Maybank Introduces Sustainable Product Framework To Drive Sustainable Finance

(Image: Bernama)

Maybank has introduced a self-developed Sustainable Product Framework (SPF) to pave the way for the rollout of improved green, social, and sustainable products. It is the first of such framework to be designed by a local bank, and will take effect immediately.

Chairman of Maybank, Tan Sri Zamzamzairani Mohd Isa explained that the SPF is intended as a blueprint to guide the bank’s business teams in developing sustainable products. It will help them to look at the intended use of the proceeds from the products or solutions offered, and also decide whether the product meets the group’s sustainable standards through its life cycle.

Tan Sri Zamzamzairani further explained that the framework will be implemented across the group’s Islamic and conventional products – for all retail, non-retail, and large corporate customers. These include relevant solutions offered under corporate lending, debt and equity capital markets, trade financing, retail financing, insurance, asset and wealth management, derivatives, and deposits.

(Image: The Edge Markets)

“We want to support them [our clients] through this long-term journey and for that, we not only need to be clear ourselves on what is defined as sustainable finance, but also know how to work with our customers to offer them dedicated sustainable, sustainably-linked, or transitionary solutions based on their needs,” said Tan Sri Zamzamzairani, adding that many of Maybank’s customers are at different stages of the sustainability journey.

Aside from introducing the SPF, Maybank had also highlighted its commitment to long-term sustainable financing back in 2021 by
pledging to provide RM50 billion in sustainable financing by 2025
. As of the first half of 2022 (1H22), the bank has almost hit the halfway mark of its RM50 billion target.

(mage: New Straits Times/Nur Adibah Ahmad Izam)

“Given our significant momentum in mobilising sustainable finance solutions over the one-and-a-half years coupled with the roll-out of the SPF, we will further evaluate our ability to do more sustainable financing in the immediate future,” said Tan Sri Zamzamzairani.

Ultimately, Maybank aims to contribute to the achievement of the Paris Agreement goals and United Nations’ Sustainable Development goals – both of which seek to strengthen the global response to the threat of climate change.

(Sources: Maybank [
1
,
2
],
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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8 Ways to Cope Financially After a Job Loss

Let’s face it, the economy’s not at it’s best and it has taken more than a few jobs with it. The current unemployment rate in Malaysia is at
3.1% as of June 2015 as reported by the Department of Statistics Malaysia
.

It’s oh-so easy to fall into despair if you are part of the statistics and find your savings not as cushy as you’d like. We deeply sympathise with your predicament and hope you find the following tips useful. Here’s what you can do if you find yourself at the receiving end of the dreaded pink slip.

1. Do Not Panic

First and foremost, take a deep breath. You might not believe it at this point but losing your job is not the end of the world. While it might seem all doom and gloom, do not panic because you will get through this and find another job. Believe, and it shall be!

Try to look at it this way, losing your job might be a blessing in disguise. It may actually turn out to be an opportunity to land a better job or start a new career.

2. Do Not Make Hasty Financial Decisions

We understand that it is a highly stressful time but do refrain from making hasty financial decisions such as using up your retirement fund, selling off long-term investments or worse, selling off your home! Hasty decisions could end up costing you much more in the long run.

Before you panic – see if you can exhaust all other means of getting cash such as selling small valuables, undertaking freelance or part time work or at the worst, taking a small loan from your family.

A
good emergency credit card
 may also help you stock the fridge and pay utilities in the meantime until you get back on your feet.

3. Consider an EPF Withdrawal

Although it is always best to leave your retirement fund untouched – sometimes a small withdrawal can help you free up cash for everyday survival until you can find a new job.

EPF allows withdrawals for housing loans, select medical bills and education loans amongst others. If you have any of these payments weighing on you – allow your EPF Account 2 to help out for a bit so you can focus any available cash to your daily needs.

It is not wise to be spending your retirement fund willy-nilly but sometimes, a small reduction is better than doing something more rash in your financial distress.

It is advisable to return this money to your EPF account (or any other retirement fund you have) when you are in employment again.

4. Create an Emergency Interim Budget

This point can never be emphasised enough and is especially dire now that you are without a fixed income. A budget will certainly help even when you are bordering on broke.

Get organised and list down expenses in order of priority such as mortgage or rent, utilities, food, transportation, insurance premiums and all the way down to the least important items. Do not forget to include other expenses that would entail your job search.

This budget will also help you see where your emergency aids (savings, EPF withdrawal, credit cards, loans) can come in handy.

5. Take on Part Time/Freelance Jobs

The perfect job doesn’t always come sailing in the moment you will it but holding out for as long as you can for something good isn’t a luxury most of us can afford.

In the meantime, you can always take less than lucrative part time jobs or freelance assignments to make ends meet.

6. Restrict Your Spending

Cut any unnecessary spending and look for more areas that you can further cut down such as transportation and clothing. Determine which expenses cannot be reduced and then work on what you can live without.

If it is still not enough and you figure you need to cut more, consider other strategies such as refinancing your home or talking to your creditor about delaying or stretching out payments. You can also check with your insurance company if your policy includes a cash value that can go towards paying your premiums.

7. Work With a Credit Counseling Service

If the job drought does go on longer than you expected, a credit counselling service like
AKPK
 can help you sort out your alternatives while structuring a plan around your short and long-term financial goals.

They can also help you assess your unemployment situation, suggest strategies for conserving your financial resources and perhaps most importantly, help you avoid costly mistakes that could harm your personal finances and your ability to find a good job.

Another plus of working with a credit counseling service is that they may be able to negotiate with your creditors on your behalf.

8. Avoid Filing for Bankruptcy

Filing for bankruptcy should be viewed as an absolute last resort. Keep in mind that it will stain your credit history and even employment prospects for years to come. Try to exhaust all other alternatives first.

Losing a job is never an easy thing to deal with especially when you aren’t financially prepared. The process of starting over may take a longer time than you initially expected. But you are not completely helpless! Take a breather, follow these tips and before you know it, you will be starting a new job!

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Ilyah Jamalludin

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Public Bank & Revenue Group Launches All-In-One Digital Payment Terminal That Accepts Card And QR-Based Payments

Public Bank and Revenue Group joined hands and developed an all-in-one digital payment terminal that allows retail merchants to accept card payments and mobile wallet payments in a single device. This terminal will be powered by Android, and will have a range of connectivity options such as 3G, 4G, WiFi, as well as Bluetooth.

The main feature of the digital payment terminal is its capability to handle mobile Quick Response (QR) code payment services as well as traditional credit card payments. At launch, e-wallets such as Alipay, Boost, Touch ‘n Go, UnionPay QR, and WeChat Pay are supported with more to come. As for card payments, the usual Visa and MasterCard as well as cards issued by JCB and UnionPay can be utilized by this new technology. Finally, debit card transactions are supported via MyDebit.

As such, retail merchants will be able to accept payments involving QR codes, near-field communications (NFC), chip cards, and traditional magnetic stripe cards. Electronic transaction reports can also be generated for every business day to increase operational efficiency.

The new digital payment terminal is now available, and will add to the 60,000-plus electronic data capture terminals from Public Bank available nationwide. In a statement, Public Bank CEO Tan Sri Tay Ah Lek said that the new digital payment terminal is another initiative in the company’s ongoing efforts in its digital journey.

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Olivia Song

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Vircle E-Wallet Offers A Cashless Solution For Schoolchildren

Vircle is a newly-launched e-wallet app designed for parents who want to give their school-going children a cashless payment solution. Vircle allows parents to top up the e-wallet for their children to use when paying for food and drink at their participating school canteens.

The app also has additional features such as allowance approvals by the parents, food choice profiling, nutrition scoring, and consumption tracking. According to Vircle, the purchase and consumption behaviour of children can be converted into powerful health and nutrition insights as well as financial literacy actions to help parents nurture street-smart children.

“While there are many solutions made available today that enable cashless transactions, Vircle is built by parents for parents, is extremely child-friendly and the first to enable both a parent and child to co-exist in a single e-wallet platform,” said Gokula Krishnan, founder and CEO of Vircle.

Vircle’s launch is timely given that schools will be reopening for certain pupils starting from 24 June following the commencement of the recovery movement control order (RMCO). As students resume their activities at schools, cashless payments would be considered advantageous given the
possible spread of Covid-19
 through coins and bank notes.

Vircle will be made available at participating schools and the app can be downloaded from the
Google Play
 or
App Store
. Do note that Vircle’s terms of use reserve the right to impose charges, fees, or subscriptions such as top-up charges and so on.

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Visa Study: Malaysians Expect to Increase Use Of Cashless Payments

According to this year’s Visa Consumer Payment Attitudes Study, there is a growing preference for digital payments among Malaysian consumers. 70% of the Malaysians surveyed stated that they favour cashless payments over coins and notes due to the convenience of digital payments.

The Consumer Payment Attitudes Study was conducted among 4,000 consumers in Southeast Asia in August 2018. According to the survey, 68% of Southeast Asians are confident to go completely cashless for 24 hours, an increase from the 64% of respondents from
the year before
. Overall, 66% of consumers in Southeast Asia expect their use of digital payments to increase in the future – particularly in shopping malls (65%), supermarkets (63%), and bill payments (61%).

When it comes to payments for transit, the majority of Malaysians (89%) are in support of using contactless payments. 78% of Malaysians are also open to switching to credit or debit cards to pay for public transport as they would not have to top-up current transport cards or bother with cash.

Meanwhile, more and more consumers in the region are using mobile phones for everyday payments. With 51% of consumers making retail transactions or payments via an app and just 7% using a web browser only, there is a clear shift into an app-based economy. The use of use of mobile devices has had a major impact on the increase of cashless payments and is also influencing the growth of mobile wallet usage. Half of the consumers in Southeast Asia have more than two mobile wallets on their mobile phones.

While Malaysia isn’t exactly lagging behind in the digital payment movement, other countries in the region do display stronger interest and usage. For example, the three countries with the highest preference for digital payments are Singapore (79%), Indonesia (60%), and Thailand (57%). Malaysia ranked fifth for the country with the highest interest in mobile contactless payments, fifth for awareness of QR payments, and third for the market that most prefers card-on-file mobile payments.

“We are encouraged to see a growing preference for digital payments among Malaysian consumers,” said Visa country manager for Malaysia Ng Kong Boon. “However, there are continued opportunities for growth because cash still accounts for more than 60% of consumer spending in Malaysia.”

(Source:
Visa
,
The New Straits Times
)

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Standard Chartered Offers Credit Card Cashback For 5 E-Wallets

Standard Chartered is currently running several promotions that allow its customers to earn cashback for reloads and purchases made on selected e-wallets and apps via the bank’s credit cards. The participating apps include GrabPay, Fave, Lazada Wallet, Boost, and Touch ‘n Go eWallet – each of which comes with its own terms and conditions.

Read on to find out more about the campaign requirements for each e-wallet and app, with deals available for both existing and new cardholders!

GrabPay

Campaign period: Now – 31 December 2021

This GrabPay promo is actually part of an ongoing
Grab campaign by Standard Chartered
, allowing selected credit cardholders to earn Grab merchant vouchers worth RM10 when they top up their GrabPay e-wallet with a minimum of RM200. While this deal is open to both new and existing Grab users, you need to use one of the following Standard Chartered credit cards to be entitled to the promo:

Priority Banking Visa Infinite

WorldMiles World Mastercard

JustOne Platinum

Visa Platinum

Smart Credit Card

Liverpool FC Cashback

Note that each customer is only entitled to one voucher per month, provided on a first-come first-served basis. Additionally, Standard Chartered has earmarked a total of RM360,000 for this promo, with an allocation of RM30,000 for each campaign month. This equates to 3,000 vouchers up for grabs each month.

FavePay and Fave Deals

Campaign period: Now – 31 December 2021

Open to all Standard Chartered credit cardholders, there are a few FavePay and Fave Deal cashback offers that you can tap into with your cards here:

FavePay: 20% cashback (RM5 cap)

Firstly, there is a FavePay promo that lets you earn 20% cashback when you spend a minimum of RM10 with your Standard Chartered credit card on the e-wallet. Capped at RM5, this means you will be able to earn cashback for transactions of up to RM25.

To tap into this promo, you’ll need to key in a promo code (
FAVESCB1
). All new and existing Fave customers are allowed to access this promo twice per month, which essentially lets you earn up to a monthly cashback of RM10 in total. That said, the deal is valid only for the first 800 transactions every month, so you’ll have to be quick!

The cashback will be granted upon successful FavePay transactions, and it will be valid only for 30 days from the issuance date.

Fave Deal: 25% cashback (RM5 cap)

There is another promotion that offers 25% cashback for Fave Deal purchases – also capped at RM5. In other words, you will earn cashback for purchases of up to RM20. Make sure to key in the required promo code (
FAVESCB2
) during your transaction if you wish to earn from this deal; each customer is only entitled to it once per month. Note as well that the promo is provided only for the first 100 transactions every month, available to both new and existing Fave customers.

You can expect the cashback to be credited to you either three days after the purchase of the Fave Deal voucher, or upon the redemption of your Fave Deal voucher. The cashback will have a validity period of 30 days.

FavePay and FaveDeals: 50% cashback (RM5 cap)

Finally, there is a 50% cashback offer – capped at RM5 – that is applicable to both FavePay and Fave Deals when you carry out a minimum transaction of RM10 with your Standard Chartered credit cards. Unlike the other offers, however, this deal is only open to new Fave users. Offered on a first-come first-served basis, only the first 100 transactions each month is entitled to this promo. Make sure to key in the code (
FAVESCBNEW
) when making your transaction if you want to tap into this deal!

Also, depending on how you access this offer, the time taken for the cashback to be credited to you may differ. If you tap into it via FavePay, the cashback will be granted to you automatically after a successful transaction. Meanwhile, if you use Fave Deals, it will be credited either three days after the purchase of the voucher, or when you redeem the voucher. Similarly, this cashback will also have a validity period of 30 days.

Lazada Wallet

Campaign period: Now – 31 March 2021

The Lazada Wallet promotion allows you to get up to 10% cashback when you top up a minimum of RM150 into the e-wallet with your Standard Chartered credit card. Specifically, this transaction must take place during the weekend.

If you’re a new Lazada user, you’ll be able to earn a cashback of RM15 when you register and save your Standard Chartered card with Lazada Wallet for the first time, as well as top up the required amount. Make sure not to remove the card throughout the promotion period as that will remove your eligibility for this offer! This promo is only provided to the first 50 credit cardholders who qualify during the promotion period.

Meanwhile, existing Lazada users who have saved their Standard Chartered card with Lazada Wallet will be entitled to a cashback of RM10 when they reload RM150 into the e-wallet using the card. Provided on a first-come first-served basis, the offer is valid for the first 100 credit cardholders who meet the requirements throughout the campaign period.

Lastly, note that the cashback earned will be credited to your Lazada Wallet within 21 days from the day the transactions are successfully made, and that it has a validity period of 60 days.

Boost & Touch ‘n Go eWallet

Campaign period: Now – 31 July 2021

Stand a chance to win up to RM45 cashback when you reload a monthly cumulative amount of RM100 on either Boost or Touch ‘n Go eWallet. This campaign is open only to cardholders who have not transacted on the e-wallets with any Standard Chartered credit cards (Visa and Mastercard) between 1 August 2020 to 31 January 2021.

To begin, you can earn RM10 cashback per month when you reload at least RM100 on either Boost or Touch ‘n Go eWallet – with up to a maximum cashback reward of RM30 throughout the entire campaign. Offered on a first-come first-served basis, the RM10 cashback will be awarded to the initial 2,000 qualifying cardholders each month – with an allocation for 1,000 Visa and Mastercard cardholders, respectively.

On top of that, Standard Chartered will also select bonus winners at the end of every campaign month to receive a gift of RM5 cashback. You can earn up to RM15 via these bonus rewards. 1,000 monthly bonus winners (500 Visa and Mastercard cardholders, respectively) will be chosen from the pool of eligible cardholders every month – also on a first-come first-served basis.

All cashback earned will be credited into your credit card account within 12 weeks after the end of each campaign month, and you will receive an SMS notification.

***

You can find out more about
Standard Chartered’s multiple e-wallet deals
 on the bank’s website.

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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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Why The Lazada Citi Credit Card Is The Best Choice For Online Sales

Online sales are the perfect opportunity for you to save money while carrying out your necessary expenditure. These days, you can get almost anything online – from groceries and household items, to beauty products and so on. So, when the 11.11 and 12.12 sales roll around this year, make sure to have your shopping lists ready to rack up on those savings.

To further increase your savings from the year-end online sales, you should use a credit card that is geared towards rewarding online and e-commerce spend – like the Lazada Citi Platinum Credit Card. Here are some reasons why the Lazada Citi Platinum Credit Card is the best companion for shopping at online sales.

Earn 10x Rewards Points On Lazada

As one of the largest online shopping platforms in the country, Lazada is a household name and is popular among online shoppers. During
last year’s 11.11 sales
, it took less than one hour for Lazada Malaysia to sell 1 million items once the annual Singles’ Day sales commenced. Therefore, it is highly likely that you will be doing a lot of your year-end shopping on Lazada – and if you pay using the Lazada Citi Credit Card, you can get 10x Rewards Points.

The Lazada Citi Platinum Credit Card gives you 10x Rewards Points on all spending made at Lazada, capped at RM500 cumulative spend per month. Beyond that, you still get 1x Rewards Points for every Ringgit spent on Lazada. So, if you spend RM600 on Lazada in one month, you rack up a total of 5,100 Rewards Points!

Additional Cashback With Lazada Wallet Top-Ups

The 10x Rewards Points is also extended to top-ups to your Lazada Wallet, making it even easier for you to collect points. Moreover, Lazada Citi credit cardholders get additional Lazada Wallet cashback between 10-20%, depending on whether you are a new or existing Lazada Wallet user.

New Lazada Wallet users get an additional RM10 by topping up a minimum of RM50 and saving the Lazada Citi Credit Card in the Lazada Wallet. Meanwhile, for existing Lazada Wallet users, the first 1,000 cardholders are entitled to an additional RM10 each month when topping up a minimum of RM100.

Offset Your Lazada Purchases

Once you have earned points with your Lazada Citi Platinum Credit Card, you can also choose to maximise your online savings by using the points to offset your Lazada purchases. This feature effectively allows you to “redeem” anything you wish from the Lazada platform!

Once you have a minimum of 5,000 Rewards Points, you can easily redeem them for use in Lazada using Citi’s “Pay With Points” via SMS channel. After you make a purchase on Lazada with your Lazada Citi Platinum Credit Card, you will be sent an SMS with a link for you to make the redemption. All you need to do is tap on the link and select the number of points to use for your redemption, and it will be reflected in your next card statement upon confirmation. Lazada Citi cardholders can use this feature up to 5 times a week.

Another way you can use your Lazada Citi Credit Card to get even more savings is by taking advantage of Lazada’s Citi Mondays. You can get RM28 off your Lazada purchase every Monday with a minimum spend of RM200, which equals to a discount of 14%. And yes, you can make use of this discount every week just by collecting the voucher on the Lazada app!

Bonus: It’s Not Just For Online Spend

While it’s clear that the Lazada Citi Platinum Credit Card is perfect for shopping on Lazada, you still get to reap benefits when using the card for other purposes too. The Lazada Citi Platinum Credit Card offers 5x Rewards points when you spend at selected lifestyle, travel, and wellness partners. Besides that, you get 1x Rewards Points when you spend on all other retail spend, ensuring that you earn points for basically every type of expenditure using this credit card.

And if you spend more than RM1,500 within a statement month, you get an additional 1,000 Rewards Points awarded to you!

Make sure to also check out the exclusive year-long discounts and offers extended to Lazada Citi Platinum Credit Cardholders – such as monthly discounts at Domino’s, 8% off tours and sightseeing with Klook, and curated offers and benefits offered by Mastercard.

Get Your Lazada Citi Credit Card Ready For The Year-End Sales

So, gear up for the year-end sales by making sure you have the perfect credit card at the ready. The Lazada Citi Platinum Credit Card is available to those with a minimum income requirement of RM24,000 per annum or RM2,000 per month, so even fresh graduates can apply for it. Furthermore, the annual fee is waived for the first three years.

Don’t miss out on multiplying your savings during the upcoming 11.11 and 12.12 shopping events. Apply for the
Lazada Citi Platinum Credit Card
 here today.

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How To Check If Your Hotel Stay Is Eligible For The Tourism Tax Relief

If you had booked a hotel or visited a tourist attraction in Malaysia during 2021, you could be eligible for an income tax relief of up to RM1,000 on the expenses. As you may recall, the
special tourism tax relief
 that was announced under the Economic Stimulus Package 2020 – originally for March to August 2020 – had been
extended up until December 2021
 (and again until
end of 2022
).

To qualify for the tax relief, your stay must be at one of the accommodation premises that is officially registered with the Commissioner of Tourism Malaysia. You can easily check this on the Ministry of Tourism, Arts and Culture Malaysia website, which has a searchable list of
registered tourist accommodation premises
. There are a total of 4,735 accommodation premises registered as of the time of writing.

This tax relief applies on payments made between 1 March 2020 and 31 December 2021 up to the amount expended, limited at RM1,000 for the assessment year. As is usual with tax relief claims, you will need to keep the relevant receipts and supporting documents for seven years, as it may be requested by LHDN as proof.

This tourism-related tax relief is one of
several new tax measures
 introduced to help stimulate the economy as well as lighten the burden of Malaysians in the Covid-19 landscape.

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Jacie Tan

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    Ali Imran

    2 years ago

Does stayed in AirBnB accommodation considered?

0

Reply

    Jacie Tan

    2 years ago

    Reply to

        Ali Imran

The premises where you stay has to be on the government list provided in the article above.

0

Reply

    Vynn

    2 years ago

Thanks for the article. It’s so helpful.

1

Reply

    Bosco

    1 year ago

May I know I through Agoda is eligible?

25

Reply

    Hasraf

    1 year ago

    Reply to

        Bosco

in my opinion, if the platform is part of the tourism tax scope, we will be eligible to claim it under the relief:

FAQ – on tourism tax (search for agoda):

https://myttx.customs.gov.my/CTTAX/infopage/20%20Jan%20FAQ%20TTx_BI.pdf

Motac list :
https://www.motac.gov.my/en/check/registered-hotel

0

Reply

    Snow

    5 months ago

    Reply to

        Bosco

Not all in Agoda is eligible so it still recommended to check thru the site given by Hasraf.

0

Reply

    Jonathan Au

    1 year ago

I think home stay/ air bnb is not eligible as they are not hotel

14

Reply

    Ho yoon thai

    1 year ago

If the hotel registered commissioner of tourism Malaysia during year 2022, the accommodation is for the year 2021, can claim relied during year 2021??

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Ho yoon thai

Unlikely, since the requirement is that it must be registered with MOTAC at the time of your stay.

0

Reply

    Anonymous

    1 year ago

If I paid for the accomodation in year 2021 but my staying period is 2022, am I eligible to claim it under YA2021?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

No, it should follow the time you stayed and claim it for that assessment year.

0

Reply

    Anonymous

    11 months ago

    Reply to

        Pang Tun Yau

does this rule of thumb applies to flight ticket too? bought this year but flying next year within Malaysia

0

Reply

    Pang Tun Yau

    11 months ago

    Reply to

        Anonymous

Yup, it’s safest to interpret the relief as “time of stay” and not “time of purchase”

0

Reply

    Ginger

    9 months ago

can we claim if booking is made via klook app?

0

Reply

    Snow

    5 months ago

    Reply to

        Ginger

Yes as long as the hotel is registered under Tourist Accommodation Premises

0

Reply

    YT T

    3 months ago

How to check whether entrance fee to tourist attraction is eligible ?

0

Reply

    Cyyy

    3 months ago

Can i claim this if i pay for the hotel but the invoice name is under other’s person name? I have bank transaction receipt as proof

0

Reply


5.4 Million EPF Members Opted To Reduce EPF Contribution To 9%

(Image: Focus Malaysia)

As many as 5.4 million Employees Provident Fund (EPF) members have decided to go along with the lower EPF contribution rate of 9% from January 2021. This number was derived after the EPF received 2.09 million applications from members who wished to maintain their contribution rate at 11%; the EPF currently has 7.49 million active members.

At the end of last year, EPF contributors were given the choice between accepting the lowered minimum employee contribution from January to December 2021, or
maintaining their contributions at the statutory rate of 11%
 by submitting Borang KWSP 17A (Khas 2021) through their employers.

The initiative was
announced by Finance Minister Tengku Zafrul Aziz
 as part of Budget 2021. It was aimed at increasing the take-home pay of EPF members, thus benefiting those who are still facing financial hardship arising from the Covid-19 pandemic.

This is not the first time that the EPF contribution rate has been adjusted due to the pandemic. In February 2020, the rate was
reduced to 7%
 for the duration of April to December 2020 as part of the
Economic Stimulus Package
 – although members were also allowed to
opt out
 from the lowered contribution rate too.

(Source:
The Star
)

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UOB ONE Credit Card Review: Revamped For The Better

The UOB ONE was originally a cashback credit card that required cardholders to do a little strategising when spending due to its different weekday and weekend cashback rates that
ranged from 0.2% to 5%
. Following a revision that came into effect starting from 1 August 2022 after
UOB’s acquisition of Citi’s consumer business in Malaysia
, however, it has transformed into a more rewarding card that is much more convenient to use.

Now offering up to 10% cashback for four categories of essential expenses, we’ll take a look at how the UOB ONE has been tweaked to be more appealing to cardholders today.

Cashback rewards for everyday spending

Like many credit cards in the market, there are two variants to the UOB ONE card: in this case, the Classic and the Platinum. Both offer 10% cashback for four categories of expenses – namely petrol (including Setel CardTerus transactions), groceries, dining, and Grab transactions (including GrabPay reloads) – if you meet a minimum monthly spend (RM500 for Classic and RM1,500 for Platinum). This is in addition to an unlimited cash rebate of 0.2% for all other retail purchases.

If that sounds familiar, that’s because the UOB ONE cards are identical versions to the
Citi Cash Back Cards
, which will no longer be issued once UOB fully migrates Citi’s existing consumer base in Malaysia (which is expected to be completed by November this year).

That’s great news for all consumers, as the UOB ONE offers compelling cashback rewards for everyday spending. UOB ONE Classic cardholders will be entitled to 10% cashback on petrol, grocery, dining, and Grab transactions if they hit a minimum monthly spend of RM500 and above, with a cashback cap of RM10 per category. Should you fail to meet the minimum spend requirement, you will only earn a tiny 0.2% cashback. Here’s a table to sum up the UOB ONE Classic card’s cash rebate benefits:

Card
Cashback (< RM500 min spend)
Cashback (
≥ RM500 min spend)
Cashback cap
UOB ONE Classic
0.2% cashback for petrol, groceries, dining, and Grab transactions
10% cashback for petrol, groceries, dining, and Grab transactions
RM10 per category (RM40 in total)

0.2% cashback for other retail purchases
0.2% cashback for other retail purchases
Unlimited

From this, you can then deduce that the effective cashback rate of the UOB ONE Classic card stands at 8% (not taking into account the unlimited 0.2% cashback for other retail purchases) – which is pretty generous!

Meanwhile, the higher-tiered UOB ONE Platinum also offers 10% cashback for petrol, grocery, dining, and Grab transactions – but at a higher cap of RM15 per category. Of course, this also means that the minimum spend requirement is higher as well, at RM1,500 and above (following
a revision in March 2023
). If you do not meet the requirement, you’ll still only earn cashback at the rate of 0.2%:

Card
Cashback (< RM1,500 min spend)
Cashback (
≥ RM1,500 min spend)
Cashback cap
UOB ONE Platinum
0.2% cashback for petrol, groceries, dining, and Grab transactions
10% cashback for petrol, groceries, dining, and Grab transactions
RM15 per category (RM60 in total)

0.2% cashback for other retail purchases
0.2% cashback for other retail purchases
Unlimited

In terms of the effective cashback rate, the UOB ONE Platinum is a little less rewarding than the Classic, as it stands at a lower 4% (also not inclusive of the 0.2% cashback offer).

Other than cash rebates, UOB ONE cardholders are also entitled to a few other privileges, including discounts at for travel, dining, health & beauty – among other things. You can also tap into three-month easi-payment plans at 0% interest for medical and overseas expenses, up to RM1,000 and RM3,000 respectively.

A great first credit card

With its current benefits and relatively low spend requirement, the UOB ONE card – particularly the Classic version – is an especially great card for young working adults or fresh graduates whose main expenses are daily necessities. The Classic’s low income requirement of just RM24,000 a year (or RM2,000/month) make it accessible even to most first-jobbers.

At a maximum of RM40 cashback a month for the UOB ONE Classic, cardholders can earn up to RM480 in savings a year – almost as much as what you’ll spend on the card each month! Meanwhile the Platinum version could yield a maximum of RM720 a year in cashback – though the lower effective cashback rate means you’ll also be spending more each month.

However, the cards do come with annual fees that eat into the cashback rewards. The UOB ONE Classic has a RM120 annual fee, while the Platinum version’s annual fee is RM195. If your monthly spending earns you the full cashback amount for either card, the annual fee will shave quite a considerable amount of cashback rewards you earn over the course of a year. Do check with customer service if this can be waived.

If there is one limitation, it is with the Grab-related cashback category. With many credit cards these days opening up cashback rewards for e-wallets (and for online transactions in general), this card is somewhat lacking in that regard.

It is nonetheless a tiny inconvenience, of course, as it can always be overcome by complementing this card with a different cashback card that offers cashback for other categories, such as the
Affin Duo cards
 as well as the
Hong Leong Wise
 (which included
a new “Online” cashback category
 covering Lazada, Shopee, Grab, Touch ‘n Go eWallet, and more in October 2021).

Verdict: An instant Classic

With its high effective returns and low spending requirement, the UOB ONE Classic mirrors our previous conclusion of the Citi Cash Back Gold Card: this is one of the best cashback credit cards in Malaysia. It offers cashback for everyday spend (no weekend/weekday requirements), coverage for essential spending categories, and accessible income requirements.

At a time when prices of everyday goods have been going up, having cashback cards like the UOB ONE Classic in your wallet certainly helps manage the effects of inflation.

You can apply for the
UOB ONE Classic
 and
UOB ONE Platinum
 card here.

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Alex Cheong Pui Yin

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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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RHB World Mastercard Review 2018: Another Useful Card For Frequent Flyers

There are three things you need to know about the
RHB World Mastercard
: it is a cashback-focused card, it is designed for travellers, and it is best utilised by those with a higher spending capacity. This credit card has a cashback system that may seem a little complex, so let us break it down for you – and we’ll also point out what exactly about it makes it so attractive for the frequent flier.

Cashback At Home And Overseas

For local spend, you enjoy cashback for three categories – Travel, Petrol, and Dining, and the rate is either 1%, 2%, or 6% depending on how much you spend in a month (see table below). The cashback offered is capped at RM30 per category. For expenditure that falls outside of these three categories, you get an unlimited 0.2% cashback when you spend a minimum of RM1,000.

As for the overseas spend cashback, it’s also tiered according to how much you spend and the rates are 0.5%, 1%, and 2% respectively, with a cap at RM100. The 2% cashback rate for overseas spend doesn’t sound like much, but its generous ceiling of RM100 cashback is more than the maximum cashback for all three categories of your local spend put together. If you’re a frequent overseas traveller with plenty of expenses to charge to your card while on business trips, this is one way to see some of your money back.

Better Cashback For Bigger Spenders

You should note that the minimum monthly spends for domestic and overseas spend are separate. So, if you want to get your 6% cashback on domestic spend, you’ll have to spend RM3,500 locally and to achieve the 2% cashback for overseas spend, you’ll have to spend another RM3,500 overseas. This is quite a big amount of money to spend both locally and overseas each month, so you should probably only consider getting this card if you know you’ll be racking in those expenses anyway.

Playing with the numbers here, that means you can get as much as RM190 in cashback out of the RHB World Mastercard (combining the maximum rates of cashback for domestic and overseas spend, and without considering the 0.2% cashback for spending outside of travel, petrol, and dining).

If this all sounds familiar to you, that’s because this credit card has the exact same cashback mechanism as the
RHB Visa Signature credit card
, and as we commented in our RHB Visa Signature review, it’s more suited to high-flying big spenders than those living on a more frugal budget. The only difference between the two cards is in the cashback categories for local spend – choosing to offer cashback on travel, petrol, and dining instead of entertainment, online, and retail spend, the RHB World Mastercard would be best for the savvy business traveller who would rather get their cash back from their expenditure on the basics rather than their entertainment and retail sprees.

Perks For The Overseas Traveller

If the overseas cashback and travel-related cashback category wasn’t a big enough indicator that this is a card for travellers, the following benefits will clue you in. For starters, the
RHB World Mastercard
 gives you an automatic travel insurance of up to RM600,000 when you use this card to pay for your travel arrangements. And if you’re a fan of being comfortable when you wait for your international flights, this card is good news for you too.

With the RHB World Mastercard, you get 5x free access to Plaza Premium Lounge outlets in Malaysia. The airports included in your access cover all the international airports in the country – KLIA, KLIA2, Kuching International Airport, Kota Kinabalu International Airport, and Penang International Airport. If you use up your 5x free entries, you still get 25% off the Plaza Premium Lounge entry fee on your next visits. And if you want to visit a Plaza Premium Lounge elsewhere in the world, cardholders enjoy 20% discount for access to all Plaza Premium Lounges across the globe.

Furthermore, if you like hitting the greens in your spare time or as part of your working trips to neighbouring countries, RHB World Mastercard holders enjoy discounted green fees across 16 golf clubs in six Southeast Asian countries, on top of complimentary green fees in seven golf clubs in Malaysia.

Conclusion: A Great Travel Card

The
RHB World Mastercard credit card
 is free for life, as is any supplementary cards you apply for. Few cards at this level offer this zero-conditions fee waiver, making this a great option if you qualify for it. You do, however, have to earn at least RM80,000 a year to qualify for this credit card – that’s RM6,666.67 a month.

The RHB World Mastercard is an interesting travel credit card because it lays its perks in its travel-related and overseas cashback rather than more common travel offerings such as high airmiles conversion rates or overseas bonus rewards points. As an overseas cashback card, it has one of the highest monthly cashback caps in the market; locally, its rate is still decent but might not measure up to some of the other everyday spend cashback cards out there.

As we mentioned earlier, the RHB World Mastercard is almost exactly the same as the RHB Visa Signature, with the only difference being the three local cashback categories offered. Hence, before applying for either card, you should consider which cashback category you can make the most cashback consistently each month to make the most out of the card’s benefits.

Regardless of which you apply for, it appears RHB has two of the best mid-range credit cards in the market that’s tailored for the frequent flying individual. Be sure to
apply through RinggitPlus
 to get even more value out of this card with our exclusive sign-up gifts and promotions!

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Public Bank To Hold Weekend Repayment Assistance Clinics At Major Towns

(Image: The Edge Markets)

Public Bank is organising a series of repayment assistance clinics (PBB RAC) at major areas nationwide, aimed at providing advisory services and application assistance for customers who need additional aid after the current moratorium ends.

Scheduled for a total of six weeks, the clinics will take place on every Saturday and Sunday from 10am to 5pm, between 19 September and 25 October 2020. They will be rotated across several cities and towns, including Peninsular and East Malaysia locations such as Kuala Lumpur, Klang, Ipoh, Johor Bahru, Kota Kinabalu, and Kuching.

Note, however, that these clinics are not open events. Interested individuals are required to pre-register and book their spots by calling Public Bank’s credit control centre (retail loans/financing) or credit administration centre (hire purchase).

In a statement, the managing director and chief executive officer of Public Bank, Tan Sri Tay Ah Lek reiterated that the bank has developed
personalised repayment assistance packages
 to suit the different financial conditions of their customers.

(Image: The Star)

“The bank has also been very proactive in engaging customers about the relief measures in place. In addition to the digital platform which enables customers to submit online applications, we are organising the weekend PBB RAC as an additional channel for customers who need further assistance on applications,” said Tan Sri Tay. He added that the PBB RAC will also provide convenience to customers who are unable to visit the bank during weekdays.

Meanwhile, customers who wish to submit online applications to reschedule their repayment plans can do so through
Public Bank’s digital platform
 on its website. For more information about PBB RAC, you can also head on over to
the bank’s website
, or check out the
full PBB RAC schedule here
.

(Sources:
The Sun Daily
,
Public Bank
)

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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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Malaysians Who Lose Their Passports Will Now Be Fined Up To RM1,200

Malaysians who apply for a replacement passport face a fine of up to RM1,200, thanks to a new law aimed at encouraging the importance of keeping their travel documents secure.

The new Fees (Passport and Visas) (Amendment) Order 2019 of the Federal Government Gazette imposes fines for those who frequently lose their passports. The fines are set at different amounts depending on the individual’s age and amount of times they have lost their passports. Below is a table to illustrate the different charges:

First Time

Second Time

Third Time

Age 12 and Below

RM300

RM600

RM1,100

Age 21 and Below (Studying Abroad)

RM300

RM600

RM1,100

Age 21 and Above

RM400

RM700

RM1,200

This new enforcement may not come as a surprise, given how the Immigration Department recommended this move last year. The Department stated that there was a high amount of Malaysians who lose their passports due to negligence, with no penalty or fines for Malaysians to replace their passports previously. It is hoped that this penalty would buck this trend.

(Source:
New Straits Times
,
The Star
)

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HSBC Malaysia Rolls Out Investment Account Opening Service On Mobile Banking App

HSBC Bank has enabled a new feature on its HSBC Malaysia mobile banking app, which allows HSBC Premier customers to open investment accounts – namely for unit trusts, bonds, and
sukuk
 – with the bank from the app itself. This makes HSBC the first bank in Malaysia to provide customers with the option to open bond and
sukuk
 investment accounts via a mobile app.

In a statement, HSBC shared that the investment account opening service is embedded within the Wealth tab in the HSBC Malaysia mobile banking app, and it will allow you to open unit trust, bond, and
sukuk
accounts all at one go. The Wealth dashboard is also where customers can go to to monitor the performance of their various investments with HSBC, although it is currently not yet equipped to allow trading activities for bonds/
sukuk
. In order to buy or sell, you’ll still need to get the assistance of your relationship manager, either face to face or via Remote Engagement Service.

If you’d like to give this new feature a try, fire up your HSBC Malaysia mobile banking app and select “Wealth” (note that you must already have a savings or current account with HSBC before you can open an investment account with the bank on mobile). From there, tap on “Get Started”, after which you’ll be prompted to begin opening an investment account. Key in your details, if needed; otherwise, review your details and make sure that your information is up to date. Submit the application, and wait for your approval!

Country head of wealth and personal banking for HSBC Malaysia, Linda Yip said the introduction of this new account opening feature is in line with the bank’s ambition to become the leading wealth bank in the Asia.

“Digitalisation is a key part of our wealth business, as we continue to put customer convenience at the forefront, and the launch of the digital investment account opening service is a testament to this,” said Yip, adding that HSBC will use a hybrid model of relationship managers, wealth specialists, and digital wealth capabilities to serve its customers holistically.

Prior to introducing this latest
digital investment account opening service on the HSBC Malaysia mobile app
, HSBC had already rolled out the web browser version of the feature back in May 2022 on the HSBC online banking website. Additionally, the bank had introduced a suite of other digital wealth services before this, such as
EZInvest on mobile
 and the Unit Trust Browser (UTB) for unit trust investors, specifically.

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Alex Cheong Pui Yin

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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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Investing in ASNB is Now Easier Than Ever. Here’s How.

Learning to save money is one of the earliest lessons we receive from our parents alongside virtues like sharing and so forth. As school children, we save up every sen left after spending our allowance until we have accumulated enough to buy something we want.

Then, as we get older, we learn to grow our savings with compound interest. There are many ways to do this from putting your savings in fixed deposit accounts to investing.

Popular in Malaysia, Amanah Saham Nasional Berhad (ASNB) currently manages 16 unit trust funds comprising both variable price funds and fixed price funds. To better serve its 14.5 million customer base in Malaysia during the pandemic, ASNB has introduced additional features to digitally onboard users through the myASNB app.

Investors can easily access ASNB funds and monitor transactions from the safe comfort of their home or office through the myASNB app. Let’s find out how you can invest online conveniently with myASNB!

Stay Home and Invest With myASNB

Even before the pandemic, financial technology has been gaining traction among investors yearning for easier and real-time access to their data and activities. The adoption of contactless digital touchpoints had been further accelerated by the pandemic as movement restrictions were enforced.

As part of ASNB’s digitalisation journey, the company launched its myASNB online portal in 2018 and mobile app in 2019 to allow Malaysians to invest and monitor their wealth anytime and anywhere.

Subsequently, it launched the mobile registration and onboarding feature within the app to enable all Malaysians to register with ASNB remotely without having to visit any of ASNB’s branches or agents.

Hence, you can now enjoy a suite of functions on the myASNB app from registering and investing to monitoring your transactions conveniently.

Simple Equals Consistent Savings

It’s tempting to put off saving especially when you’re in the early days of your career and budgets can get quite tight. But we know it’s important to start early and that the more you save, the easier it becomes to accumulate additional savings.

With the myASNB app, you can easily access your account which might encourage more frequent savings. In just a few clicks, you can safely and conveniently view holdings and perform online transactions anywhere. There are various services provided in the myASNB app which include subscription – purchasing or topping up ASNB unit trust funds online.

Extra Features For Educated Investments

To help users make informed decisions, the myASNB app also suggests products or funds to users based on a simple assessment which consists of 6 questions. Investors who utilise digital investment platforms like the robo-advisors will be familiar with such features.

The assessment in the app will assess your suitability for products belonging to categories including the aggressive variable price, moderate variable price, conservative variable price, or fixed price. This is an additional feature that will further enrich users’ investing experience as they now have more information about the suitability of products for them according to the app’s suggestions.

For those who want to find out more about investing in unit trust funds, you can also head to the
learning centre on the website.

Entry Costs as Low as RM10

Having been in the industry for 40 years, ASNB has a total of 16 funds with a total value of funds of RM267.12 billion as at 31 December 2020. Aside from being a reputable unit trust management company, it is known for having a low entry requirement with a minimum initial investment of only RM10.

ASNB currently manages 16 fixed and variable funds to suit all investor appetites and needs.

Now that investors are no longer required to visit ASNB branches or agents for identity or phone number verification, you can simply set up your myASNB account via the mobile app within minutes and start investing immediately.

But that’s not all! ASNB also runs contests from time to time so users will have a chance to win some great prizes. From now to 30 November, you can invest a minimum of RM500 and stand a chance to win an iPhone 12 Pro, subject to the terms and conditions.

***

During the pandemic, there has been a
rise of digital retail investors across markets
worldwide, including here in Malaysia. This is an unsurprising event given the increased interest in investing and the need for more digital touchpoints during the pandemic.

In line with the drive towards digitalisation, ASNB has unveiled additional features on its myASNB app so you can easily register, invest, and monitor your transactions within the safe comfort of your home. So, if you have always been thinking about investing with ASNB, why not sign up online today?

Download the myASNB app via Apple App Store or Google Play Store today!

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What Can You Do If Your Car Gets Hit When You’re Not in It?

Picture this; you drive over to your favourite restaurant, park your car in the designated parking area, and walk back from the restaurant to find it dented. Not exactly ideal, but this happens more often than you think. Naturally, any car owner would get angry in that situation – your car is like your baby, isn’t it?

The fact that it’s a hit-and-run case is obvious enough, but how on earth do you make a report to the authorities and make a claim to your insurance provider? Keep reading to learn the steps you need to take to make a claim if your car gets hit by another vehicle while you’re away. After all, you can never be too careful!

Help, My Car Got Hit When I Was Away! What Should I Do?

First off, you will need to assess the damage that is sustained by your car. Note down and take pictures of details like scratches, dents, and paint scuff (if any). Not everyone would run away from the scene though, there are good joes out there who would admit responsibility and try to resolve the situation.

Check if the person left a name card or contact details sandwiched under your windscreen’s wiper or door handle. If there is, contact the person to work things out and negotiate the best solution for both you and him or her.

Remember, accidents do happen, so have a sensible discussion with said person and come to an agreement to cover the costs of your repairs – whether to claim from his/her insurance or get an out-of-court settlement.

However, if there’s nothing for you to work with, then you will need to decide between forking out your own money to cover the repairs put in a claim to your car insurance policy. This option is only open to you if you have a comprehensive car insurance policy as you will need to file a
 ‘No-Fault Own Damage Claim’
.

If you want to proceed with making a claim to your insurance provider, you will need to notify your insurance policy provider immediately and make a police report within 24 hours. Just remember that if your repair costs are below the minimum claim value, it might be difficult to get your claim approved.

What Is the Difference Between Own Damage Claim and No-Fault Own Damage Claim?

The answer is simple: if you’re making a claim for damages that are caused by your own negligence, it’ll be known as an
 Own Damage Claim (ODC)
 . On the other hand, if you are making a claim for damages that are not caused by you, it’s known as
 No-Fault Own Damage Claim (NF-ODC)
.

Make sure you’ve filed for the correct claim, you don’t want to affect your claim approval and risk profile. Besides, with motor de-tariffication in place, a wrong claim could potentially influence your car insurance premium too. Check out our article on
Why Your Motor Insurance Claim Might Get Rejected
 and avoid all the red flags to ensure a smooth claim process!

Will This Affect My Car Insurance Premium?

When filing for an ODC, you will lose your
 No Claim Bonus (NCB)
. This will result in a higher car insurance premium when it is time for you to renew your road-tax. Whereas, for a
 NFODC
 claim, you will still retain your
 NCB
 without affecting insurance premium.

However, be warned that when you do make these claims, you will be incurring extra charges for your insurance policy such as excess (the fixed amount you need to pay when you make a claim) and betterment (an extra charge that will be incurred when a new part is inserted in your car to replaced your damaged ones).

What Are the Documents That Are Needed to File a Car Insurance Claim?

If you are planning to submit a car insurance claim, here are the things that you will need to provide to your insurer:

Your identification card (NRIC)

A copy of your police report

A copy of the investigation result by the police

Claim form from your insurance provider

Vehicle registration card

Repair Cost (determined by your loss adjuster)

Once you have all these documents in place, you can proceed with your insurance claim submission.

Will This Affect My Kejara Points?

One of the concerns about lodging a police report (which you will need for your insurance claim) is the assumption that your
 Kejara
 points will be deducted whenever a report is filed. For those of you who aren’t sure of what
 Kejara
 is, it’s a demerit point system which deducts your ‘points’ each time you commit a traffic offense.

Don’t worry, if you’re a victim of a hit-and-run (whether you’re in the vehicle or not) and are filing for a
NFODC
, it won’t affect your
 Kejara
 points in any way.

How Can I Prevent This from Happening in The Future?

While there are no hard and fast methods that can stop you from being a victim of a hit-and-run, what you can do is to take precautionary measures to protect your car:

Park at secure and supervised parking areas
. Choose a well-lit area if possible.

Opt to park in busy areas
 so you’ll always have eye-witnesses. These places usually have CCTV cameras, which you may be able to use to trace the offender who have damaged your car.

Don’t park in restricted areas
. Although it’s a common practice in Malaysia to park on the shoulder of the road, this is actually illegal. If your car suffers damages from a hit-and-run while you’re parked at restricted areas, most insurance companies won’t approve your claim as it’s a traffic offense.

We hope that this unfortunate situation will never happen to you, but it never hurts to take extra precautions to protect yourself and your vehicle. As an added measure, consider opting for a comprehensive car insurance policy to enjoy better coverage and ultimately save you from falling into a financial ruin if your car suffers extensive damages.

Don’t know which comprehensive car insurance is best for your budget?
 Compare the best comprehensive car insurance in Malaysia on RinggitPlus and apply
 with us today! Don’t wait too long, who knows when an accident might happen.

Let us know what are your thoughts and comments about this article, we look forward to hearing from you!

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Arnie Ruxana

Arnie Ruxana

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Grab Removes RM5 Flat Delivery Rate For GrabFood, Suspends Subsciption Plans

(
Image: Grab
)

Grab Malaysia has revised the delivery fee system for its GrabFood services. It is shifting from a flat rate of RM5 to a tiered pricing system that could go all the way up to RM9, depending on the eateries’ location.

The new pricing approach basically means that restaurants that are located further away from the delivery address will incur a higher fee.

This move is motivated by GrabFood’s expansion of their service area, which allows their customers to order from a wider variety of restaurants that were previously not within their delivery area. Grab Malaysia also hopes to use the new tiered system to deliver better compensations for their riders who are travelling longer distances.

In addition to this, Grab Malaysia has also announced a suspension of all its monthly subscription plans, with the Deluxe GrabFood Plan being the last to go on 13 December 2019. However, the company expressed that the suspension is only temporary as it is in the midst of reassessing the needs of its customers.

The Deluxe GrabFood Plan, which costs RM25 per month, offers 15 free deliveries, three RM10 coupons, and a 40% discount voucher. If you are currently subscribed to the plan, you will be allowed to renew the plan once more before it ends. You will also be given a 50% discount coupon (savings capped at RM20) as an extra perk.

(Source:
The Star
)

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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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Standard Chartered Introduces JumpStart Savings Account-i, With Perks For "Smart Travellers"

Standard Chartered Bank has introduced a new savings account called the JumpStart savings account-i, which comes with its own debit card and perks that would “reward the smart traveller”. These include 5% cashback for online retail purchases performed via the JumpStart debit card-i, zero foreign exchange (FX) mark-up fees when you shop abroad, as well as zero charges on ATM withdrawals made overseas.

The JumpStart savings account-i itself offers 0.05% profit on
all
 account balances – which differs from most savings accounts that typically adopt a tiered interest system – but if you make a minimum deposit of RM3,000 fresh funds each month, you will be able to enjoy a few exclusive benefits.

Chief of all is the opportunity to earn 5% cashback on any local and international online retail purchases that you make through the JumpStart debit card-i if you meet the minimum monthly deposit requirement. Offered via an exclusive campaign that is set to run until 30 September 2023, the total cashback that you can earn is capped at RM50 per month, although you must also ensure that your account is active (defined by the bank as having regular transactional activities). Note as well that the offer excludes transactions such as e-wallet reloads, as well as petrol and insurance payments.

Additionally, you can enjoy a fee waiver at all MEPS ATMs nationwide at the end of each calendar month if you make a deposit of RM3,000 fresh funds into your account during the month.

Aside from these, the JumpStart debit card-i that comes with the account also lets accountholders benefit from 0% FX mark-up fees when they conduct overseas transactions or spend in foreign currencies; this would, of course, appeal to those of you who are frequent travellers. You can also enjoy zero charges on ATM withdrawals made overseas via the card, provided the transaction is performed on SCB or Mastercard/Cirrus network (Standard Chartered typically charges RM12 for each overseas withdrawal).

No minimum deposit is required to open a JumpStart savings account-i. As for charges, there is an early account closure fee of RM20 (within 3 months), and the usual annual debit card fee of RM8. There is also a paper statement fee of RM2, if you require this service.

All applicants who wish to apply for the JumpStart savings account-i online must be 18 years of age and above. Applications can be made either online via the SC mobile banking app, or at any Standard Chartered and Standard Chartered Saadiq bank branches.

Upon checking with Standard Chartered’s customer service, we found out that the JumpStart savings account-i has actually been quietly made available in Malaysia since October 2022. Coincidentally, the bank also has a similarly named
JumpStart account in Singapore
, but it offers vastly different benefits, and is available only to young adults aged between 18 to 26 years old.

(Source:
Standard Chartered
)

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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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    Muhammad Nor

    9 months ago

Previously was 1% on any balance, and now after 1st October 2022, 0.05% only.

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5 Critical Business Challenges That You Need To Solve

If you are an independent business owner, chances are that you are aware of the changing business environment today. Working from home has become the new normal, and even your neighbourhood
mamaks
 are now accepting various cashless payment options, thanks to Covid-19 which has accelerated the adoption of technology into traditional ways Malaysians do business.

However, being in the period of crisis or not – integrating digital technology in your business today is essential, even more so when
Malaysia has recently been crowned as having the most digital consumers in ASEAN, at 83% out of the entire population.
In addition to that, the consumer growth in the Southeast Asian region alone, is also expected to grow to

310 million by the end of this year
.

With this rapid increase of digital consumerism, it’s all the more reason to transform your traditional business into an operation that is more efficient, personalised, and intelligent. This article explores 5 business challenges that your business could be facing and how a customised digital solution by HUAWEI CLOUD can help your business to catch up with the 83% Malaysians (and counting) through John’s Artisan Bakery.

With the help of HUAWEI CLOUD’s solutions, John was able to address the business challenges through the affordable, stable, and secure cloud system – specifically built for his artisan bakery.

Just like HEXA Food and J&T Express, John was able to reduce operational costs and improve business revenue. Besides that, he was also able to create a smooth and efficient work flow that allows him and his staff to focus on the quality of his baked goods.

Inspired by John’s Artisan Bakery Business Journey? Get Your HUAWEI CLOUD’s Digital Starter Kit Here

To help businesses, HUAWEI CLOUD offers tailored digital solutions catered to the various needs of specific industries, from automotive, e-commerce, education, financial services, gaming, healthcare, manufacturing, media, retail, transportation and logistics, and campuses.

HUAWEI CLOUD is able to pinpoint the exact business needs and opportunities for better work efficiency and productivity with the right products and services, just like with John’s artisan bakery.

Get your digital journey started with HUAWEI CLOUD Digital Starter Kit offered exclusively for RinggitPlus readers.

In the digital starter kit, you will get:

Free 2-month subscription of Smart Business Solutions

Additional 1,500 hours of cloud services

Just click on the interactive button on this page, and answer a few questions to help Huawei understand your business. Once you’ve submitted the form, a Huawei representative will contact you to get started on your digital business journey with HUAWEI CLOUD.

To learn more about the HUAWEI CLOUD various digital solutions and services, head to
HUAWEI CLOUD’s website
.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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GHL Partners With Split To Enable Buy-Now-Pay-Later Service For Its Merchants

Payment solutions provider GHL Systems Bhd has teamed up with fintech company Split to enable a buy-now-pay-later (BNPL) service for its merchant network within the country. The new payment option is expected to benefit both consumers and GHL merchants alike.

With this latest partnership, customers purchasing from GHL merchants will be able to pay for their items via instalments of up to three months. The payments can be made with any debit or credit cards from any local banks. Additionally, the BNPL service is provided free with no interest, late fees, financing fees, or any other hidden charges – thereby making these purchases more affordable.

Meanwhile, merchants can look forward to better sales and improved cash flow as they will receive full payment upfront from Split. GHL also said that these BNPL purchases will be instantly approved, adding that the new payment option will first be rolled out at selected merchants by the end of March.

“BNPL is a payment solution that is fast growing in popularity in many developed markets, but is still relatively new in ASEAN and is expected to gain in popularity,” the payment solutions provider in a statement.

The group chief executive officer of GHL, Sean S. Hesh also commented that the BNPL option will enable GHL merchants to sell bigger ticket items as their customers will now have the option to budget their purchase over interest-free instalments. “This affordability is timely due to the impact of the Covid-19 pandemic which has impacted the employment and earning capability of many. We hope this new solution will be beneficial to both our merchants in generating higher sales as well as helping their customers afford their needs,” he said.

(Image: FintechNews Malaysia)

Finally, the co-founder and chief executive officer of Split, Dylan Tan chimed in to say that the past year has been equally tough for many Malaysians and Malaysian businesses. “We are proud to partner with GHL to provide all parties involved with a win-win solution, thus ensuring that both merchants and consumers receive the support they require as Malaysia strives to recover from the Covid-19 pandemic and transforms itself into a digitally-driven, high-income nation,” he added.

(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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Deputy Finance Minister: SSPN Tax Relief Discontinued As Budget 2023 Introduced Other Exemptions, Benefits

(Image: Free Malaysia Today)

Deputy Finance Minister II, Steven Sim has addressed the discontinuation of tax relief for Skim Simpanan Pendidikan Nasional (SSPN) deposits, noting that the government has decided not to extend the benefit starting from this year. This comes as the re-tabling of Budget 2023 did not include an extension to this tax relief.

The deputy finance minister said that this decision is primarily attributed to the fact that the government has already introduced several other tax exemptions and deductions for individuals under the revised national budget. These include a
2% reduction on individual income tax rates
 for selected income brackets, as well as an increased medical expenses tax exemption (from RM8,000 to RM10,000).

“The National Higher Education Fund Corporation (PTPTN) also allowed borrowers with monthly income of less than RM1,800 to defer their repayments,” said Sim. On top of the
payment deferment
, PTPTN is also offering
repayment discounts of up to 20%
 for those who repay their PTPTN loans in bulk.

That said, PTPTN has yet to confirm the
discontinuation of this tax relief
. As of the time of writing, the SSPN website continues to state that this matter is still under discussion, and any latest details will be shared through its official platforms. Similarly, PTPTN’s social media team also responded to public queries about the matter with a similar message, as of this afternoon.

Meanwhile, the revised Budget 2023 – also known as the Supply Bill – has yet to be officially passed. It was tabled by Prime Minister Datuk Seri Anwar Ibrahim on 24 February 2023 for a second reading, and was subsequently
passed at the policy stage in Dewan Rakyat
 with a majority voice vote on 9 March 2023. It still has to be brought to Dewan Negara to be passed, and then presented to the Yang di-Pertuan Agong for approval.

The tax relief for SSPN has been a key incentive in encouraging depositors to save with SSPN under their children’s name. The relief was initially offered at RM6,000, but was subsequently
increased to RM8,000 under Budget 2019
.

(Source:
Astro Awani
)

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Steven Sim Chee Keong

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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    Ong

    5 months ago

I will stop my regular PTPTN deposits.

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A Beginner’s Guide to Islamic Banking

Different banks offer different services but they all function from the same basic principles. They keep your money safe, then use that money to lend out to other people or invest it to make more money. However, Islamic banks work a little bit differently.

They have their own set of fundamentals they stick to and manage money differently than conventional banks. A common misconception exists that Islamic banking products are only available to Muslims but that’s not true. Non-Muslims are perfectly welcome to apply as well.

But if there are more things you didn’t know about Islamic banking (like literally everything beyond what it’s called); here’s a quick guide to get you started.

It’s Like Regular Banking But Without Interest Rates, Right?

Well, yes. But there’s more to it than that. You’re getting a little ahead of yourself there. Before we get to the features of Islamic banking, let’s talk about why Islamic banking is even a thing that exists in the first place.

That’s Easy: Syariah Law.

Correct. Syariah law of course is the basic Islamic legal system derived from the Quran and recorded sayings or actions of Muhammad. It spans all manner of detail in a Muslim’s life, including the matter of finance. While Syariah law does not specifically dictate that special banks be formed for the purposes of a Muslim’s finances, it is however explicit in its stance against several things that regular banks typically allow.

The major concerns are:

Riba’
: Interest-based transactions like any borrowing or lending where interest is incurred. Syariah law claims that any form of interest is unlawful gains.

Gharar
 and
Maysir
: Transactions that involve the element of uncertainty, chance, randomness, or speculation. Syariah law insists on full transparency in financial transactions to avoid fraudulent behaviour.

Halal Investing: Syariah law is against banks contributing their business to activities that run counter to Islamic values like non-halal meats, gambling, pornography, alcohol and prostitution.

Islamic banking aims to address these concerns by providing financial products and services that a bank would, but by still adhering to Syariah law. Therefore, Islamic banks would aspire to only do business with Syariah compliant industries, never engage in speculative trading, use its funds for social good, conduct its businesses with transparency and never handle trade that involves interest.

If Banks Charge No Interest Rate, How Do They Make Money?

While Islamic banking as a service would not put ‘being profitable’ as its main objective, it still needs an income to keep itself running. To achieve this without incurring interest, Islamic banking treats its customers as business partners instead of lenders.

For example, in the case of a home loan, the bank would buy the property outright and sell it at a predetermined rate of profit to the borrower, where they can pay in instalments. This profit rate is also what you typically see in place of interest rates when shopping around for a Syariah compliant personal loan.

By fixing the profit rate early on in the loan application, it removes the uncertainty of variable interest as well as keeping everything transparent. For other types of loans, the bank may also elect to purchase other forms of assets. The rate of profit is what the bank makes money on.

So What Would Make Islamic Banking Attractive to Potential Customers?

Transparency

Returns on Islamic bank accounts are based on investment income rather than on interest payments, rejecting much of the complex financial engineering used by conventional banks. This underscores the moral foundations of their business, which can be important for some people. In addition, the transparent nature of their dealings is supposed to make everything clear cut and easy to understand with little room for surprise payments or hidden fees.

Keeping it Clean

By not doing business with industries that are against Islam, it’s also a way to withdraw support from morally dubious enterprises like gambling, prostitution, and pornography. Don’t worry, you can still use the funds in your Islamic bank accounts however you want. But rest assured that you won’t be indirectly contributing to anything you morally object to.

You Can Mix and Match

While Islamic banks do offer the above benefits and more, they are also lacking in one area: making money. Syariah law sees banks as a service primarily for public good with little emphasis on generating profit for itself. So if you like the idea of a fixed profit rate for your loans but prefer more diverse financial investment products, you can open accounts in both types of banks to maximise your earnings while minimising your expenses.

As you can see, Islamic banking isn’t that hard to wrap your head around and can be a worthwhile thing to look into, even if you’re not a Muslim. Bank Negara Malaysia has a
list of all the Islamic banks in the country
 if you’re keen to study up right now.

Don’t be intimidated by the fancy Arabic terms either, because they all typically point to the same core principles we’ve mentioned above. But if you do want to know the difference between a Musyarakah and Murabaha loan, you can
check out our explainer article on Islamic banking terms
.

Do you have anything else you want to know regarding Islamic banking? Drop a comment down below and let us know!

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    Farah

    3 years ago

Assalamualaikum. I am very interested to know about financial system in other country specifically Ireland because of certain reason. How can I know whether the country is implementing Islamic bank or not. Thank you in advance 😄

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Digital Telco ookyo To Shut Down In January 2020

Two years after debuting as one of the pioneering digital telcos in Malaysia, ookyo is calling it a day. A subsidiary of Maxis, the telco announced that it will be absorbed as part of the Hotlink family effective 21 January 2020, with existing subscribers automatically migrated to Hotlink RED.

According to the website, ookyo has stopped accepting new registrations from 21 November 2019 onwards, although those who had just recently signed up will still get their SIM pack and be able to enjoy ookyo until the switch to Hotlink RED on 21 January next year. Interested ookyo customers, on the other hand, are suggested to get a Hotlink Starter Pack or Hotlink Postpaid Flex instead.

As for existing customers, they will be automatically switched over to Hotlink RED when the time comes, along with the available balance in their ookyo account. All subsequent account balance management will be conducted from the Hotlink RED app instead. That said, existing customers can continue to use and renew their ookyo base plan, purchase unlimited add-ons, and top up their ookyo wallet as per normal until 20 January.

To sweeten the deal, existing subscribers are entitled to a welcome offer of free 8GB valid for 30 days with Non-Stop RED Social (Facebook, Instagram, Snapchat, Twitter, and Pinterest) upon the switch. They will also be able to enjoy a discounted rate for this package at RM30/month (NP: RM45/month) for the following 12 months.

ookyo subscribers should also remember to utilise all their Google Play wallet balance before 20 January as these will not be transferred. Google Play Rewards is a bonus shared with ookyo members, in which they are given free credits to make app or in-app purchases when they buy things from the ookyo store or invite members to sign up on ookyo with their code.

ookyo was Maxis’ shot at a fully-digital telco within Malaysia, where all processes – from subscription of the service to management of the account – are accomplished online through an app.

A unique selling point of ookyo lay in its unlimited data for its customers’ favourite apps, which can be purchased at only RM30 per month, although customers could also get unlimited passes for individual apps if they want.

To find out more, head over to ookyo’s
FAQ
.

(Source:
SoyaCincau
)

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Alex Cheong Pui Yin

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How Does Your Credit Card's Purchase Protection Work?

What is Purchase Protection?

Imagine you’ve just bought a stylish new watch and one week later, it gets stolen. Rather than feel bad about it, you can claim for purchase protection if you’ve paid for it with your credit card. A purchase protection plan secures your credit card buys from theft or accidental damage. The level of protection you receive depends on your card; some are rather comprehensive while others may only offer the basic protection.

For example,
MasterCard
 holders enjoy complimentary coverage of up to RM1, 500 when claims are made within 30 days of the item’s purchase date.
American Express
 platinum cards on the other hand covers up to RM15, 000 per eligible item when claims are made within 90 days of the purchase date.

Do All Credit Cards Have Purchase Protection?

Although many cards do come with complimentary purchase protection, not all of them offer this valuable service. Some may offer variations of this type of plan but you will need to check the fine prints on your credit agreement to be sure.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
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In general, basic cards may not offer complimentary protection but this depends on the provider and issuer. ‘Gold’, ‘Platinum’ and other premium level cards typically do offer some form of protection where the coverage amount may be higher for upper level cards.

Is Every Item Purchased Eligible for Coverage?

No, not all categories of items are covered and the range of goods under purchase protection varies between credit card issuers. In fact, art and collectibles, jewelry, bicycles, and rare or precious coins will not be covered by most credit card purchase protection agreements. In addition, purchase protection is not typically extended to items that are:

Destroyed by
customs

Bought for
business purposes
 with personal credit cards

Consumable or perishable

Already covered by a
similar warranty or insurance

Stolen
 from an unattended vehicle

These exclusions are not exhaustive; you should refer to your purchase protection contract to find out more on the additional limitations that come with your plan.

What About Extended Warranties and Refund Protection?

While these do offer a form of safety against the purchase of a faulty product, they are different from purchase protection covers.

An
extended warranty
 typically applies to eligible home appliances (e.g. washing machine, air conditioner and vacuum) purchased with a credit card and will mimic original warranty terms. The extension will kick in as soon as the original warranty ends and often lasts for a period of two years at most.

Refund protection
 on the other hand, allows the credit card holder to claim a refund for items that are not to their satisfaction and where the retailer refuses a refund or replacement. There are typically no refunds offered for items priced RM60 and below though. You’ll also need to check on other limitations imposed on your individual cards.

Debit cards do not have these protections afforded, so it might be a better idea to use your credit card for online buys or for fragile and other big-ticket items, especially ones with limited or no warranties.

Important Things To Know About Purchase Protection

First off, remember to
activate your coverage
 – some protections are automatic but other providers may require your initial registration. If your card is not activated for protection, you will most likely not be allowed to claim if your item gets stolen or damaged.

To make a claim, you will typically need to fill out a claim form and submit it along with a copy of a police report, your purchase receipt, a photograph of the damaged item, and other articles specified by your credit card company.

Last but not least, do make your claims as quickly as possible; most cards have a cutoff date for periods based on the purchase date.

To enjoy special protections for your purchases, you will first need an awesome credit card! If you don’t have one or are simply scouting for another, just head over to our
comparison page
 to find the perfect card for your spending style.

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Desiree Nair

Desiree Nair

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Hong Leong Introduces RM150 Monthly Limit For E-Wallet Transfers Via HLB Connect

Hong Leong Bank (HLB) has notified customers that it will be introducing a monthly limit for money transfers made from current or savings accounts to e-wallets via its HLB Connect service. Set to take effect starting from December 2022, the limit will be fixed at RM150 per month.

In its notice, HLB said that the following e-wallets will be involved in the implementation of this new cap, namely:

BigPay

Boost

Finexus (Kayaaku Wallet)

GrabPay

Razer

ShopeePay

Touch ‘n Go (TNG) eWallet

Aside from that, HLB stated that this latest move is part of its enhanced security measures in a bid to combat scams and financial fraud. With the cap implemented, scammers will be prevented from transferring more than RM150 from your current or savings account in the unfortunate event that they manage to get hold of your account.

Aside from the new transfer limit for e-wallets, HLB Connect users are also bound by other existing transaction limits, including DuitNow/GIRO transfers to other bank accounts and transfers to third-party HLB accounts. You can find out more in
HLB Connect’s FAQ here
.

(Source:
Hong Leong Bank
)

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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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    Chee Chiong Fun

    9 months ago

RM150/month is absurd. Time to switch bank

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    Anonymous

    9 months ago

Fave is not available for top up btw.

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