
enforcement actions against the world’s largest cryptocurrency exchange
 for illegally operating a digital asset exchange (DAX) within the country.

Following this, Luno – one of the
three Recognised Market Operators (RMOs) that are licenced by the SC
 – issued a notice to highlight some key steps in the transfer process for investors who wish to move their cryptocurrencies from Binance to Luno.

“If you are transferring cryptocurrencies to Luno, do note we only accept transfers on NATIVE BLOCKCHAIN NETWORKS,” the exchange clarified in a post in its private Facebook community page, before going on to share several instances of what they mean. For example, investors who are transferring Bitcoin (BTC) should only use the Bitcoin blockchain network to conduct their transfer, whereas those transferring Ethereum (ETH) should use the Ethereum/ERC-20 blockchain network.

Here’s a full table of the correct networks to use when transferring crypto from Binance to Luno – found separately on
Luno’s support page
:

On top of that, Luno also cautioned investors to avoid using any other blockchain networks to transfer the cryptocurrencies. “If you do, THEY WILL BE LOST forever. We DO NOT support BEP-20,” it said.
BEP-20
 is a token standard that is unique only to Binance, utilised on its two distinctive blockchains, the Binance Chain (BNB) and the Binance Smart Chain (BSC). As both blockchains are not integrated with the Luno platform, Luno will not be able to access any funds sent through them – which means that they will be forfeited.

“We also DO NOT support any cryptocurrencies that are not approved by the Securities Commission Malaysia, so do not transfer anything other than Bitcoin, Ethereum, Litecoin, Bitcoin Cash and/or XRP to your Luno wallet,” the cryptocurrency exchange further reminded.

If you’d like to find out more about the process of transferring cryptocurrencies from Binance to Luno, head on over to
Luno’s support page
 here. Alternatively, you can also reach out to Luno through both its
official Facebook page
 or its
Facebook community page
. Do note, however, that the community page is a private group and you must first obtain permission in order to access it.

(Source:
Luno
)

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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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    Roy Wyatt

    1 year ago

Very helpful thank you

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