Cryptocurrency Exchange Tokenize Announces Implementation Of SST On Trading Fees

Cryptocurrency exchange Tokenize Technology has announced that it will begin charging sales and services tax (SST) on the trading fees of its platform. The implementation of the 6% SST is set to begin from 14 June 2021.

According to Tokenize’s announcement post on Facebook, this move is in line with the Service Tax (Digital Services) Regulations (2020) and the Amended (Amendment 2/2020) – Service Tax (Digital Services) Regulations (2020).

“As of now, Tokenizers enjoy a Maker’s fee of 0% and a Taker’s fee of 0.8%. The introduction of the SST means there will be an additional charge of 6% on top of the Taker’s fee of 0.8%,” Tokenize also explained in the post.

To better illustrate this update, the cryptocurrency exchange also shared an
FAQ
 that provides detailed examples on how the implementation of the SST will affect traders who are buying or selling cryptocurrencies on the platform. For instance, those who place a Buy order worth RM10,000 will be subjected to an existing trading fee of 0.8%, which is equivalent to RM80. Starting from 14 June, there will be an additional 6% SST charge levied on the trading fee, which is RM4.80. This brings the total payable amount to RM10,084.80 (RM10,000 + RM80 + RM4.80).

Similarly, traders selling an order worth RM10,000 will see a same amount deducted from their earnings, bringing the total receivable amount to RM9,915.20 (RM10,000 – RM80 – RM4.80). “If the order is filled as a Maker, the trading fee and SST will be immediately refunded back into his account,” Tokenize clarified as well.

At present, Tokenize is the first Securities Commission-approved cryptocurrency exchange – out of the three recognised market operators (RMO) in Malaysia – to announce the implementation of the SST on its trading fees. The two remaining RMOs (Luno and SINEGY Technologies) have yet to include such fees, but most traders expect both to follow in the footsteps of Tokenize soon. This comes following the
Malaysian government’s growing recognition of cryptocurrencies as a digital asset
, which brings about
income tax
 and SST repercussions.

(Source:
Tokenize
)

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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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Grab Said To Be Interested In Acquiring A Stake In AmBank

(Image: The Star)

Grab is said to be interested in acquiring a stake in AMMB Holdings Bhd (AmBank), likely by making its purchase from the banking group’s two largest shareholders: Australia and New Zealand Bank (ANZ), as well as Tan Sri Azman Hashim. This was revealed by several sources familiar with the matter.

To note, ANZ currently has a 21.68% stake in AmBank, while Tan Sri Azman holds 11.83% equity interest. ANZ, specifically, has been in the process of reducing its exposure to Asia to refocus on its home turf – a development which had begun several years earlier. In 2016, for instance, it shut down its SME-lending business in five Asian countries, and also said that it may sell off its stakes in banks in Malaysia, Indonesia, and China.

The sources also did not share how much Grab was willing to pay for this acquisition, but the tech giant – which
debuted on US stock exchange Nasdaq
 in December 2021 – is reported to have US$9 billion in cash liquidity as of 31 December 2021, and a net cash liquidity of US$6.8 billion. This is despite suffering a loss of US$3.4 billion in 2021, up from a US$2.6 billion loss the year before.

Grab was also recently named as one of the successful applicants for Bank Negara Malaysia’s
five coveted digital banking licences
, via its unit GXS Bank. GXS Bank is expected to hold a 55.45% stake in the proposed digital bank.

Outside of Malaysia, Grab had also acquired a 16.3% stake in Bank Fama International, which is based in Indonesia. The tech giant commented that this move will help it “to pursue banking opportunities” in the archipelago.

Meanwhile, AmBank is also said to be revisiting a proposal that may see it merge with RHB Bank. This is following
AmBank’s resolution of a global settlement with the Ministry of Finance (MOF)
, incurred on outstanding claims and actions in relation to the financial transactions of the 1Malaysia Development Berhad (1MDB) scandal.

(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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Indulge in Fantastic Fusion at Pasta Zanmai with your HSBC card

For lovers of great Fusion food, you’re sure to appreciate the team up of Japanese and Italian flavours at Pasta Zanmai. For a limited time, HSBC is going to help you do that!

Get a 20% discount on
Toriniku
 to
Kinoko
no cream sauce pasta when you pay with your HSBC Credit Card.

Offer valid from 1 November 2012 to 31 October 2013 at all Pasta Zanmai outlets. For more info, check the
flyer
.

If you don't have a HSBC Credit Card yet, check our
site
 for HSBC's range of credit cards and apply online.

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Watch Out: Addition Of Interest Accrued From April-September In Post-Moratorium Financial Assistance

Over the past few weeks, banks in Malaysia have begun providing additional information on the end of the current automatic loan moratorium as well as the extended moratorium and targeted financial assistance that’s coming after.

The major banks are all treating the extended moratorium differently. Some banks offer the option of making “
step up payments
” to pay lower instalments and progressively pay more down the loan tenure, while others offer a moratorium extension for longer periods than what was announced by Prime Minister Tan Sri Muhyiddin Yassin.

At the same time, some banks are also including new terms and clauses into loans/financing that are restructured or rescheduled (R&R) – and here’s where you need to be alert.

Addition of interest accrued from 6-month moratorium in new loan terms

CIMB

To its credit, CIMB is one of only a handful of banks in Malaysia to offer
a comprehensive FAQ available online
 for its borrowers to read through before deciding to apply for assistance. However, within the FAQ lies some very important conditions that borrowers must take into account before deciding to proceed with their application.

What’s particularly concerning revolves around borrowers who are on reduced salaries seeking assistance for personal loans/financing as well as auto financing (or hire purchase agreements).

In the screenshot above, the arrangement for personal financing – both conventional (Cash Plus Loan / Xpress Cash Loan) and Islamic (Cash Plus Financing / Xpress Cash Financing) reveals that interest accrued during the 6-month automatic moratorium (1 April – 30 September) will be added into the principal balance as part of the targeted financial assistance programme. It is essentially a restructuring & rescheduling (R&R) exercise on the existing loan/financing – but the principal balance now includes the accrued interest from April till September. This means the interest accrued from 1 April till 30 September will now compound from October onwards.

Curiously, this amount is not included for borrowers who have lost their jobs – in their case, it is a three-month deferment with accrued interest during this period. There is no addition of accrued interest from the previous moratorium period.

We can also see a similar pattern in auto financing or hire purchase agreements. It is explicitly stated that
interest accrued during the 6-month automatic moratorium will be included into the outstanding balance if you choose to seek financial assistance
. The FAQ leaves no room for misinterpretation – so this clause is indeed surprising considering that it contradicts Finance Minister Tengku Dato’ Sri Zafrul Aziz’s announcement in May that
no interest will accrue for hire purchase loans during the 6-month automatic moratorium
.

Hong Leong Bank

Hong Leong Bank, in its FAQ, states that interest accrued from the 6-month automatic moratorium will be added into the final instalment or full settlement amount for variable-rate hire purchase loans. However, this does not apply to its fixed-rate hire purchase loans and personal loans/financing.

Other banks

We did not find any references to additional interest accrual during the 6-month automatic moratorium (April – September 2020) for
Maybank
,
Public Bank
, and
OCBC
(i.e. the banks who provided comprehensive FAQs). We did notice that
HSBC
 made an amendment to its
original moratorium FAQ
 to allow for
“capitalisation of interest”
 (i.e. turning interest charges into “principal balance” which can then be charged interest), while
Citi also has the same clause
 for its borrowers taking the current moratorium. This phrase appears to be what CIMB and HLB are doing for its post-moratorium assistance.

It also means is that CIMB and HLB may not be the only banks with this unusual clause inserted into their R&R programmes as part of the post-moratorium exercise. Alliance Bank, AmBank, Bank Islam, Bank Rakyat, Maybank, RHB, Standard Chartered, and UOB are among the banks with brief FAQs and little details on their R&R programmes, so we do not know what the new terms are.

Note that during the extended moratorium from October onwards, interest will accrue for all banks on all loans, which leaves no room for confusion down the line.

Why is this happening?

For the extended moratorium and targeted financial assistance, the banks have the liberty to set their own arrangements for R&R – besides the general guideline mentioned by Prime Minister Tan Sri Muhyiddin Yassin in
his announcement
 (3-month home loan moratorium for those who lost their jobs, and R&R for other loans for those on reduced salaries).

While it is generally understood that variable rate loans/financing (such as home loans and variable-rate car loans)
will see interest accrued
 from April till September, some banks are using the R&R exercise on fixed-rate loans/financing (such as personal loans and hire purchase loans) as a way to include capitalisation of interest to “recoup” the interest from April – September. This is possible because R&R exercises typically involve fresh terms including revised interest rates and tenure; for R&R of Islamic products, it may even involve making a new
aqad
(contract).

As such, borrowers must be aware that one bank’s restructuring terms may be different from another’s. Similarly, it may also vary from borrower to borrower even within the same bank.

What should borrowers do?

The extended moratorium and targeted financial assistance is designed only to those who need it. For some borrowers, this assistance is necessary to ensure they have cash liquidity by reducing monthly commitments during this difficult period.

However, many parties across the industry have stated that the automatic loan moratorium has put a lot of stress in the industry, which in turn, also affects the banks’ ability to finance new loans. A targeted assistance with interest charges is a compromise to ensure the banks’ capability to assist borrowers.

This time around, the banks have expressly stated that borrowers consider the impact of applying for the extended moratorium or R&R as the short-term relief may result in additional costs to be paid down the line.

For borrowers, it means we should carefully check the revised loan agreement for any additional interest or charges that may be included before signing them. Similarly, if we can afford to resume our loan commitments, it is a good idea to do so.

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Tengku Dato' Sri Zafrul Aziz

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Government To Study If Ceiling Price Of Sugar Should Be Raised

(Image: The Star)

The secretary-general of the Domestic Trade and Consumer Affairs Ministry (KPDNHEP), Datuk Azman Mohd Yusof has said that a study is being conducted to help the government decide if it should raise the ceiling price of sugar. A report is expected to be presented to the Cabinet after consulting various stakeholders within the year.

For context, the domestic wholesale price of refined sugar is currently capped at RM2.69 per kg, but industry players – including MSM Malaysia Holdings Bhd – have requested for a review of the ceiling price. This is especially in view of the rising costs of raw materials and freight. Meanwhile, group chief executive officer of MSM Malaysia, Syed Feizal Syed Mohammad also previously said that sugar had only seen a net increase of RM0.01 per kg since 2011.

The president of Consumers’ Association of Penang (CAP), Mohideen Abdul Kader also chimed in to say that the proposed sugar price increase must be reasonable, so that any instances of profiteering can be avoided. “Any suggestion for sugar subsidy must not be entertained,” he further said, adding that the government should also consider increasing the sugar tax on sugar-sweetened beverages (SSB) that was introduced in 2019.

(Image: Sinar Harian)

Mohideen also commented that these moves, if implemented, will encourage the public to cut their sugar intake – and therefore lead to a healthier lifestyle among Malaysians. He also quoted data from 2019, which indicated that there were 3.9 million diabetic Malaysians. Separately, statistics from the Food and Agriculture Organisation (FAO) of the United Nations noted that sugar consumption per capita reached 42.4kg in 2019 in Malaysia.

Similarly, economists also suggested that the government should expand the sugar tax to cover more items to control consumption for health purposes and to grow tax revenue. That said, economics professor at Sunway University, Dr Yeah Kim Leng cautioned that there must be balance between raising sugar prices to discourage excessive consumption among the people, and controlling inflation as sugar is still an essential ingredient in many food items.

“Rather than subsidising sugar prices to reduce inflationary pressures, allowing the price to adjust according to the prevailing world prices is an appropriate policy decision. It is akin to a sugar tax aimed at discouraging high consumption,” said Dr Yeah.

(Source: The Star [
1
,
2
])

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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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Grab Is Testing New GrabFood Priority Delivery Feature For Faster Services

(Image: Amanz)

Grab is currently testing out a new Priority Delivery feature for its GrabFood service, allowing them to request for their orders to be prioritised at an additional fee (charged according to distance).

The Priority Delivery feature, which is available only to selected customers during this test phase, works by prioritising your order in the system so that it finds you a driver ahead of other customers, thereby allowing for a speedier delivery. That said, the feature is applicable only for eligible orders; self pick-up orders, cash orders, business orders, and orders with delivery fulfilled by the restaurant’s own delivery fleet are not considered as eligible orders. Grab further said that the Priority Delivery option will only appear on your check-out page if your order qualify for it.

 (Image: Amanz)

There is an additional “guarantee” provided with GrabFood’s Priority Delivery feature: if your purchases do not arrive within the timeframe stipulated by the Priority Delivery feature, Grab will compensate you with a GrabFood voucher that can be used on your next order. The value of the vouchers will differ depending on the circumstances; for instance, you will receive a RM15 voucher if Grab is unable to find a driver. You can also get a RM10 voucher if the delivery is delayed by 15 minutes or more, or a RM15 voucher if it exceeds 30 minutes and beyond. There is no minimum amount required to use the vouchers.

 (Image: Amanz)

Note that each user is only entitled to a maximum of two GrabFood vouchers within 24 hours. However, once you’ve reached that limit, you will not be able to opt in for Priority Delivery – although Grab did not clarify if this is meant to be a long-term or temporary ban.

Additionally, Grab also explained that users may be opted out of Priority Delivery if the app detects irregular activities in their accounts. Affected users can lodge a report with Grab via a dedicated
Priority Delivery assistance page
 if they are in need of help.

(Source:
Grab
,
Amanz
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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3 Ways eSaver by AXA Can Help Kickstart Your Savings Plan

These days, it is so much easier to
spend
 money. With just a few taps on your smartphone, you’d have made a purchase and the item will be at your doorstep within a few days. What’s worse, targeted ads pop up almost everywhere we go online, tempting us to impulsively purchase things we don’t actually need.

Combine those with the rising cost of living, it’s no wonder why saving money is becoming more difficult. One option that you can consider to help put your savings plan back on track is an endowment plan, a savings-based insurance policy that offers competitive guaranteed returns while providing you with basic insurance protection.

For example, the new eSaver by AXA is an affordable endowment plan that offers guaranteed cash endowments, a lump sum guaranteed maturity benefit of up to 105% at the end of the policy, and basic life insurance protection.

Let’s take a look at how an endowment plan such as eSaver by AXA helps you kickstart your savings plan.

Disciplined Savings

Most people save money in a bank account or in a fixed deposit, as those are the most convenient options. But this convenience also means the funds can be easily withdrawn if you wish to do so. On top of that, even the best fixed deposit accounts right now don’t offer meaningful returns that can beat inflation rates.

An endowment plan encourages you to save in a disciplined manner through regular premium payments within a policy term and rewards you for it. As such, it helps you grow your savings while also giving you pretty competitive returns as well as basic insurance protection. Like other insurance plans, premiums can be set to be auto debited from your savings account, so this can automatically allocate a portion of your salary for savings.

With eSaver by AXA, policyholders are free to opt for any premium amount from RM500 to RM24,000 (in multiples of RM100) per year to start saving, making it a relatively affordable option. What’s more, this five-year policy has a four-year premium payment term, which means you only pay for four years but enjoy further guaranteed cash endowment (GCE) in the fifth year alongside the death coverage.

Guaranteed Cash Endowments Annually Plus Lump Sum Payout

With an endowment plan, you’re required to pay a fixed amount regularly over a period of time and at the end of the policy term, you will receive a lump sum payout of the total premiums paid plus an additional lump sum bonus. In between, policyholders will also be rewarded with GCE amounting to a percentage of the annual premium paid.

What’s more, eSaver by AXA’s GCE increases every two years, with a maximum 8% of your annual premium on the fifth policy year.

Guaranteed Cash Endowments
End of Policy Year
1
2
3
4
5
% of Annual Premium
2%
2%
4%
4%
8%

As for the lump sum payout, it will be distributed upon the policy’s maturity at the end of the fifth year, of up to 105% of the total premium paid.

To illustrate, if a policyholder opts to save RM12,000 a year with eSaver by AXA, he or she will earn RM2,400 in GCE (paid out at the end of each policy year), and a lump sum payout at the end of the policy of up to RM50,400 (RM48,000 savings and a 5% bonus). In total, eSaver by AXA would pay out RM4,800, as compared to RM4,652.84 in a theoretical 12-month fixed deposit at a rate of 2.5% p.a.

Financial Protection For Loved Ones

An endowment plan also provides basic insurance protection, providing your loved ones with a lump sum payout if you pass away within the policy period. eSaver by AXA provides coverage for death whereby your nominee will receive up to 108% of total premium paid in the unfortunate event of your demise. It also offers guaranteed acceptance which means that everyone can start saving without the hassle of answering medical questionnaires or a medical check-up.

However, it must be noted that this is only a basic life protection policy, so it is best to have a separate life insurance plan with a death benefit that matches your income and lifestyle.

***

Now that you’ve learned more about an endowment plan, you can consider it as a viable way to kickstart your savings plan with high-interest returns while getting some insurance protection. We know that many of you may still be wary of leaving your home and are practising social distancing measures, so here’s another bit of good news: you can sign up for eSaver by AXA digitally from anywhere and start saving with guaranteed returns today.

Find out more about eSaver by AXA.

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    Yaw

    1 year ago

You illustrate 5 yrs payment of rm12000 with total return of rm63000(+ 5% bonus). Isn’t this plan required to pay for 4 yrs only?

I wish to subscribe but i am confuse. Pls enlighten me.

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    Pang Tun Yau

    1 year ago

    Reply to

        Yaw

Hi Yaw, you’re right – the payment term is only for four years. We will amend the error – thanks for pointing it out!

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Economic Stimulus Package 2020: RM100 Travel Vouchers And RM1,000 Tax Relief For Domestic Travel

The government will be carrying out several initiatives targeted at stimulating the tourism sector under the Economic Stimulus Package 2020. These include RM100 travel vouchers for Malaysian citizens and a personal income tax relief of up to RM1,000 for domestic travel.

Each Malaysian citizen will be given a digital voucher worth RM100 for use on domestic travel in the country. According to Tun Dr Mahathir Mohamad, the voucher can be used on domestic flights, train travel, and stays in licensed hotels in the country. The government will also be provided a matching grant to promote tourism. A total of RM500 million has been allocated for this initiative.

To further encourage domestic travel in the country, a personal income tax relief of up to RM1,000 has been announced for domestic travel expenses. Lastly, the government will also be lifting the limitations on the use of hotels for government agencies.

In addition, the Government is also exempting the 6% service tax for hotels from March to August 2020. This means that Malaysians will save an extra 6% from their final bill when staying at domestic hotels.

The spread of the Covid-19 virus has hit the tourism industry of Malaysia hard and it is hoped that these efforts will go some way towards increasing the demand for local tourism amongst Malaysians.

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Jacie Tan

Jacie Tan

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AmBank Year-End Campaign Offers Up To RM60 Monthly Cashback

AmBank is currently running its Year-End Spend & Be Rewarded campaign, which lets Visa credit cardholders earn up to RM60 cashback per month, provided they meet a specified minimum cumulative spend requirement starting from RM1,000. Already ongoing, the campaign is slated to run for two months, ending on 31 December 2022.

Open to all AmBank and AmBank Islamic Visa credit cardholders, the campaign offers tiered cashback rewards of up to RM60 based on the cumulative amount spent on your Visa card in a month, as indicated below:

Cumulative monthly spending
Cashback reward awarded
Total allocation per month by AmBank
≥ RM1,000
RM20
RM55,000
≥ RM3,000
RM40
RM80,000
≥ RM5,000
RM60
RM65,000

Total
RM200,000

Only retail spend made for personal consumption are eligible for this campaign. Transactions such as ongoing monthly instalments under existing easy payment plans, corporate bill payments and GIRO transactions, as well as cash advances do not qualify.

Note as well that each cardholder is only allowed to win one cashback reward per campaign month, capped at RM60 and provided on a first-come first-served basis. This means you can technically win a maximum of RM120 cashback throughout the whole campaign if you meet the requirement for both November and December.

Campaign winners will receive their cashback rewards in their credit card account within six to eight weeks from the end of each campaign month. Finally, AmBank also clarified that eligible cardholders are not required to take any special steps to register their participation for the campaign. Instead, they will be automatically enrolled if they qualify.

(Source:
AmBank
)

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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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5 Questions to Ask Yourself Before Applying For Credit Card

A credit card to some is a convenient way to pay and afford things you wouldn’t usually be able to. But to some others; it’s an evil tool of oppression used by banks to keep us in a hock for life. The truth is; it can be any one of these things but the real decider is the user. Will you use your credit card to your benefit or your ruination? It’s really up to you.

If you have to decided to give this little plastic friend a go; we recommend asking yourself these questions.

1. What are my reasons for wanting a card?

Before applying for one, it’s important to realise the purpose of having a credit card. For the most part, the most obvious reason is to afford you ease of payment and an added credit line if you need it. Additionally, you could choose to get one based on it’s perks and rewards. But what do you want your credit card for? If it’s just to buy a new RM3,000 handbag or Playstation; you may want to reconsider. If your reasons are solely for enjoyment and leisure; it won’t be long before you run up a bill you can’t repay.

2. Do I qualify for a card?

Wanting a card is one thing but being able to get one is another. Bank Negara issued guidelines in 2011 limiting the number of credit cards you can hold at a salary of RM36,000 per annum. However, banks have also increased the minimum salary requirement per year to RM24,000 even for baseline cards. This is the bare minimum and many times; you may not qualify if your overall credit rating is bad or if you’ve been a bad paymaster.

Making a list of your monthly expenses give you an idea on how much can you afford each month. If you have other loans payments to make each month such as mortgage loan, PTPTN loan, or car loan, you need to make sure that you can afford to pay off a credit card bill. Because even if you don’t calculate this; the banks will before they approve your card and credit limit.

3. What kind of card do I need for my lifestyle?

Credit cards come in so many variants these days. But knowing your lifestyle and spending habits will help you choose the best one for you to reap maximum rewards. Reward cards are fun for those who enjoy collecting points and scoring attractive gifts or rebates, travel miles and shopping vouchers. If you’re the cash loving kind (but really, who isn’t?) you might prefer a true-blue cashback card.

If you only use credit card for emergencies, you should probably consider the card with ‘evergreen’ points and one that is free for life. The cards requiring swipes to waive annual fees may not be the best idea.

You’ve decided on the objective of having a credit card at question one so now it’s time to do research based on this need. Or you could just check out
our card comparator
 where we did the work for you (and score cool freebies while you’re at it).

4. Should I get another credit card?

Thinking of getting a second credit card? If you plan to have one for emergencies and the other for daily use, you’re definitely in the majority. However, can you resist overspending with the availability of two credit cards? If you are ready; make sure they are both without annual fees as you don’t want to increase the cost of having two cards.

Getting two cards also mean that you need to be extra careful in choosing. You want the two best able to complement each other and give you a full round of benefits.

5. What are other charges that I should be aware of?

The amount you spend isn’t the only thing you will be seeing on your total bill. There are many other fees involved such as interest fees; late fees and annual fees. You can opt for a card with zero annual fee but there will still be interest charges and other fees. These charges can add up over the years so do try to hold off using your cards unnecessary or carrying a revolving balance.

Want to get your new card super fast and hassle-free?

Try our Xpress Apply service. Tired of queuing at the bank and pushy sales people? We’ve made it easier for you. When you’re ready to sign up for a credit card, apply
through Xpress Apply
 for easy breezy applications plus the chance to score with freebies and other credit card sign-up promotions.

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Economist: Malaysians To “Work Until The Day They Die” If More EPF Withdrawals Allowed

(Image: The Sun Daily)

Economist Prof Dr Barjoyai Bardai has claimed that Malaysians will need to work beyond the retirement age of 60 if the government permitted another round of Employees Provident Fund (EPF) withdrawals. In fact, they may even need to work until the day they die, especially those who fall under low-income groups, he said.

Barjoyai highlighted data from the EPF to support his statement, saying that as it is, 6.1 million EPF contributor under the age of 55 – or almost 50% of contributors – have savings of less than RM10,000 for their retirement. Even assuming that they are able to earn between RM15,000 to RM20,000 by the time they retire, Dr Barjoyai questioned how long the amount will be able to sustain contributors.

“Considering this, it appears that the EPF scheme has failed in its objective to provide protection to contributors when they retire. Looking at the present situation, the contributors won’t be able to retire at the age of 60. They will all have to work until the day they die or else they won’t be able to eat,” said the economist.

(Image: Focus Malaysia)

In light of that, Barjoyai asked if the government is willing to bear the consequences if another EPF withdrawal were to be allowed. He also emphasised that it is not possible for contributors to increase the amount in their funds on their own within a short period.

“They [the contributors] will fall into old-age poverty after retirement. Malaysia is expected to be an ageing population by 2030 and given the state of the EPF savings our contributors have today, we will likely see more poor old people by then,” said Barjoyai.

To alleviate the situation, Barjoyai suggested that the government could introduce specific schemes that cater to current problems faced by the contributors instead of allowing more EPF withdrawals. “Take the current flood crisis for example. If there are 100,000 flood victims and the government allocates RM100,000 to each family, the government will have to allocate RM10 billion. But, as we know, the total flood victims are only about 30,000 so the government can spend less than RM10 billion,” he said.

Additionally, Barjoyai said that the government can also consider providing loans to contributors for investments. This way, they can earn enough money by the time they retire to repay the loans that were given as well as to provide for themselves.

(Image: Malay Mail/Shafwan Zaidon)

Between 2020 to 2021, the government introduced a total of three withdrawal facilities – i-Lestari, i-Sinar, and i-Citra – to allow Malaysians to withdraw from their EPF funds (Akaun 1 and 2) so that they can cope with the financial burdens brought on by the Covid-19 pandemic. This resulted in a total withdrawal of RM101.1 billion, and
left many EPF contributors with insufficient nest egg to survive in their golden years
.

Meanwhile, several parties have also recently begun calling for the government to allow another round of EPF withdrawals following devastating floods across the country. The EPF, however, has pushed back by saying that this could cause an
“erosion of trust” that will ultimately affect the country’s capital markets
. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz also reminded that the
EPF should not be seen as a solution to every challenge faced
.

(Source:
New Straits Times
)

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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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    Hafiz

    1 year ago

Also possible to die because of working hard  to escape poverty. Rich people dont need to think or consider this when they are still alive since they earn enough.

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American Express Preferential Discounts at Cedar on 15

American Express cardmembers are offered a 25% discount on food and beverage spends at the elegant Cedar on 15 at Impiana Hotel, KLCC.

Prior reservation is required and subject to availability. Call 03-2147-1111 (ext 3711/3320) to make a booking.

Want an American Express Credit or Charge card?
Apply online at RinggitPlus.com
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Minister: Government To Ensure Inflation Rate Remains Low, Manageable

(Image: Utusan Malaysia)

Communications and Multimedia Minister, Tan Sri Annuar Musa has stated that the government will strive to ensure that the country’s inflation rate remains low and manageable. This will be achieved through the newly formed task force, Jihad Tangani Inflasi.

“We are also giving assurance that we will continue taking a proactive approach to control and keep the country’s inflation at a low and manageable rate,” said Tan Sri Annuar, who is the chairman of the task force. He added that the new task force will also monitor the prices of any goods and services that may contribute to the rise in the inflation rate, aside from chicken, eggs, and cooking oil.

Tan Sri Annuar also emphasised that Malaysia’s inflation rate (2.8%) remains among the lowest in the world despite the increasing inflation rates globally. “Perhaps many do not realise that this was the result of the government’s commitment in implementing the price control measure, especially for essential goods with the government providing some subsidies,” he commented.

(Image: The Star/Izzrafiq Alias)

The minister further noted that the formation of the special team will increase cooperation among various agencies, and that the current team may be expanded should the need arise. “The special task force’s main task is not limited to the members’ ministries as more ministers would be invited into the task force if there are issues relevant to them,” he said, adding that they may also consult other entities such as Bank Negara Malaysia (BNM), Polis Diraja Malaysia (PDRM), and a group of experts.

Finally, Tan Sri Annuar reiterated the government’s commitment in ensuring that Malaysians are not financially overburdened in the current economic climate. “In Parliament last year, the government has approved subsidies totalling RM33 billion for 2022, but looking at the trend of price hikes, the MOF (Ministry of Finance) had projected the
actual subsidies to be over RM70 billion
,” he said.

To note,
 Jihad Tangani Inflasi
 was formed by the government two days ago as a special task force to address the rising cost of living in the country. Helmed by several officials, the team is responsible for drafting strategies and coordinating efforts in resolving issues pertaining to inflation.

(Source:
Malay Mail
)

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The 4 Different Types of Homeowners and The Home Insurance Coverage They Need

Insuring your home might be mandatory when you take out a home loan, but it’s also for that warm and fuzzy feeling of security you get when you know that your home (and perhaps everything in it) will be well looked after for years to come.

But, that doesn’t mean you should buy the first home insurance policy offered to you. Some don’t even know that there are different types of home insurance coverage available in the market and there’s no need to get every type!

Have a look at these most common types of homeowners in Malaysia and the recommended home insurance coverage for each of them, and decide which type of homeowner resonates with you most!

1. The Frugal

Do you care more about saving money than spending on a new sofa set? Then, you, my friend, are one of the Frugal homeowners! That means you are among many who prefer to save as much money as possible without compromising on the value of the protection you get.

If you’re looking to give your home the protection it needs without breaking your budget, opt for a
Houseowner Policy
 with sufficient coverage to cover your home against external damages. Now, some of you may ask why you shouldn’t just get a Basic Fire Policy, considering it’s usually cheapest home insurance policy in the market.

The answer is;
a Basic Fire policy would only cover the costs of the damages done to your (insured) property if they’re caused by fire, lightning, or explosion
. In other words, if your home suffers damages from anything other than the aforementioned (such as a flood) events, you’ll have to fork out the cost of your home repairs from your own pocket – which means you could potentially lose more money in the future than paying for a sufficient home insurance coverage.

On the other hand, most
Houseowner policies offer coverage against a wider range of damages
; this includes flood, impacts, burst pipes, and more depending on the policy. With a Houseowner policy, your home will be better protected and you won’t have to worry about the costs to repair your home should a flood or typhoon hits your residential area.

If you’re still paying for your home loan, it’s also recommended for you to add
mortgage loan installment protection to your home insurance policy
. This helps cover your monthly home loan repayment in the event you need to evacuate your home (due to insured events), accidental death, or total permanent disability.

It might add to your home insurance premium a little, but it gives valuable additional coverage for your mortgage loan installments. It could even be the reason that keeps you from losing your home.

2. The Newlyweds

The Newlywed homeowners are, well, the newly wedded couples. In most cases, the newlyweds are also first-time homeowners who would often share the costs of owning a home. With their combined income (assuming they both have an income source), newlyweds should be able to afford a more comprehensive home insurance coverage to better protect their new home.

If you aren’t familiar with tool boxes and general home maintenance activities, it’s recommended for you to purchase a
home maintenance coverage
 together with your Houseowner policy. This is because while it’s important to have coverage against possible external damages on your property, it’s also important for you to
have protection for the costs of your home maintenance
 – such as burst pipes or faulty electrical sockets.

Besides, getting professional technicians to carry out the repairs will be worth it. You certainly don’t want to be risking personal injury or further damage to your property, especially if you’re not familiar with what needs to be done when it comes to home maintenance.

It also makes sense for you to add mortgage loan installment protection coverage to your home insurance if you’re still paying for your home loan – it’s better to pay a little extra and ensure that your home loan installments are well looked after than lose your home.

3. The Collectors

If you love collecting valuable paintings, quality furniture or have a collection of expensive watches and handbags at home, you probably identify most with the Collector homeowners.

The easiest way to know if you are a Collector homeowner is by asking yourself this question; ‘Do I have valuable items in my home I need to insure in case they get stolen or damaged?’. If the answer is yes, then you should consider getting a
Householder (or home content) coverage
 on top of a Houseowner coverage.

This combined protection ensures that you’ll never have to worry about the costs of the damages done to your home and the contents of your home in case of a fire, burglary, or even natural disasters.

4. The Landlords

This one is pretty straightforward; are you renting out your spare room or property? If yes, then join in the Landlord homeowners club!

As a landlord, you’ll need the additional
landlord insurance policy
 on top of your Houseowner policy. This covers you against potential damages inflicted onto your property by tenants, liabilities (in case your tenant suffers injuries due to damages or malfunctions in your property), as well as covers the loss of your rental income if the tenant decides to go AWOL on you.

On the same note, it also makes sense for you to add home maintenance policy to your coverage for both your and your tenant’s benefit. It gives you the peace of mind knowing that the professional technicians will take care of the property’s maintenance should anything (that is insured) breaks down.

So, Which Homeowner Type are You?

Do any of these types of homeowners sound like you? Of course, these are only some of the many types of homeowners out there, but the point is you need to assess your needs very carefully before committing to a home insurance policy.

Having unnecessary coverage will only add to your premium, which will only weigh your finances down. Don’t be afraid to ask questions, and start learning what is right for you.

How do You Customise Your Home Insurance?

Getting the right home insurance coverage isn’t easy, that’s why you should consider a customisable home insurance product such as the
Allianz Smart Home Cover
. It’s the
first fully customisable home insurance product in Malaysia
 which allows you to choose your coverage based on the below options:

● HomeOwner – covers your residential building from damages.

● HouseHolder – covers the contents of your home.

● Mortgage Loan Installment Protection – covers your home loan repayments when you can no longer pay them.

● Home Fix – covers the costs of your home repairs and maintenance.

● Landlord Insurance – covers you, as a landlord, from tenants in case of damages or disappearing without paying rent.

You can pick and choose the coverage above according to your needs and budget, and if you’re unsure, the experts at
Allianz
 can help guide you towards getting the perfect home insurance coverage to protect your home. Learn more about the Allianz Smart Home Cover by going to their
website
 and get the perfect protection for your home today!

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Things You Didn't Know Mobile Banking Apps Could Do!

Everything you need is literally in the palm of your hand, and we’ll show you exactly how mobile banking applications have revolutionised the way we manage our money. Let’s take a look!

Pay Anyone, Anytime, Anywhere!

So you’re paying for dinner with friends and decide to go Dutch. But you left your wallet at home! Wouldn’t it be great to just whip out your phone and instantly transfer your funds to your friends who had to cover your share of the bill?

With the new RHB Now Mobile Banking app – you can! The RHB Pay Anyone™ feature on the mobile banking app allows you to transfer cash almost instantly to anyone, at any time, and from anywhere. The best part is, the receiver need not have an RHB account for this to take place.

Your options for this instant cash transfer are simply to key in your buddy’s mobile number into RHB Pay Anyone™, or just go with his email address or through Facebook!

As a security measure, the bank requires the sender to communicate a secure password to the receiver. Not bad at all, right? Convenient and safe, all with just a few simple clicks – no kidding!

Access to Exclusive Lifestyle Privileges and Promotions

The ‘Lifestyle Privileges’ feature in the RHB Now Mobile Banking app on the other hand is your one-stop online shopping champion. This feature finds the best promotions and offers that cater to any lifestyle. On top of that, RHB Now customers will get exclusive access to smashing deals and discounts that no other online shopping platform can match.

Purchasing the products or services can also be done easily through the app, since the costs will simply be deducted directly from your associated Current or Savings Account (CASA). Once purchased, you can input any address you want your items to be sent to! Handy.

Take Care of Bills and Commitments With Ease

Wouldn’t it be helpful if your mobile banking app could help you pay your bills so you don’t have to pay for multiple standing instructions? RHB’s app has revolutionised this process with the ‘My Favs’ feature that allows users to add a list of preferred favourites on top of existing ones. Think of it as speed dial, but for all your favourite transactions.

This feature comes with an all-new search bar that makes navigation through multiple billers that much easier – it’s almost impossible to miss a payment ever again!

The new RHB Now Mobile Banking app also has a dynamic user interface that makes keeping track of transactions with immediate fulfilment a whole lot easier.

Modern Banking Marvels!

At first, it was just loads of time that we saved; now, it is truly possible to save some money through the use of these incredible mobile banking apps that redefine internet banking.

All you need is a smart phone and these ingenious pocket companions will take care of the rest – now that’s what we call convenience at its best!

Now that we have piqued your interest with some cool features, try out the RHBNow app on
Google Play
 or
iTunes
 and find out what you have been missing out on!

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Merchantrade Money Will Soon Increase E-Wallet Capacity To RM20,000

Merchantrade’s multicurrency e-wallet, Merchantrade Money, will soon have double the wallet size after the payment solutions company announced that it has successfully obtained approval from Bank Negara Malaysia (BNM) to increase its wallet size from RM10,000 to RM20,000.

According to the founder and managing director of Merchantrade, Ramasamy K Veeran, the increase is another major achievement as the company strives towards promoting a cashless society.

“We’ve seen a pattern in the way our customers use our e-wallet, they tend to convert and store for their travels, and this will certainly give them more convenience and flexibility,” said Veeran.

(Image: Digital News Asia)

Launched in January 2018, Merchantrade Money is a Visa-enabled multi-currency e-wallet that comes with a prepaid card. It lets you conveniently buy and sell up to 20 foreign currencies at a locked-in rate through the e-wallet. You can also use the service to conduct card-to-card money transfers, as well as withdraw cash from Visa-enabled ATMs around the world at a locked-in interest rate.

Merchantrade has also
recently received the nod from BNM
 to introduce the Electronic Know Your Customer (eKYC) technology to its money-changing services. This makes for a convenient and seamless experience when signing up for a Merchantrade Money account as you will no longer need to visit a Merchantrade counter to set things up.

(Source:
FintechNews Malaysia
)

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MyPay Gets Its Own E-Wallet To Expand Its E-Payment Services

MyPay, a digital service platform by Dapat Vista (M) Sdn Bhd, has launched its own e-wallet in collaboration with Bank Islam and Fass Payment Solutions. It also aims to expand the use of MyPay for loan repayments and investments by the National Higher Education Fund Corporation (PTPTN).

To clarify, MyPay is a one-stop digital platform that brings together the services of more than 300 government agencies. According to Dapat Vista, which is better known for its government-linked SMS services, MyPay makes it easier for the Malaysian public to search for information, check their statuses, and pay for government services. By including a new e-wallet function, it will further increase the convenience of MyPay’s usage, and also aligns with the government’s vision to enable the rural and suburban communities to become more digital.

“The e-wallet integration into the MyPay app effectively powers innovation among what is known as the B40 class. With the recent approval from Bank Negara Malaysia to allow our e-wallet to transact with a significantly higher limit, MyPay users can have access to financial facilities which they otherwise would not have been able to, thereby promoting financial inclusion,” explained the chief executive officer of Fass Payment Solutions, Chris Leong.

The chief executive officer of Bank Islam, Mohd Muazzam Mohamed shared a similar sentiment. “Through MyPay, Bank Islam will be able to leverage on Dapat Vista’s expertise in the digital space and transform our business by enabling us to reach a wider range of network, including the unbanked and underserved,” he said. MyPay is not the first collaboration between Bank Islam and Dapat Vista; prior to this, they have already worked together to launch
eJamin
, a digital bail posting solution for the courts.

Meanwhile, PTPTN’s partnership with Dapat Vista has seen the government institution recently utilising the app’s mobile payment system for its education loan repayments and Skim Simpanan Pendidikan Nasional (SSPN) savings. Before this, PTPTN collaborated with Dapat Vista for government’s mySMS 15888 SMS initiative to provide SMS checks for student loan balances. As Dapat Vista evolved from messaging solutions to mobile payments via MyPay, PTPTN also made the transition together with them.

“We are pleased to partner with Dapat Vista in this venture to encourage consistent payment and deposits among PTPTN borrowers and SSPN depositors. MyPay is an efficient e-payment service that gives convenience to our customers,” said the chief executive officer of PTPTN, Ahmad Dasuki Abdul Majid.

Note, though, that the
e-payment service for PTPTN via MyPay
 isn’t actually new; it has already been available since the app’s initial launch back in August 2019. This is in addition to other transactions and processes that can be performed, such as paying for your traffic and council summonses as well as taxes.

YB Dato’ Sri Mustapa Mohamed, a minister from the Prime Minister’s Department (Economy) who was present at the launch of MyPay’s updated e-payment services, further added that he hoped such public-private partnerships can help push the government’s digital transformation agenda further. This is especially so for the rural and suburban (B40) communities so that they don’t get left behind.

You can head on over to
MyPay’s website
 to find out more about the app. MyPay is available for download on
Google Play
 and the
App Store
.

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Alex Cheong Pui Yin

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BNM Issues Two Commemorative Coins In Conjunction With APEC 2020 Meeting

Bank Negara Malaysia (BNM) has issued two commemorative coins in conjunction with the Asia Pacific Economic Cooperation Meetings 2020 (APEC 2020) that were held in Malaysia. The two coins – the coloured silver commemorative coin and the Nordic gold brilliant uncirculated (BU) commemorative coin – were launched on the APEC Economic Leaders’ Meeting, held on last Friday (20 November 2020).

In its statement, BNM said that the coloured silver commemorative coin is made of fine silver with 99.9 purity, weighing at 31.1g. It has a face value of RM10, and there will only be 1,000 pieces of this coin available – each of which is sold at RM253 per piece.

Meanwhile, the Nordic gold (BU) commemorative coin is primarily made of copper, with a matte finish. It weighs 8.5g, and has the face value of RM1. In terms of quantity, BNM will mint 15,000 pieces of the Nordic gold (BU) commemorative coin, available at the price of RM13.20 each.

Design-wise, both coins are minted with two contrasting surface techniques using advanced laser technology and digital frosting to create the effect of a rainbow. BNM said that this is the first time such techniques have been used for Malaysian coin issuances.

Aside from that, the obverse side of both coins also features an artistic representation of 21 human figures to symbolise the collaboration of 21 APEC economies in sustaining the growth and development of the region. The name and theme of the commemorated event – “Asia Pacific Economic Cooperation 2020” and “Optimising Human Potential Towards A Future Of Shared Prosperity”, respectively – are engraved along the circumference of the coins as well.

The reverse side of the coins, on the other hand, displays a decorative floral element of songket motif along with the face value of the coin. The official logo of APEC 2020 is also stamped on this side of the coins.

While both the coloured silver commemorative coin and the Nordic gold (BU) commemorative coin can be purchased individually, it is also possible for the Malaysian public to get them as a set. Priced at RM308 per set, there are 750 sets available. However, the central bank also said that it will impose a purchase limit for these coins.

“To provide a fair opportunity for members of the public to buy these limited edition coins, there will be a purchase limit, with each customer allowed to purchase a maximum of a set of two, a coloured silver coin (proof), and up to five Nordic gold (BU) coins. In the event of oversubscription, balloting will take place,” said the central bank, adding that further information on ordering, payment, and delivery will be provided soon.

You can find out more about the two new APEC 2020 commemorative coins on
BNM’s website here
.

(Source:
Bank Negara Malaysia
)

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Stand To Win The Latest iPad, A Nintendo Switch, Redmi A9 & More This Week

Fantastic rewards await you on Unbox This Week – with gifts ranging from the latest iPad to Nintendo Switch and fitness watches!

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

From 21 to 28 November 2022, our featured bank partners are

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

Citibank – iPad A14 Bionic (2022 Model)

This week, you could win the latest 2022 model of the iPad! Designed to push boundaries, you could illustrate, play games, watch movies, collaborate on work, edit videos and more, all within one device. The iPad OS makes it easy to quickly switch between different apps at once, maximising productivity altogether.

If you’re not one of the 10 lucky winners to take home the iPad, you’ll still be guaranteed RM600 Touch ‘n Go eWallet Credit.

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

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

HSBC Bank – Nintendo Switch OLED Model

Solo or multiplayer, playing on the Nintendo Switch promises a gaming experience unlike any other. Stand a chance to win the Nintendo Switch OLED Model when you apply and spend with a HSBC credit card!

You’re bound to enjoy the new system, which features a vibrant 7-inch OLED screen, a wide adjustable stand, a dock with a wired LAN port, 64 GB of internal storage, and enhanced audio.

Don’t worry if you don’t win the Switch because you’ll still take home another awesome reward, a pair of Apple AirPods that you can use to listen to music, podcasts, audiobooks, and more.

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

Public Bank – Redmi 9A

There’s always something we could do with an extra phone. This week, you could be one of the 10 lucky winners to take home a Redmi 9A!

The Redmi 9A has a large 6.53″ display and a 5000mAh battery that will last you up to 34 days of standby. On top of that, you can take insta-worthy photos with the phone’s 13MP AI Camera or AI Beautify Selfie Camera.

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

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

Standard Chartered Bank – Suunto Spartan Trainer Wrist Watch

This week, you could win the Suunto Spartan Trainer Wrist Watch which you can make as your health and fitness buddy! The watch comes with a variety of helpful features such as optical heart rate tracking, activities monitoring, sport modes, and more.

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

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

Alliance Bank – Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit2

Apply for a new Alliance Bank Credit Card and get a Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit2!

When you apply for an Alliance Credit Card with Balance Transfer, you are guaranteed to receive the Xiaomi Smart Band 7 Pro, an attractive fitness watch with a 1.64″ rectangle AMOLED display, a 12-day battery life, and more.

On the other hand, you’ll be guaranteed the stylish Samsung Galaxy Fit2, which has a 5ATM certification up to 50m, an optical heart rate sensor, and more when you apply for an Alliance Credit Card.

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

***

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

While this week’s flash deal ends on 28 November (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Not All PLUS Highway Toll Plazas Will Support RFID, So Keep Your Physical TNG Card Sufficiently Loaded!

(
Image: The Star
)

While PLUS has announced that it will be implementing the Touch ‘n Go Radio Frequency Identification (RFID) technology for selected toll plazas starting 1 January 2020, road users should take note that this is applicable to only 10 of the company’s open-system toll plazas and not yet available on the 83 closed-system toll plazas, which makes up a majority of the North-South Expressway.

What it means is that you will still need to pay for most of your toll transactions this New Year and upcoming Chinese New Year with a Touch ‘n Go card or the SmartTAG system when driving through PLUS-operated highways. This will continue until early April 2020 when PLUS expands the RFID payment system to the remaining closed-system toll plazas. So, do ensure your Touch ‘n Go card has sufficient balance, as TNG top up lanes on PLUS highways were officially removed since 5 November this year.

So, where can you enjoy the convenience of the RFID payment system at the 10 open-system toll plazas on PLUS-operated highways? Here are all ten:

Jitra (North-South Expressway)

Lunas (Butterworth-Kulim Expressway)

Kubang Semang (Butterworth-Kulim Expressway)

Penang Bridge

Mambau (Seremban-Port Dickson Highway)

Lukut (Seremban-Port Dickson Highway)

Kempas (North-South Expressway)

Perling (Linkedua Highway)

Lima Kedai (Linkedua Highway)

Tanjung Kupang (Linkedua Highway)

Finally, note that this service is currently extended only to Class 1 private vehicles. Class 1 vehicles encompass automobiles with two axles and three or four wheels, except for taxis.

(
Image: Ezna Khalili
)

These ten highways operated by PLUS is part of a larger pool of
62 open-system toll plazas that supports RFID payments from 1 January 2020
. Our advice? If you are unsure of your upcoming trip’s exit toll plaza, just play it safe and top up your physical Touch ‘n Go card beforehand. It’ll be much less of a headache come April 2020 (hopefully).

The RFID payment system
 essentially utilises a sticker embedded with a radio frequency chip, which is linked to your Touch ‘n Go eWallet. LLM sees the RFID payment system as Malaysia’s first step to realising the Multi Lane Free Flow (MLFF) system, which allows free-flow high-speed tolling for highway users, thus eliminating the need for toll booth barriers. The MLFF system is expected to be carried out over the next three years.

(Source:
The Star
,
Paul Tan’s Automotive News
)

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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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Affin Bank Launches Digital Bank A1addin To Cater To Digital-Savvy Customers

Affin Bank has rolled out its digital bank proposition, A1addin, which aims to provide customers with the convenience of a fully digital banking experience. It is targeted at the digital-savvy generation, who often prefer to fulfil their banking needs at anytime and anywhere without having to visit a bank branch.

According to Affin Bank, its new digital bank will allow both individual and business banking customers to access various products and services 24 hours every day, as long as they have a smartphone and internet access. Among other things, you will be able to open and access your bank accounts within minutes without having to visit any of Affin Bank’s branches. There is also an upcoming feature where you can choose to own a modern-designed A1addin debit card or go totally cardless.

Other services provided by A1addin include being able to transfer money and make JomPAY bill payments instantly, as well as perform cashless transactions via QRPay. You wil also enjoy preferred rates, lower fees, and various banking promotions that will be featured in the A1addin digital bank app once you’ve downloaded it and signed up.

If you’re interested in registering for an A1addin account, you will need to be a Malaysian citizen residing within the country who is aged 18 years old and above. On top of that, you must have the new MyKad (containing the 80K chip and a ghost image), as well as a savings or current account with another Malaysian bank. The registration process will then require you to carry out the standard electronic Know Your Customer (eKYC) procedure, including a selfie verification.

Current Affin Bank customers who do sign up for A1addin should also note that the A1addin account is not linked to their existing Affin Bank accounts; it is a separate entity altogether. Accordingly, A1addin bank accounts cannot be accessed via the AffinOnline internet banking portal.

During the launch of A1addin, the president and group chief executive officer of Affin Bank, Datuk Wan Razly Abdullah Wan Ali said that the pandemic has vastly accelerated the demand for digitalised product offerings, as shown by the uptick in online transactions during the movement control order (MCO) period. “With our new digital banking proposition, the bank will be ready to embark and move towards the Internet of Things (IoT),” he said, adding that A1addin’s tagline of “A Touch of Wonder” signifies its desire to bring a wonderful customer experience.

Customers who wish to check out Affin Bank’s A1addin can download it for free from
Google Play
 and the
App Store
.

(Sources:
Affin Bank
,
New Straits Times
)

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UOB Launches New Lady’s Savings Account, Offers Complimentary Female Cancer Takaful

UOB Malaysia has launched the UOB Lady’s Savings Account, the first and only financial solution for women in Malaysia that combines a savings account with complimentary takaful coverage for six female-related cancers. The coverage is offered in partnership with Prudential BSN Takaful Berhad.

The UOB Lady’s Savings Account includes coverage for cancers of the breast, cervix uteri, uterus, fallopian tube, ovary, and vagina/vulva. In the event of diagnosis of one of these cancers, the accountholder may receive 100% of the sum covered; in the event of death, a benefit of 10% of the sum covered is given.

The complimentary coverage is based on the monthly average balance (MAB) that has been maintained over the past month. A minimum MAB of RM20 must be maintained to qualify for the coverage and maximum sum covered is RM200,000.

Previous month MAB

Sum covered

RM20 – RM10,000

RM1,000

> RM10,000 – RM50,000

RM20,000

> RM50,000 – RM100,00

RM100,000

Above RM100,000

RM200,000

Additionally, the UOB Lady’s Savings Account comes with annual health screening benefits for accountholders who maintain a MAB of RM20,000 for the last six months. The higher your MAB, the higher the value of the health screening voucher offered. This complimentary health screening is also transferable to the accountholder’s parents, spouses, or children.

“As more women enter the workforce each year, they wear many hats; they might be managing their careers, running a business, taking care of their ageing parents or running the household. Having to juggle several responsibilities, women tend to place their own financial and health well-being lower on the priority list,” said Ronnie Lim, Managing Director and Country Head of Personal Financial Services (PFS), UOB Malaysia.

“Recognising the need for women to prioritise their own well-being even as they care for others, we designed the UOB Lady’s Savings Account to help our female customers safeguard their financial future and health,” he said.

The UOB Lady’s Savings Account offers the complimentary cancer coverage to those aged between 19 and 61 years old. The account comes with an interest rate of 0.25% p.a. for balances up to RM100,000 and 0.75% p.a. for balances above RM100,000. For further information on the UOB Lady’s Savings Account, including its
numerous sign-up offers
 and
more on the exclusions
 to the complimentary coverage, visit the
official UOB website
.

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Bank Islam Lays Down Groundwork For Digital Bank

(Image: The Malaysian Reserve)

Bank Islam customers may soon look forward to Shariah-compliant products and services from a fully digital bank, following an announcement stating that the financial institution is now setting up the foundation for this initiative. The new digital bank will be built on a flexible platform that allows fintechs, digital marketplaces, and other strategic partners to plug in directly.

According to a statement by Bank Islam, this effort will be carried out through the bank’s new division, Centre of Digital Experience (CDX). It will also see the bank teaming up with three entities, namely Mambu, Experian, and Pod.

Specifically, Bank Islam’s engagement of Mambu – a software-as-a-service banking platform – will allow the bank to configure Shariah-compliant banking products. Meanwhile, leading global information services company Experian will deliver an electronic-Know-Your-Customer (eKYC) solution for customers’ digital onboarding of the products.

(Image: The Malaysian Reserve)

Finally, local fintech player, Pod, will assist Bank Islam in the development of new product offerings. In particular, CDX will work with Pod to explore banking solutions for customers who are commonly left out by financial institutions, such as gig workers.

The chief executive officer of Bank Islam, Mohd Muazzam Mohamed said that these partnerships aim to address the needs of the underserved segments. “The bank is confident that we can provide greater accessibility to the market by capitalising on digital technologies. At the same time, this effort will further spur the digital transformation of the financial sector, especially in the Islamic banking industry,” he added.

(Image: The Malaysian Reserve)

The co-founder and chief executive officer of Pod, Nadia Ismadi, also chimed in to say that the underserved segments, including gig workers, are struggling to save money and gain access to financial products – especially after the pandemic. “Thus, it is important that we lay the basic building blocks to deep dive into their financial needs in order to service these segments,” she said.

Meanwhile, the managing director of Mambu APAC, Myles Bertrand said that the company is delighted to work with Bank Islam on this initiative. He also emphasised that internet and mobile banking are key to unlocking economic development and financial inclusion.

Bank Islam said that the CDX solution is expected to be ready during the second quarter of 2021.

(Sources:
Bank Islam
,
Bernama
)

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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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People Who Make Money From Being on Facebook All Day

As more and more human interaction take place on social media, we are beginning to see the advent of a whole new generation of people who earn their keep from facebook postings. These people perform jobs that are so new that many may not even understand what they do.

Most of the people who make a living on Facebook and other social media platforms have no formal training and learn largely on the job. If you’re wondering who these people that seem to
have extremely fun jobs
 are, just read on below:

PewDiePie

PewDiePie
 or his real name, Felix Kjellberg is a Swediah Youtube personality who shot to fame with
his Youtube videos
 where he makes humorous and entertaining comments while playing video games. His channel now has in excess of 47 million subscribers and more than 10 billion video views since he started. He has signed with the multi-channel network The Makers Studio and has started his own content production company which generates an income of RM29million annually.

Brandon Stanton

You may not be familiar with his name, but you’ve definitely seen shared posts from his Facebook page ‘
Humans of New York
’. In 2010, Stanton lost his job and went around his city
taking candid pictures of the people there
 and posting up their stories or quotes. His Facebook page has since garnered more than 12 million ‘likes’ and has launched his career as a public speaker, book publisher, photographer, media personality and others. He earns mostly through the sales of his books, as well as other media projects.

Paul Tan

Closer to home, we have our very own automotive blogger
Paul Tan
 whose blog, Paul Tan’s Automotive News is the go to website for
everything related to cars
 and vehicles. Paul Tan started blogging way back in 2004 and is now the head of a renowned and trusted automotive social media news network with over 400,000 fans on Facebook. The social media accounts are now under the management of his company, Driven Communications Sdn Bhd with Tan himself as managing director.

Bangsar Babe

Sue Lynn
, who runs the Bangsar Babe blog is a proud resident of Bangsar and has lived there for most of her life. Her food and lifestyle blog has more than 500,000 followers on social media. Apart from her blog, she also runs a
social media marketing agency
 that runs campaigns on Facebook, Instagram and Twitter. She works with many local and international brands, effectively bringing them to the public eye.

Koby Conrad

22 year-old
Koby Conrad
 may not be famous, but he is the quintessential representation of how milennials are making money by being on Facebook. Conrad runs several Facebook pages like ‘The Hippy Bloggers’ that drives traffic to his
online store
 called the ‘Hippie Hope Shop’ selling a variety of products for the hippie lifestyle. This business model earns Conrad a whopping RM2.5million a year, more than enough to retire on when he reaches 30.

The working world will continue to evolve as time goes by with new advents of technology. We can scarcely imagine how people in the future can make money from doing things that are
considered a waste of time right now
. In any case, we hope this has kept your mind open on the many possibilities of earning money yet to come!

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

Image credits:
Official Gentleman’s Guide
,
Huffington Post
,
Digital News Asia
,
timchew.net
, and
Koby Conrad

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Survey: Most Malaysians Not Financially Prepared If MCO Is Extended

(Image: Tam Wai)

The majority of Malaysians are not financially prepared for an extended movement control order (MCO), according to a study by the Department of Statistics Malaysia (DOSM). Only 6.2% of survey respondents consider themselves to be less financially affected by the MCO.

More than half of Malaysians (52.6%) said that they were “severely affected” financially during the MCO period. 24.8% respondents scored themselves as “affected” during the MCO, whereas another 16.4% said that they were moderately affected.

Those working in multi-national companies (MNCs) and government-linked companies (GLCs) were considered the most prepared for an extended MCO period, with 63.8% of MNC employees and 55% of GLC employees saying they were financially prepared for an extension. However, only 18.1% of self-employed workers, 28.7% of employers, and 34.9% of private sector employees expressed a similar financial readiness to face an extended MCO.

In the matter of savings, it was found that MNC and GLC workers were also the best off, with 75.2% and 78.9% respectively having enough savings to last up to 4 months. Meanwhile, 71.4% of self-employed workers said that they only had enough savings to last less than 1 month. As for employers and private sector workers, 77.2% and 82.7% respectively said that they only had enough savings to last 2 months.

The study also found that once again, self-employed workers were hardest hit when it came to loss of employment and reduced income. Almost half of the self-employed workers surveyed had lost their jobs due to the Covid-19 pandemic, and almost 95% of self-employed workers reported a loss of monthly income.

A total of 168,182 participants aged 15 years and above participated in the
“Effects of Covid-19 on the Economy and Individual – Round 1”
 survey by DOSM.

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Kenanga Investment Bank Set To Launch Super App In Early 2023

(Image: The Star)

Kenanga Investment Bank Bhd has revealed that it is in the midst of conceptualising and developing a super app, which will provide users with access to a range of financial service products and options in trading. These include currencies, broking, investment, digital assets, as well as small and medium enterprises (SME) financing.

Slated for launch in the first quarter of 2023, the group managing director of Kenanga, Datuk Chay Wai Leong said that the super app seeks to present wealth management as a digital solution. It will cater to the needs of both Kenanga’s current base of high income and net-worth individuals, as well as a new base of mass-market customers and investors.

As such, the super app will offer simplified investments and small ticket size with short-term liquidity, and at the same time, be cost-sensitive as well. The new base of customers will also be able tap into a self-service advisory, catering to investors with different levels of risk tolerance.

On top of that, the super app will also utilise algorithm and quant trading platforms to generate trading opportunities for its investors. Briefly, quant trading refers to trading that uses mathematical and quantitative strategies or analysis to evaluate financial products or markets.

(Image: New Straits Times)

Datuk Chay explained that Kenanga’s motivation to develop the super app is rooted in its desire to capture the market share in the digital trading business. “We believe digital is the future. We believe in the concept of cross-selling and cross-marketing, and eventually hope to be a big player in the digital fintech space,” he said, adding that the super app may cost a low double-digit million ringgit to build, but it will be worth the investment.

“This will be a revenue stream. You can treat it like a distribution channel. When you sell shares, for example, you pay remisiers a share of the revenue. For unit trust, you pay the agent, those will be where we will come in. The super app will get the cut of the distribution fee,” Datuk Chay further said.

Meanwhile, the chief digital officer of Kenanga, Ian Lloyd highlighted that the super app will be designed to be secure, easy to use, and accessible. “It is not rocket science to bring this together. The critical challenge is how do we make it simpler and easier for people to use. Internally, we want to have everything rock solid and stable, like cybersecurity is incredibly important to us. We are focusing on simplicity and on making it super easy to get started,” he said.

Kenanga hopes to onboard between 500,000 to 600,000 investors once the new super app is launched in early 2023, although it did not share an exact timeline to achieve the target.

Kenanga’s latest achievement to date is its AI-driven digital investment management platform, Kenanga Digital Investment (KDI), which
crossed RM100 million in asset under management (AUM)
 just two months after its launch in mid-February 2022. KDI has two key features on its platform, namely KDI Save and KDI Invest. Specifically,
KDI Save
 is a cash management fund that allows users to earn daily returns with no lock-in period and management fees, whereas
KDI Invest
 offers access to US-listed exchange-traded funds (ETFs) at a competitive fee.

(Source:
The Star
)

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US Oil Price Traded In Negatives, Bursa Malaysia Retreats From Previous Gains

Crude oil futures in the United States traded in the negative for the first time in history, causing oil and gas counters on Bursa Malaysia to tumble in early trade on Tuesday. The Malaysian stock exchange saw a retreat from the previous week’s gain to
open lower
 at a decline of 15.14 points.

The crash in US oil prices was brought about when investors entered into a mad rush on Monday to sell the
May futures contract
 before it was due to expire the following day. When oil contracts expire, the holder is forced to take physical possession of their goods – a less than ideal situation given the pandemic-weakened demand for fuel and a huge lack of storage capacity for surplus oil in the US. When trading stopped, the price of crude oil ended at a 305% decline of negative USD$37.63 a barrel; investors were effectively paying people to take their oil contracts off their hands.

Today,
US oil prices have rebounded
 back into positive territory at a benchmark of USD$0.56 per barrel for May delivery. Traders are now turning their focus on the contract for June delivery, which has crept upwards slightly to USD$21 per barrel in New York following its 18.4% drop to USD$20.43 a barrel the previous day. Following the international benchmark of Brent crude, the global price of oil for June delivery also went up by 0.15% to USD$25.61.

From the consumer perspective, it is unlikely that the crash in crude futures prices will translate into an equally dramatic effect on prices at the pump. “We’ll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn’t conclude that we’re going to see fuel given away or that we’re going to match these incredible, unprecedented drops we saw in crude oil today,” Tom Kloza, a veteran analyst with Oil Price Information Services, told
Reuters
 yesterday.

In the Malaysian market, consumers can expect lower weekly petrol prices, but the wider effect of the decline in oil prices is likely to make itself felt in more macro ways too – as evidenced by this morning’s Bursa Malaysia retreat. The
ringgit also opened lower
 against the US dollar in early trade today at 4.3790.

Furthermore, when the global oil price war between Saudi Arabia and Russia first reared its head last month,
MIDF Research predicted
 that the falling prices of Brent crude oil could pose a problem to Malaysia’s Budget 2020, which was drawn up based on oil prices of USD$62 per barrel. MIDF made this prediction based on the assumption that the price of Brent crude falls to USD$35 per barrel; the price of Brent crude is currently at USD$22.45 per barrel today.

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Fi Life Launches Own Term Life Insurance, Said To Be Cheapest For Women

Insurtech startup Fi Life has announced the launch of its first self-underwritten term life insurance product, which is said to be the cheapest available for women. Available online, it also comes with a guarantee that allows women below the age of 55 to obtain a refund of the difference in premiums if they find a cheaper life insurance policy.

In a statement, Fi Life said that its new term life insurance policy – which comes with a total and permanent disability (TPD) rider – offers the highest coverage among all life insurance policies that are seen online, up to a maximum of RM1 million for Malaysians (RM500,000 for non-Malaysians). Meanwhile, the minimum sum assured stands at RM100,000, provided depending on the policyholder’s age and income.

As for the “Cheapest Life Insurance For Women” guarantee that is available from today until 31 December 2023, it is applicable to all women between the age of 18 to 54, who purchase any Fi Life term life insurance policies with a TPD rider. Essentially, if you were to find another life insurance policy with a TPD rider that offers a lower premium for the same sum assured and benefits as your Fi Life policy within 60 days of purchasing it, then Fi Life will refund you an amount that is equivalent to the difference in premiums.

Fi Life also said that although the guarantee is offered only for women, the insurtech believes that its term life insurance is also the cheapest for men in their prime working age. Additionally, it offers coverage for foreign professionals with work permits as well.

Fi Life explained that its affordability stems from its status as a completely online insurance company; as such, it does not employ insurance agents. As agent commissions can come up to 40% of premiums during the initial six years of a typical life insurance policy, not employing insurance agents means Fi Life can pass on the commission savings to its consumers in the form of reduced premiums.

Founder and chief executive officer of Fi Life, Malek Ali further emphasised that it is Fi Life’s goal to make insurance easily accessible and affordable to those who need them the most. “As Malaysians, we also want to contribute to the financial inclusion of women in the country. With us, women will get more for their money when they sign up for a policy because a RM1 million life insurance policy from Fi Life can be as cheap as RM2 per day,” he said, adding that everything can be done conveniently online – from the application of a policy to making claims.

Fi Life’s launch of its self-underwritten life insurance product also marks an important milestone for the company; prior to this, Fi Life operated primarily as an online distributor for other insurance companies, namely AXA Affin General Insurance and Tokio Marine Life Insurance Malaysian. Now, however, Fi Life has received Bank Negara Malaysia’s (BNM) approval to participate in its regulatory sandbox, allowing the insurtech startup to roll out its own insurance products online.

(Source:
Fi Life
)

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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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