How To Pay TNB Bills With Boost, GrabPay, And Touch 'n Go eWallet

In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can earn some rewards or cashback for paying their bills. But, one merchant is almost always absent: Tenaga Nasional Berhad (TNB). TNB bills stand in a league of its own in terms of difficulty in earning cashback.

Why you should aim for cashback or rewards from paying electricity bills

The electricity bill is the biggest utility expense we make every month – note that telephone, postpaid plans, Astro, and home internet plans are all NOT utility bills and you can earn reliable returns from all of them. Electricity bills are more complicated.

With the exception of Sabah Electricity (SESB) and Sarawak Energy which have both embraced digital payments on e-wallets and e-commerce platforms for some time now, electricity bill payments for TNB are limited to JomPay (no cashback for credit cards), selected physical outlets including Pos Malaysia and 7 Eleven (cash only), and MyTNB (not eligible for cashback for credit cards) and Kedai Tenaga (“Contactless” payments via credit cards should be eligible if the payment terminals support it, but you need to physically head out).

In short, earning some form of cashback or rewards from TNB bills is surprisingly difficult – and it means we lose out on potentially saving hundreds of Ringgit every year.

That’s not really an exaggeration. Although we calculated that the average electricity bill of a Malaysian household is RM93.98 (based on
this 2016 Statista report
 and assuming a statistical average of 4 persons in a Malaysian household), households with multiple air conditioners and other appliances with high energy consumption result in substantially higher bills. In fact, it isn’t uncommon for urban households to have electricity bills multiple times this national average.

Imagine paying RM300 a month in electricity bills – that amounts to RM3,600 a year in spending that we can potentially earn some returns. With the increasing popularity of e-wallets, we can now earn tangible returns – which this article will show.

How much cashback can I get?

The key to this is to double dip on credit card and e-wallet rewards (or triple dip, if you include the loyalty partners that some options provide).

With the right credit cards, you can earn cashback or rewards points for topping up your e-wallet of choice, and then earn the rewards from the e-wallets when you pay your TNB bills.

While most cashback credit cards no longer count
e-wallet top-ups to be eligible for cashback
, there are a few that do (more on that below). Your rewards or air miles credit cards will also earn points (if the card issuer allows it, of course).

At the very least, you’ll be earning a minimum of 2.2% in effective cashback – but with luck you could get well over 20%.

2 Ways To Earn Cashback For Paying TNB Bills Using E-Wallets

Thanks to e-wallets, it is now possible to easily earn cashback from paying your TNB bills. We’re listing out two ways you can do so, covering the three most popular e-wallets in Malaysia. They may require some additional steps to achieve cashback – not too complicated, though, and can potentially save you hundreds of Ringgit every year.

1. Pay via Boost or GrabPay on e-pay

(Update 18/2/2020)
GHL has removed TNB as a bill payment option, citing “maintenance” and “technical issue” as the reason. There is no timeline or indication if it will return.

e-pay is a payment platform by one of Malaysia’s most prominent payment processing companies, GHL. It has physical touch points as well as an online platform,
e-pay.com.my
. e-pay offers a huge library of products and services that users can purchase or pay for, from mobile phone top-ups, bills, and game credits.

In the last few days, we found that the e-pay website had enabled Boost and GrabPay as payment options in addition to online banking via FPX. This is a game-changer, as smart Malaysians can now earn cashback (or air miles) for paying TNB bills online. Here’s a step-by-step guide on how to pay TNB bills on e-pay with Boost or GrabPay.

1. Register an account with e-pay. It’s a fairly straight forward process, just enter your email address, verify it from the email sent to you, and you’re in! Don’t forget to enter your details in the account section.

2. On the home page, click on the Bill Payment Collection tab. You can see the extensive list of merchants you can pay bills for. For the purposes of this article, let’s proceed with TNB. Click on the icon, and you can enter the amount you wish to pay, and click “Pay Now”.

(Update: the max payment you can pay per day is now RM800)

3. In the next page, you’ll need to enter the TNB account number. Note that you can only make one transaction per day. Click “Next” when ready.

4. You’re almost done! This is the Order Review page. Double check the account number, how much you wish to pay, and tick the checkbox to agree with the T&C. Now, you’ll see three payment options: Online Banking (FPX), Boost, and GrabPay.

5. Let’s try Boost. You’ll need to confirm to proceed, and you’ll see Boost’s Scan and Pay webpage with a QR code. Open up your Boost app, scan the QR code, confirm the transaction with your fingerprint or PIN code, and you’re done! You’ll see the “Payment Confirmed” pop up appear on the Boost QR code webpage.

6. If your payment is successful (which it should be, unless your wallet balance is insufficient), you’ll reach the Payment Successful page. Take note to the right column: you can earn (slightly) more returns by entering your AirAsia Big or Sunway Pals account numbers. The points you earn from these loyalty partners are pretty low for bill payments though – but hey, every little counts!

7. Your bill payment is complete! To be sure you got everything right (especially on your first time), you can log in to MyTNB and check your payment history – payment should be reflected in real-time, so if your e-pay transaction doesn’t appear here after a while, contact e-pay (
[email protected]
 or 03-5623 6000).

2. Pay at 7 Eleven via Touch ‘n Go eWallet

Another recently-discovered way to pay TNG bills and earn cashback is by using your TNG eWallet and paying offline at 7-Eleven outlets. While it is well-known that you can pay a lot of bills at 7 Eleven, not many are aware that you can use TNG eWallet to pay for them. In fact, we’ve even come across 7-Eleven cashiers who were adamant that e-wallets are not accepted for bill payment. Interestingly, Razer Pay isn’t supported, but TNG eWallet is.

To pay your TNB bill at 7-Eleven using TNG eWallet, follow this step-by-step guide:

1. Bring a physical copy of your TNB bill that you wish to pay, and inform the cashier that you wish to pay a TNB bill.

2. Tell the cashier how much you’d like to pay. Partial payments are possible, but note that you can only pay TNB bills once a day.

3. Let the cashier scan the barcode on your TNB bill – it contains the TNB account number.

Let the cashier scan the barcode near the bottom of the bill, as shown above.

4. Open your TNG eWallet app, and tap “Pay”. The cashier needs to scan your unique QR code. Depending on the outlet, some scanners can be freely moved (so you don’t have to give your phone to the cashier).

5. If your wallet has sufficient balance, your bill payment is complete! You’ll get a physical receipt from the cashier, and a digital one in your e-wallet app.

Between Boost, GrabPay, and TNG eWallet, which is the better option?

As we calculated earlier, you can earn
up to 7.5% effective cashback
 for every online or Scan & Pay transaction if you are a GrabRewards Platinum member –
until 14 March, that is
. Grab’s upcoming revision will drastically cut the amount of GrabRewards points you can earn for GrabPay transactions (from 9x to 3x). From 15 March 2020, you can only earn an effective cashback rate of 2.5% (Platinum member).

Just like GrabPay, you’ll need to be on the highest tier of
BoostUP
 (Level 4) to earn meaningful cashback. At Level 4, you’ll earn an
effective cashback rate of around 2.2%
 by taking into account the earning rate (2 Boost Coins for every RM1 spent) and BoostUP’s redemption rate for its RM30 Boost wallet credit (2,700 coins, which gives a value around 1.1 sen for 1 Boost Coin).

But, there’s also the random rewards you’ll receive from the Boost Shake Rewards, which can range from 0 bonus coins all the way to 8x bonus coins (which will yield an incredible 17.6% cashback, but the chances of that happening is exceptionally rare).

Meanwhile, TNG eWallet relies on the various cashback promotions that are refreshed every month. They usually do include some 7 Eleven specific offers, like the current “random cashback” promotion that will end at the end of February.

Since there aren’t any form of rewards points or even its “daily cashback” campaign that ran until 31 December last year, your returns are limited to mainly your credit card benefits and its various campaigns, such as the
HSBC TNG eWallet top up campaign
 as well as the
2020 Citi eWallet campaign
.

Which credit cards should I use to top up?

As a general rule, Boost, GrabPay, and TNG eWallet top-ups are not considered “online transactions” – you’ll know it isn’t when you are not sent a TAC code to confirm the transaction. That somewhat reduces the pool of cards to double dip on rewards, but fret not, here’s a list of cards that we know allows cashback or bonus rewards for e-wallet reloads.

Standard Chartered Liverpool FC Cash Back Card
:
 this card is the easiest to earn cashback from thanks to very few exclusions on eligible transactions, but you’ll need to spend at least RM2,000 to earn the RM50 cashback.
Effective cashback rate: 2.5%

Citi Cash Back Card (
Gold
 &
Platinum
):
 This card offers 10% cashback when you top up your GrabPay wallet – it’s one of the four cashback categories of this card. It’s awesome, but be aware of the minimum spend required to unlock the 10% tier: RM500 for Gold and RM1,500 for Platinum. The cashback cap isn’t high at RM10 and RM15 (Gold and Platinum respectively), but the high cashback rate means you’ll earn higher cashback for lower spend amounts.
Effective cashback rate: 8% (Gold), 4% (Platinum)

HSBC Amanah MPower Platinum Card-i
:
 Like the RHB Rewards Card below, this card has a dedicated e-wallet rewards category. Cardholders earn 8% cashback for three categories (e-wallet reloads, petrol, and groceries), subject to a monthly card spend of at least RM2,000, and the cashback is capped at RM15 per category. But, from 1 April onwards, the e-wallet transactions category will be revised to 1% cashback.
Effective cashback rate: 0.75%.

Here’s the limited edition card face available now, in conjunction with the 2020 Olympics!

RHB Rewards Card:
 Another card that specifically offer rewards for e-wallet transactions, you’ll get 3x RHB Rewards Points for every RM1 spent on online and e-wallet transactions – but it’s got a rather poor redemption rate. It’s the only card in this list where you can choose from three different card types: the
regular one
, the
MotionCode variant
, and the recently-launched
limited edition card face in conjunction with the 2020 Tokyo Olympics
. You can redeem a RM50 voucher for 30,000 Rewards Points, giving it an
effective cashback rate of 0.5%
.

HSBC Visa Signature
:
 HSBC revised the terms of this card to
not offer the bonus 4x Rewards Points for e-wallets that allow withdrawals
 – that means you’ll still earn 5x Rewards Points for topping up GrabPay (TNG eWallet is a grey area; it should give the bonus 4x Rewards Points, but some cardholders have reported otherwise). You can redeem a
RM100 voucher for 35,000 Rewards Points
, which yields an
effective return rate of 1.43%
.

While we can’t run away from paying bills, with the right financial tools we can earn something back from this necessary spending. Sure, a minimum of 2.2% may not sound like much, but total up that figure over a year and see how it quickly accummulates!

If you found more ways to earn cashback from paying your TNB bills, we’d love to hear about it. Let us know in the comments section below!

4.8

4

votes

Article Rating

SHARE

TAGS:

Boost

Citi Cash Back Card

Citi Cash Back Platinum

e pay

GHL

GrabPay

How To Pay Electricity Bills

HSBC Amanah MPower Platinum Credit Card-i

HSBC Visa Signature

RHB Rewards Card

Standard Chartered Liverpool FC Cashback Card

Tenaga Nasional

Tenaga Nasional Berhad

TNB Bills

TNG eWallet

Touch 'n Go eWallet

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

See all articles

Comments

 (17)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

17
 Comments

 Inline Feedbacks

View all comments

    Mohamad Afiza

    3 years ago

I use Gopay app.

Can topup into Gopay account using Boost, then you can shake2.

After that, pay TNB bill using Gopay.

Gopay give you cashback for every transaction.

They also sell Touch N Go pin code, so you can get cashback buying the pin code.

(admin: edited. no referral codes allowed to be shared here)

34

Reply

    Jazmin Jamil

    3 years ago

I hope the people in TNB has some sense to add grabpay, boost or touchngo ewallet option in their very own app. So much convenience and less hassle for busy people like us. I pay TNB bills via this app  without to wait for the paper version that seldom missing from the mailbox. perhaps e-billing also can cut their cost too.

4

Reply

    Thiam

    3 years ago

Just registered ePay , but don’t see TNB under Bill Payment Collection anymore.

82

Reply

    RC KL

    3 years ago

Pls update this post. TNB payment is not longer in the ePay payment.

16

Reply

    JK

    3 years ago

这篇文章一刊登出来没几天，TNB就从epay消失了。我发觉每次RP一刊登好康，不久后 “有关当局” 就会做出调整，不让消费者继续获益。

19

Reply

    jiajilah

    3 years ago

I think because of this post, e-pay removed TNB and SSPN from the list 😐

8

Reply

    Alston

    3 years ago

TNB payment is not longer in the ePay payment.

4

Reply

    Fantabulous

    3 years ago

Thanks for ruining the fun.

5

Reply

    Serene

    3 years ago

Game over for epay after this article. Loophole already closed!!

7

Reply

    KTwincent

    3 years ago

darn, already use boost to pay almost a year, almost get my reward then your ringgit post make it disappeared. Those who know will always learn. now the results we explored were wiped out before got the results. 1 TNB transaction can cover up how many bills?

-1

Reply

    KTwincent

    3 years ago

Is this just a coincidence?  It was a small problem over tnb. Thanks to the author for sharing and spreading, let more people know!

2

Reply

    Lowyat cybspch

    3 years ago

你知道這篇文章如何殺死下金蛋的鵝嗎?!

一些新手只需付清所有賬單

7

Reply

    KTwincent

    3 years ago

也对，之前6k变4.5k那边就很不爽了，一个号少了1.5k,10个就多少，就算ringgit没post这类的文章他们axiata也是有在研究作业的

2

Reply

    Paimei (@EraticConqueror)

    3 years ago

Doesnt work anymore. They removed the Tenaga Nasional option. Use gopay.

0

Reply

    Muhyiddin PM8

    3 years ago

Wow, all secrets from Lowyat forum got blown up here. Must be someone working there.

5

Reply

    tan

    2 years ago

How do i get receipts for payments paid to telco and utility companies using tng ewallet?

0

Reply

    B K

    1 year ago

Great write up. Sadly just discovered ePay ceased operations 15 April 2022. Need to look for another that accepts GrabPay for TM.

0

Reply


Citi Enables Benefits Of Selected Credit Cards For Lotuss Stores Malaysia

Citibank has updated the benefits of several credit cards to include Lotuss Stores Malaysia Sdn Bhd in its list of eligible merchants, effective immediately. A total of five cards are involved in this revision, namely the Citi Cash Back card, Citi Cash Back Platinum card, Citi Rewards card, Citi Rewards Platinum card, and Citi Gold card.

Each card will see the update carried out within the respective categories:

Credit cards

Category

Citi Cash Back card and Citi Cash Back Platinum card

Groceries

Citi Rewards card

Supermarket

Citi Rewards Platinum card

Home

Citi Gold Card

Supermarkets/Hypermarkets

(Image: New Straits Times)

For context, this revision is brought about by the rebranding of hypermarket chain Tesco Stores, after it was
bought over by Lotuss Stores at the end of 2020
 – a subsidiary of Thailand’s conglomerate, Chareon Pokphand Group Co. Ltd (CP Group). Following this acquisition, about 60 Tesco and Tesco Extra stores nationwide officially changed its name to Lotuss Stores Malaysia Sdn Bhd, with the rebranding exercise slated to complete by the end of 2021.

With regard to the cards, the
Citi Cash Back
 and
Citi Cash Back Platinum
 card both offer cashback of up to 10% on petrol, groceries, dining, and Grab rides when cardholders hit the minimum spend requirement. This benefit – which is capped at RM10 and RM15 per category for
Citi Cash Back and Citi Cash Back Platinum
, respectively – is in addition to an unlimited 0.2% cashback on other retail spend.

Meanwhile, the
Citi Rewards Card
 and
Citi Rewards Platinum
 card both offer 5x evergreen Rewards Points for purchases made with selected stores and retail outlets within Malaysia and abroad. Specifically, the Citi Rewards Card will reward expenses at major departmental stores and supermarkets, as well as online spend with participating merchants. Citi Rewards Platinum, on the other hand, offers the benefit for a broader range of categories, including shopping, entertainment, petrol, home, and travel.

Finally, the
Citi Gold card
 also offers 3x evergreen Rewards Points at major department stores and supermarkets/hypermarkets. The list of eligible merchants include Tangs, Marks & Spencer, AEON, Isetan, and Cold Storage.

You can find out more about the
Citi cards here
.

(Source:
Citibank
)

5

1

vote

Article Rating

SHARE

TAGS:

Chareon Pokphand Group Co. Ltd (CP Group)

Citi

Citi Cash Back Card

Citi Cash Back Platinum

Citi Gold Card

Citi Rewards Card

Citi Rewards Platinum Card

Citibank

Lotuss Stores Malaysia

Tesco

Tesco Extra

Tesco Malaysia

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Boost Launches Three New Micro-Insurance & Takaful Plans

Boost has launched three new value-for-money micro-insurance and takaful plans under Boost Protect: MozzieProtect, FamilyProtect, and Critical Illness Care. This brings the total number of plans offered on the Boost app to 13 altogether.

MozzieProtect is a dedicated protection plan against dengue and zika, offering a special hospital cash allowance of RM500 and a lump sum payout of RM20,000 in the event of death caused by either disease. The plan costs RM60 for a one-year coverage and is underwritten by Great Eastern Life Assurance (Malaysia) Berhad.

FamilyProtect is a takaful protection plan for families with children, where the person covered can claim up to RM250 in medical expenses due to accidents, hand foot and mouth disease, or food poisoning for their child without any medical underwriting. There is also a payout benefit of RM15,000 in the event of death or permanent disability of the person covered. This plan is underwritten by Great Eastern Takaful Berhad and costs RM95 for one year’s coverage.

Critical Illness Care is for young adults aged between 18-30 years old, covering 45 advanced critical illnesses. The person overed can get up to RM100,000 in lump sum coverage upon diagnosis as well as a death benefit for selected critical illnesses. The plan also comes with a Reboot Function where the sum covered resets to 100% after 12 months from the first diagnosis. Critical Illness Care costs RM500 for one year’s coverage and is underwritten by Great Eastern Takaful Berhad.

As a value-added benefit, the three new plans come with Covid-19 Vaccine Fund Assistance. The fund offers RM200 daily hospital cash allowance for up to 7 days for hospitalisation due to adverse events following immunisation within 14 days after receiving a Covid-19 vaccine, with a lump-sum death-related benefit too.

Besides that, Boost has introduced a new recurring payment feature for several of its microinsurance offerings, allowing users to automatically pay for their coverage plans each month. It helps break down the total coverage plan amount into monthly payments, making it even more affordable for users. This feature is available for BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive, and SME OwnerProtect. Boost is currently running a campaign involving any of these six micro-insurance/takaful plans, where users will receive 100% cashback for their first month’s premium payment and receive RM4 Lazada cashback. The campaign will run from now until 31 August 2021.

4.5

2

votes

Article Rating

SHARE

TAGS:

Boost

Boost Protect

Critical Illness Care

FamilyPRotect

Microinsurance

MozzieProtect

Takaful

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Jaipi bin muhaimin

    2 years ago

Baik

1

Reply


Government Launches Covid-19 Fund With RM1 Million Grant

(Image: The Star)

*UPDATE:
During a press conference, Health Minister Datuk Seri Adham Baba clarified that the allowance under this fund would only be available for those who have no fixed income or are self-employed.

The Ministry of Health has established a special fund for those who have been directly affected by the Covid-19 pandemic. The government launched Tabung Covid-19 yesterday with a RM1 million grant and is encouraging members of the public to contribute towards it.

“We view Covid-19 seriously. The Covid-19 fund is aimed at helping those infected with the virus, especially patients whose work was affected while being quarantined,” said Prime Minister Tan Sri Muhyiddin Yassin.

The fund will provide a RM100 daily allowance to those who have no fixed income during the period of quarantine and treatment for Covid-19. Under the
Prevention and Control of Infectious Diseases Act 1988
, those who have close contact with a person suspected of having Covid-19 must be quarantined at home or in a Health Ministry registered hospital for 14 days.

Those who are interested in contributing to the Covid-19 fund can send donations to Bank Muamalat account 1601-0001138-71-4.

(Source:
Free Malaysia Today
,
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

Coronavirus

Covid-19

Covid-19 Fund

Covid-19 Quarantine

Quarantine

Tabung Covid-19

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Citibank’s Latest Campaign Rewards Customers For E-Wallet Reloads And Contactless Payments

Citibank is offering rewards to cardholders who reload their e-wallets and pay using contactless methods using their Citi Visa credit cards in its latest Top Up & Tap To Win campaign.

The campaign, which will run for two months from 10 September until 9 November 2019, is open to all existing or new Citibank Visa credit card cardholders. Those who participate stand a chance to win either 80,000 AirAsia BIG Points in grand prizes, or RM100 cashback as consolation prize.

Participating in the campaign is as simple as reloading selected e-wallets or paying via Visa PayWave and/or Samsung Pay with your Citi Visa credit card. Performing either of these transactions will earn entry points, where the winners will then be randomly selected.

For e-wallet reloads, participants will earn 5 entries for every RM50 reloaded in a single transaction. The e-wallets eligible for contest entries are: BigPay, Boost,
GrabPay
,
TNG eWallet
, Lazada Wallet,
ShopeePay
,
Razer Pay
,
WeChat Pay
, and 1Pay E-Wallet. However, reloading Boost, GrabPay, or Touch ‘N Go earns you double the entries for each transaction.

As for contactless payments, you also earn 5 entries for every RM50 spent in a single transaction with your Citi Visa credit card via contactless transactions (PayWave and/or Samsung Pay). If you complete 8 or more contactless transactions during the campaign month, you earn double the entries for each transaction made.

Naturally, the more you spend, the higher your chances of winning. Finally, Citibank also confirmed that all transactions eligible for this campaign will still earn the cashback or rewards points that your Citi Visa credit card offers. To participate in this campaign, SMS “R1” to 66399 to register with Citibank.

The Citibank x Visa Top Up & Tap To Win campaign is similar to
CIMB’s ongoing campaign
, which rewards cardholders who perform e-wallet reloads and card-linked payments. If you are an existing Citi Visa cardholder who also regularly use e-wallets and contactless payments, this campaign would definitely be appealing at a time when banks have either been
removing
 or
reducing rewards
 for e-wallet transactions.

0

0

votes

Article Rating

SHARE

TAGS:

Campaigns

Citibank

Contactless Payments

Credit Card Campaigns

E-Wallet Reloads

Top Up & Tap To Win

About THE AUTHOR

Christine Tay

Christine Tay

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Standard Chartered Revises Cashback Benefits For JustOne Platinum Mastercard

Standard Chartered Bank is revising the terms of its JustOne Platinum Mastercard, which includes some notable changes to its cashback benefits. The revision is set to take effect on 1 October 2021.

From 1 October onwards, the bank will remove Auto Bill cashback category, replacing it with Groceries instead. In other words, you will now earn cashback from Petrol, Online, and Groceries (capped at RM20 per category each month). Additionally, the bank is also removing the 0.2% cashback that is currently allowed for other retail purchases aside from the three allocated spend categories.

On top of that, the tiered cashback percentage that you can earn according to your total monthly expenditure, as well as the monthly cap, has been revised as detailed below:

Monthly total expenditure
Rebate on Petrol, Online, and Groceries
Capping per month
Less than RM1,000
0.2%
RM2
RM1,000 to RM1,499.99
1%
RM10
RM1,500 to RM2,499.99
5%
RM20
RM2,500 and above
15%
RM60

Currently, the
JustOne Platinum Mastercard
 allows you to earn cashback on three spend categories, namely Petrol, Online, and Auto Bill – with each category limited to a maximum of RM20 per month. Depending on your minimum monthly expenditure, the percentage of rebates and the maximum monthly cap that you are entitled to are also tiered as per the following:

Monthly total expenditure

Rebate on Petrol, Online, and Auto Bill
Other retail purchases
Capping per month
Less than RM1,000
0.2%
0.2%
RM2
RM1,000 to RM1,499.99
5%
0.2%
RM12
RM1,500 to RM2,499.99
10%
0.2%
RM28
RM2,500 and above
15%
0.2%
RM60

(Image: Global Business Outlook)

Aside from these changes, Standard Chartered also streamlined the definition of its Online category. Where it was previously defined widely as “transactions made through internet”, the bank has now clarified that online purchases must be made in local currency in order to be eligible for the cashback benefit. More importantly, cashback will only be eligible for the following participating platforms or merchants:

Boost
Fave
Grab (including GrabPay)
Lazada (including Lazada Wallet)
Shopee (including ShopeePay)
Taobao
Touch ‘n Go eWallet
Zalora

This round of change will be the second revision that Standard Chartered is making to the card this year. In January 2021, the bank had already introduced some
massive adjustments to the cashback terms
 of the
JustOne Platinum card
, although the effective cashback rate for each spending tier did not change back then.

With the 1 October updates, however, the effective cashback rates for some of the spending tiers will reduce due to the revision of the total cashback provided. While the maximum effective cashback rate (RM60 cap for expense of more than RM2,500) still stands at 2.3%, the rates for lower spending tiers have dipped. The RM1,000 – RM1,499 tier and RM1,500 – RM2,499 tier will have a lower effective cashback rate of 1% and 1.333%, respectively once the updates take effect.

(Source:
Standard Chartered
)

0

0

votes

Article Rating

SHARE

Not yet a Standard Chartered credit cardholder?

Apply now!

TAGS:

Credit Card Revisions

Standard Chartered

Standard Chartered Bank

Standard Chartered JustONE Platinum

Standard Chartered JustOne Platinum Mastercard

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Nex.life’s RM100 Unlimited Home And Mobile Plan Now Available In The Klang Valley

Nex.life is expanding its unlimited fibre broadband and mobile plan to Kuala Lumpur and Selangor, allowing more people to enjoy its integrated broadband plan for just RM100 per month.

Nex.life is a new telco brand under Webe Digital which offers unlimited internet for home and mobile at an affordable price. To recap, the plan was originally priced at RM110 for both home and mobile internet, but Nex.life offers an introductory promo to its customers at RM100 a month. Its initial launch only saw a limited release to those living in Kelantan and Terengganu.

The home and mobile plan consists of unlimited fibre broadband at 20Mbps with a 12-month contract and unlimited data for 4G LTE and monthly 500MB of quota for 3G connections. The 3G speed will throttle down to 64Kbps when your internet quota has depleted, but customers can purchase additional data at RM15 for 1GB, RM30 for 3GB, and RM45 for 5GB.

For the Kuala Lumpur and Selangor expansion, the Nex.life plan is currently available at specific high-rise buildings, and limited to areas like Ampang, Damansara Damai, Kota Damansara, Bandar Mahkota Cheras, Bandar Sri Damansara, Taman Sri Damansara, Taman Daya Kepong, Taman Gembira, Kuchai Lama, U-Thant, Prima Damansara, and Bandar Sungai Long.

As before, eligible customers will be required to pay RM300 as an upfront fee that will be rebated in their monthly bill upon successful installation and activation. You will also have to purchase your own WiFi router as Nex.life does not offer routers with the plan.

To check if Nex.life covers your area, head over to its
official website
.

(Source:
SoyaCincau
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Nex.life

Webe Digital

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Budget 2023: Government To Introduce Luxury Goods Tax, Considering Capital Gains Tax

(Image: The Star)

Prime Minister Datuk Seri Anwar Ibrahim has announced during the retabling of Budget 2023 that the government intends to introduce a luxury goods tax for branded items, as well as capital gains tax. This is as the government seeks to expand the tax base on individuals who fall within the upper income bracket.

The luxury goods tax is expected to be implemented starting from this year, with a minimum value set depending on the luxury item. “Some of the items included are luxury branded watches and branded fashion goods,” said Datuk Seri Anwar, without elaborating further on the mechanics that will be adopted for the implementation of this new tax.

Aside from that, Datuk Seri Anwar – who is also the Finance Minister – said that the government is also looking to introduce capital gains tax for unlisted share disposal by companies, starting from 2024. However, the government will need to carry out studies beforehand, and hold engagement sessions with relevant parties to look into the details of this proposal.

On top of that, the prime minister reiterated that the government has n
o plans to implement the Goods and Services Tax (GST) for now
 as it is not the right time. This is as most people are still struggling financially, given the current environment of high food inflation rate and low wage rates.

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2023

Budget 2023 Re-Tabling

Capital Gains Tax

Datuk Seri Anwar Ibrahim

Luxury Goods Tax

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Youths To Receive RM150 E-Wallet Credit Under New E-Start Programme

Under Budget 2022, the government is introducing yet another one-off e-credit scheme to encourage the use of cashless transactions among Malaysian youths, this time dubbed the e-Start programme.

This new programme will see youths between the age of 18 to 20 years old, as well as full-time students enrolled in tertiary education institutions receiving RM150 worth of e-wallet credit. With an allocation of RM300 million, it is expected to benefit more than 2 million youths.

“The government hopes that the recipients can benefit from it, preferably through useful purchases such as books and learning equipment,” said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz during the tabling of Budget 2022 today.

The e-Start programme follows in the footsteps of two previous initiatives with a similar objective, namely the eTunai Rakyat e-wallet initiative and the eBelia programme. The
eTunai Rakyat initiative
 was more inclusive in that it offered a one-off RM30 digital incentive to eligible Malaysians who are aged 18 years old and above. Meanwhile, the
eBelia programme
 also provided a one-off RM150 e-wallet credit to eligible youths between the age of 18 to 20 years old.

5

1

vote

Article Rating

SHARE

TAGS:

Budget 2022

e-Start Programme

E-Tunai Rakyat

E-Wallet Credit

eBelia Programme

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Steps to Helping Your Elderly Parents Manage Their Money

Financial constraints come uninvited. It can happen to anyone, anytime. We may not think much about it until it befalls our household, namely our parents. Then it’s time to spring into action.

Here are a few tips for you to consider when the thunder of financial constraints hits your parents.

Have ‘the Talk’

The first thing to do in any monetary mishap involving your folk is to attempt to talk about it. After all, you can’t help if you don’t know the specifics or if they shut you out.

Try having a chat with your parents, casually at first. Offer advice that sound more like a suggestions than an interference. Parents often times feel that you are still their baby, and telling them what to do may end up falling on deaf ears.

Create a Plan

Once you’ve nailed down the problem, it’s important to have a plan to help you and your parents through. Depending on the source of your folks’ money woes – a budget, a soft loan, or a money management device could help.

In the long run, you can consider opening a fixed deposit account for your parent’s lifetime savings. This helps them earn interest and prevent untoward spending that may deplete their savings. Of course, remember to keep your parents 100% involved – it is their money!

Select the best fixed deposit
 for your parents to get the best interest rate. Upon maturing every 3/6/12 months, a proportion of the interest received can be transferred to their bank account. This will help your parents’ cash flow too.

Pitch In

Regular conversations and indirect hints as to their money management may be able to aid your parents out of a mess. But sometimes, the situation may be so bad as to warrant something more.

You may need to pitch in to help.

Pitching in may not necessarily be in the form of giving them money (although it might). You can pitch in by giving of your time or emotional support in these trying monetary times.

Invest in Health

As your parents age, a lot of their money problems may end up being health related. Healthcare is no doubt expensive and your folks may be unwilling to burden you with such a sum.

Why not invest in a
medical insurance
 for your parents? Not only will a policy put them at ease; the premium payments is likely a lot lesser than the hefty hospital bill.

Build a Strong Base

By building a strong relationship base with your parents, you will be able to advice them more on their money-related issues in future. As mentioned prior, parents may not be keen to express their financial vulnerabilities to their children but if you are open and honest enough, they will hopefully be more inclined to share.

Times are changing and there will be a lot about the new world that your parents will need to rely on you to help them with, including banking and finance in our current world. Helping them continue to be financially independent only works out as a win-win situation for everyone concerned.

Step In and Take Control

Sometimes, as time goes on, it becomes more obvious that you elderly parents may no longer be able to handle their finances. In such a situation, it may be necessary for you to step in and take control.

Whilst no parent likes the thought of having to give up the reins to their children – the time usually comes when they have to. Don’t be afraid to put your foot down and take charge for their own good but that is the key to always remember – it’s for
their
 own good, not yours.

Balancing the entry into adulthood where the reversal of power structures shift can be daunting for some parent-child relationships but without the necessary changes – things would not be able to progress as they should. Good luck.

0

0

votes

Article Rating

SHARE

TAGS:

Budget

Elderly Folks

Family

Family Finance

Financial Advice

Financial Behaviour

Fixed Deposit

Health

Healthcare

Medical Insurance

Personal Finance

Senior Citizens

About THE AUTHOR

Heeral Bhatt

Heeral Bhatt

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Universiti Utara Malaysia Teams Up With Bursa Malaysia To Organise 'Investment Month'

(Image: The Malaysian Reserve/Razak Ghazali)

The Universiti Utara Malaysia (UUM) School of Economics, Finance and Banking (SEFB) has collaborated with Bursa Malaysia to organise “Investment Month” throughout November to expose institutions of higher education to the financial and securities industry in Malaysia.

The month-long initiative aims to “expose participants to the world of investment, assist them to understand professional qualifications that are considered industry benchmarks, and prepare them with knowledge related to career opportunities in the field,” according to a statement by SEFB.

To kick things off, a webinar entitled “Introduction to Bursa Malaysia’s Financial Learning Portals” was organised, while other activities that will be conducted throughout the month include alumni talks, webinars on professional qualifications and investments, and investment games.

The virtual opening ceremony was officiated by Bursa Malaysia CEO Datuk Muhammad Umar Swift, who noted that the pandemic has changed the investment industry through the adoption of technology. “To foster financial literacy among the wider society, we have launched Bursa Academy, a content-rich e-learning website to facilitate financial literacy and investment learning for the public” he said.

A.A. Deepa, Bursa’s head of education and group sustainability, explained that the Bursa Academy portal is designed to strengthen the digital presence by widening their reach to as many investors as possible, educating them across the securities, derivatives, and Islamic capital markets, while assisting them to navigate across each programme that is offered in the portal.

Source:
The Edge Markets

0

0

votes

Article Rating

SHARE

TAGS:

Bursa Malaysia

Datuk Muhammad Umar Swift

Financial Literacy

Universiti Utara Malaysia

About THE AUTHOR

Sheu Quen

Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


ShopeePay To Offer Higher E-Wallet Limit, Introduce New Transaction Limits

Come 23 September 2020, Shopee will upgrade its ShopeePay e-wallet to provide users with an increased e-wallet size. Additionally, it will introduce a higher daily checkout limit, along with new monthly and yearly transaction limits.

Following this update, ShopeePay’s e-wallet size for Basic and Premium accounts will be increased to the following amounts:

Current ShopeePay e-wallet limit

New ShopeePay e-wallet limit after 23 September

Basic account

RM500

RM2,999

Premium account

RM1,500

RM4,999

This update will also see the daily transaction limit revised to RM2,999 for Basic accounts and RM4,999 for Premium accounts, from the current RM1,000 previously. Additionally, ShopeePay is introducing a new monthly and yearly checkout limit for its customers, restricting them to expenses of RM4,999 per month and RM59,999 per year.

In its “pre-hype” announcement, Shopee said that this upgrade will offer an enhanced and seamless shopping experience – both online and offline – as customers can make instant payment for their purchases without having to resort to credit/debit cards, online banking, or cash payments.

With the increased e-wallet size, customers can also avoid the hassle of having to frequently top-up their ShopeePay e-wallet as they shop. On top of that, it is now also more convenient for them to make big-ticket purchases, such as home appliances, mobile gadgets, electronics, and designer items.

The
ShopeePay e-wallet
 was first launched in July last year, with its use limited only to purchases on the e-commerce platform. Since then, Shopee has expanded its e-wallet features to allow for
offline payments at selected stores
 nationwide as well. A
subsequent partnership with Revenue Group
 saw Shopee gearing to enable ShopeePay’s offline payment at even more merchant payment touchpoints across Malaysia.

5

1

vote

Article Rating

SHARE

TAGS:

E-Commerce

E-Commerce Platforms

E-Wallet Top-Ups

Shopee

ShopeePay

Transaction Limits

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Vin

    2 years ago

I made a single purchase of RM4399 with shopee Pay and it was cancelled by the seller because the item was out of stock, I have also top up rm600 in my shopee pay for other purchases. and still have a balance of RM424 in Shopee pay, because of that cancellation, I am unable to use shopee Pay for another 30 days or 1 month bacause of the limit even the puchase/order was cancelled not my fault. this is not fair to me as I can only use rm600 on that month

24

Reply


6 Things I Learned After Investing In Crypto

Investing in crypto wasn’t something I had planned. I had a good job in a multinational company and a career my 17-year-old self would have been shocked at. But in mid-2020 quite a lot changed – around the world, and for me.

Within the span of two months I was no longer employed (thankfully with a solid VSS), and found myself with
a lot
of time to spare while I work out my next move. During that time, I met with some friends who were full-on “cryptobros” – new-age investors who shy away from the traditional investment norms and instead focus on the thrilling world of cryptocurrencies. After an extensive explainer, they mentioned that I can get a head start by investing in Luno, a cryptocurrency exchange, thanks to a generous RM150 bonus just by buying RM1,000 in crypto.

Screenshot of the promo Luno ran when I signed up. Instant 14% profit! (this deal is no longer available)

Thus began my cryptocurrency adventure. Being a passive investor, I usually invest in unit trusts and into blue chip stocks, so the world of crypto was an epic culture shock – I couldn’t wrap my head around
so many things
, but over time, I learned a lot.

Of course, my knowledge and experience is nowhere near what many “cryptobros” have, but over the past year, here are six of the most important things I learned when investing in cryptocurrencies.

1) Invest only what you can afford to lose

How I felt in the first few months of my crypto journey

One of the first – and most painful lessons – in my crypto journey. I usually allocate a sum of money aside for investments, but being new to the crypto market’s volatility meant more panic selling and
FOMO buying
 than I’d like to admit. It sure wasn’t fun seeing a coin drop 30-40% and you panic sell to cut further losses only to see a massive rebound mere hours later. Every crypto buddy I know has a story to tell about this – different coin, different time, same outcome.

Thankfully, since I usually do dollar cost averaging (DCA) by setting aside some funds for investments each month, my initial losses were contained somewhat, and I quickly learned to set larger stop-loss points for some coins – and simply HODL for the big tokens.

2) Learn to love volatility

The wild swings in the crypto market can really scare the living daylights out of you if you’re not used to it – 24-hour swings of 10% up or down are common across many coins. Then there are the “
flash crashes
”, where the entire market just
plunges
 for no reason before recovering as quickly as it happened; you never forget your first. These are classic examples of the high levels of volatility in the crypto market, and if you’re going to invest in crypto you better learn to live with it.

Over time, I realised that the volatility within the crypto markets ultimately present buying opportunities. And if I so wished, they are also incredibly profitable swing trade opportunities (but alas, my TA skills are non-existent). So I did what every cryptobro preaches: buy the dips, and if the dips dip deeper, just keep buying and tell yourself you’re in it for the tech! (By the way, prudent DCA is great here too – I try to top up at every 10% drop, with larger amounts the further down it goes.)

Oh, and one more thing – volatility isn’t just measured over 24 hours, but over longer periods of time. Take Bitcoin prices in 2021, for example. In May it peaked at over US$60,000 before the major crypto correction sent its prices plunging to just above US$28,000 in July – that’s more than a 50% drop in just over a month. And of course, with every correction comes a rebound…though in recent months, it was more of a bullish market where many tokens saw double-digit gains. Bitcoin’s new all-time high was hit in mid-November at US$68,500 – almost a 150% gain from this year’s bottom. Compare that to the equities market, where a +20% annualised return is considered outstanding!

3) Manage expectations

When I first started out, the culture shock was real – from the exchange markets that never sleep, the altcoin (alternative coins, i.e. coins that are
not
 Bitcoin) space where 1000% gains overnight is just as possible as 99% losses, the “flash crashes” with the long red candles followed by longer green candles, and not forgetting the “rug-pull” projects – it’s quite clear that this is not like any other asset class I was used to, and
definitely not
 an investment that will grow overnight.

Over time, I learned to temper the excitement, not to FOMO, and most importantly, be able to disengage from crypto whenever needed. I knew what my risk appetite was and while the potential 10x gains were always there, the chances of being caught bagholding (holding a token worth a fraction of its value) are just as high – so no aping into Shiba Inu or Safemoon for me!

After a few months into my crypto journey, I saw that the crypto market shares some parallels with the equities market. You have your blue chips like Bitcoin and Ether, “growth equities” like Solana and Cardano, “high-yield stocks” like Pancakeswap (yes it’s a weird name, I know), and your penny stocks (aka pump and dump stocks) as well. Which leads me to my next point…

(Note: several of the tokens mentioned above are digital assets that are not approved by the Securities Commission of Malaysia. Currently, the only digital assets approved are Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH)).

4) Build a portfolio

Build a portfolio across several tokens as you would with stocks. (Image: Dividend Magic)

For every “
Dogecoin millionaire
” who makes headlines, there’s a Crypto Pauper who lost it all on an extremely risky bet. You’ll never hear of them, because that’s not as compelling a story as a guy who put his life savings into crypto and still have a happy ending.

Just as you would build a portfolio of unit trust funds and stocks, you should also build a portfolio of crypto tokens that can not only spread your risk across several tokens, but also expose you to potentially higher gains. As I shared in the previous point, it’s not easy for Bitcoin’s prices to move up in the same way as other tokens like Cardano or even Ether can – Bitcoin’s return year-to-date (YTD) stands at 103.02%, but for the same time period, Cardano’s return is a whopping 851.59% and Ether is up 578.64%. Even the opinion-splitting Ripple token is up 330.24% YTD. And if you’re curious, Dogecoin’s YTD returns are an eye-watering 3943.20%.
(returns calculated as of 1 December 2021)

So build a portfolio of tokens, and if you’re feeling adventurous, spare a few percent of your portfolio for so-called meme coins that might tank or fly to the moon. But remember, at the end of the day, your portfolio should
always
match your risk appetite.

5) The crypto community is entertainingly self-deprecating

As a fledgling cryptobro, I try to stay in the loop by joining various crypto group chats on Telegram, and regularly browse Reddit and other forums. And that’s both good and bad.

What I genuinely love about the crypto community isn’t the analysis or predictions or even sharing of new projects, but the banter of a group of individuals who in real life may have absolutely nothing in common – and yet share a common bond through their journey in crypto investing. It’s wholesome, even if the jokes are about losing all their money in crypto and having to flip burgers at a fast-food chain.

But just as how there are stock market gurus, there are crypto gurus who spend their day
shilling
about their favourite token and giving detailed analyses on why “it’s just a matter of time” for this project to take off and make them rich (not to forget their favourite “have fun staying poor” line if you don’t listen to them).

They may be right or they may be wrong, but should you trust a random stranger on the internet with your hard-earned money? You already know the answer.

6) The “Cryptoverse” is exciting, but has its own set of risks

As I read more into what the thousands of projects are doing with blockchain technology, it was clear that cryptocurrencies are more than just DeFi (decentralised finance). The
cryptoverse
may be over a decade old, but we’re still only scratching the surface of the realm of possibilities where blockchain technology can, quite literally, revolutionise entire industries. We’re seeing it already in the financial industry, and now into gaming – what else can be next? Then again, whether a project can
actually do so
, of course, is another matter altogether.

So if you’re like me from one year ago and are interested in starting your own crypto adventure, it’s better to start off on a safe and regulated platform such as Luno. You have the assurance of investing on a platform that is approved by the Securities Commission, and its layout can be tweaked to be more beginner-friendly to make it less daunting. It’s also got
its own community
 with regular activities that aim to educate investors.

Looking back, this journey is just the start for me. I may not have as much time now that I’ve got a new job (thankfully not at a fast-food joint), but I’m quite happy to have taken the plunge into crypto and the knowledge gained. I’ve learned a lot, which makes me confident to hold on to my crypto investments with diamond hands as a long-term investment alongside other traditional ones. Maybe one day, I’ll
actually
get to choose the colour of my Lambo, too.

*****

This article was contributed by a friend of the editorial team who wishes to remain anonymous. The views expressed in this article are of the contributor’s own opinions and do not represent an official viewpoint from Luno
.

5

3

votes

Article Rating

SHARE

Kickstart your crypto journey with Luno

Enjoy RM25 in Bitcoin with your first deposit!

Sign Up Now

TAGS:

Bitcoin

Cardano

Cryptocurrency

DeFi

Dogecoin

Ether

Ethereum

Luno

Luno Malaysia

Ripple

XRP

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Ivan

    1 year ago

Good sharing and content ….keep it up.

0

Reply


Ramadhan Traditions Around the World

Ramadhan is a time of year when Muslims all over the world begin their month-long fasting from dawn until dusk. It’s a time of charity, of austerity, and also of festivity. While Malaysia of course has our own ways of celebrating Ramadhan, let’s take a look at how different countries around the world observe the holy month!

Fanous or Ramadhan Lantern (Egypt)

The traditional use of fanous as decorations associated with Ramadhan is believed to have originated during the Fatimid Caliphate, primarily centred in Egypt. The story goes that a prominent Caliph was greeted by the Egyptian people holding lanterns to celebrate his arrival at Cairo during the holy month of Ramadhan.

In Malaysia, it’s comparable to our traditional bamboo lanterns or pelita buluh planted around the kampung areas or even the neighbourhood mosques to light up the place for nightly prayers.

Garangao (Gulf region)

A traditional children’s party celebrated after the breaking of fast on the 14th night of Ramadhan, when half of the fasting month is over. During the festival, children get dressed up in festival robes, carry a bag, and go in groups around the neighbourhood singing traditional songs.

Upon arriving at each door, they will knock on them and receive nuts or candy. It’s a fun little celebration to reward Muslim children for fasting which has interesting parallels with Halloween and the trick-or-treating tradition.

The Musaharati (Various)

The Musaharati or Misaharaty are people whose job it is to wake up other Muslims for suhoor (or sahur), which is the pre-dawn meal before their daily fast. Different Muslim countries have their own way of waking up their neighbours, the most common across them is by drumming or by knocking the doors of people’s homes.

In Malaysia’s rural areas, the Musaharati would bang on bamboo drums called
tabuh
. It’s getting more difficult to experience the rhythmic pounding of drums in the hours before dawn nowadays since the practice is dying out; usurped by iPhone ringtones.

Ramadhan Cannon (Qatar)

If drummers are used to wake you up before dawn, what would be the logical step to alert you of the the coming dusk? Cannon fire, of course. A hallmark of Ramadhan in Qatar since the 1970s is a cannon fired every evening to announce the timing of breaking the fast.

Their national news channel, Qatar TV features the cannon firing every evening before dusk to annouce the time that fasting has ended for the day. Exciting.

As citizens of the world, our differences can be fascinating to one another, but the shared experience of Ramadhan can be a powerful force for understanding and learning. If you’re keen to see for yourself how different other countries of the world celebrate Ramadhan, don’t forget to pick out a good
travel credit card
 to bring with you!

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

Image Sources: Image 3 from
TheDailyStar

0

0

votes

Article Rating

SHARE

TAGS:

Cultures

Egypt

Fanous

Garangao

Hari Raya Aidilfitri

Musaharati

Persian Gulf

Qatar

Ramadhan

Ramadhan Cannon

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Experian Offers Free 3-Month Subscription For JagaMyID

Global information services firm Experian is offering a free 3-month subscription to its credit health monitoring programme, JagaMyID. You can redeem this free subscription between now and 15 May 2020.

The JagaMyID subscription offers you monthly updates on your credit score, personal credit profile updates, and access to CCRIS information regarding your credit cards, housing loans, car loans, personal loans, PTPTN loans, and other credit facilities. You will also be alerted of any legal suits or bankruptcy actions filed against you, as well as any defaulted payment reported by non-bank credit providers.

“We understand that the current situation has left many people worried about how they should be managing their finances and safeguarding their financial health,” said Experian. “With many of us increasingly relying on digital channels during this period of limited movement, you need to ensure you protect your identity too as you transact more online.”

According to Experian, there is no cap on the number of free subscriptions offered for the promotional campaign. All you need to do is subscribe to JagaMyID for the first time during the period of 15 April to 15 May 2020 – and be at least 18 years of age – to be eligible.

The JagaMyID subscription was initially priced at RM99 a year but is being offered at a reduced price of RM53 per year.

Besides the above promotion, Experian is offering a 50% discount off its Personal Credit Report Plus report with details of CCRIS and i-SCORE for existing JagaMyID subscribers. Meanwhile, Malaysian companies and small-medium enterprises can get a
two-month free subscription to CrediTrack+
, which offers business solutions for credit risk management, debt collection, and digital customer relationship management.

Sign up for your
free 3-month subscription to JagaMyID
 here.

0

0

votes

Article Rating

SHARE

TAGS:

Credit Health

Credit Score

CrediTrack+

Experian

JagaMyID

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


ABM: Banks To Implement BNM’s Five Measures On Financial Scams By June 2023

(Image: The Star/Muhamad Shahril Rosli)

The banking industry in Malaysia is expected to put into place all five additional safeguards that were listed by Bank Negara Malaysia (BNM) to combat online scams by June 2023, said the Association of Banks in Malaysia (ABM).

For context, BNM had previously directed all banks in Malaysia to boost its online banking security system by implementing
five additional key measures
, namely:

Migrating from SMS one-time passwords (OTPs) to a more secure authentication method

Tightening of banks’ fraud detection rules

Verification and cooling-off period for first-time enrolment of e-banking services

Allowing only one mobile or secure device to be registered for transaction verification purposes

24/7 dedicated complaint channel for customers affected by scams

(Image: Malay Mail/Yusof Mat Isa)

While BNM did not fix a hard deadline for the full implementation of these measures during its announcement, several banks subsequently came forward to say that they aim to put the safeguards into effect by the first half of 2023. Some of these banks include
Maybank
,
CIMB
, and
Public Bank
.

Chairman of the Industry Task force on Measures to Combat Financial Scams, Datuk John Chong also said that more than 80% of banks have already established a dedicated 24/7 hotline for scam complaints. “Also, more than 80% have the one mobile device service,” he further stated during a media roundtable session, citing a survey by the task force on 31 banks.

Datuk John – who is also the group chief executive officer of community financial services at Maybank – further said that the other measures are progressing well, with most banks aiming to complete them by next year. His comments are verified by other banking industry representatives as well, including the CEO of CIMB Group Holdings, Datuk Abdul Rahman Ahmad, as well as the CEO of HSBC Bank Malaysia, Datuk Omar Siddiq.

In a separate statement, ABM also stressed the necessity for the banking industry to take “a holistic approach” in tackling financial scams. This includes educating and increasing awareness among the public via the
National Scam Awareness campaign
, which was launched back in October 2022 with the tagline “Awas, Fikir, Blok. Ingat 3 Saat OK.”

Furthermore, ABM emphasised that “security is a collective responsibility that requires a one nation approach.” It said that as the banking industry continues to play its part in tackling financial scams, the public is also urged to adopt good online banking practices, including not sharing their banking credentials with other parties and never using unsecured public WiFi connection to perform online banking transactions.

(Sources:
ABM
,
The Edge Markets
)

5

1

vote

Article Rating

SHARE

TAGS:

ABM

Association of Banks in Malaysia (ABM)

Bank Negara Malaysia

BNM

CIMB Group Holdings

Dato’ John Chong

Datuk Abdul Rahman Ahmad

Datuk Omar Siddiq

Financial Scams

HSBC Bank

Maybank

Online Scams

Scams

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank: Recent Data Leak Allegations Are False

(Image: New Straits Times/Nurul Shafina Jemenon)

Maybank has confirmed that recent allegations regarding a supposed customer data leak from its database are false. This came following its investigations after the bank was alerted of the claim at the end of last week.

In a statement, Maybank reassured customers that their banking data have not been compromised, and remain secure and private. “Maybank will continue to prioritise its cybersecurity and data protection measures as customer data protection is of utmost importance to the bank,” it said.

#MBBAlert
 Dear Valued Customers,
With regards to the alleged claim of a customer data breach, after internal investigation we can confirm that these accusations are false.
(1/2)

— Maybank (@MyMaybank)
December 31, 2022

For context, a Facebook post had claimed last week that the data of 1.8 million Maybank customers had been leaked and posted on a database marketplace, along with those from Astro (3.5 million subscribers) and Suruhanjaya Pilihan Raya (SPR) (7.2 million voters). Said to have been posted on 25 December 2022 (7.56pm), the leaked information allegedly included each individual’s login ID, full name, date of birth, address, and identity card number.

Following that, Maybank issued a statement saying that it
will investigate the claims as it “has not experienced a data breach” in its system
. It also took the opportunity to reiterate its commitment to safeguard the security, privacy, and integrity of its data and systems.

Meanwhile, Communications and Digital (KKD) Minister, Fahmi Fadzil noted that early investigations carried out by his ministry found that the Maybank account numbers contained within the sample data are invalid – which means transactions cannot be carried out using the data. He also revealed that there is a possibility the data could be related to an earlier data breach incident that happened back in 2018.

[KENYATAAN MEDIA]
𝐊𝐊𝐃 𝐒𝐈𝐀𝐒𝐀𝐓 𝐃𝐀𝐊𝐖𝐀𝐀𝐍 𝐊𝐄𝐁𝐎𝐂𝐎𝐑𝐀𝐍 𝐃𝐀𝐓𝐀 𝐌𝐄𝐋𝐈𝐁𝐀𝐓𝐊𝐀𝐍 𝐌𝐀𝐘𝐁𝐀𝐍𝐊, 𝐀𝐒𝐓𝐑𝐎 𝐃𝐀𝐍 𝐒𝐏𝐑
YB Fahmi Fadzil
Menteri Komunikasi dan Digital
30 Disember 2022
#kementeriankomunikasidandigital

#KKD

pic.twitter.com/fbDwpWcnTd
— Kementerian Komunikasi dan Digital (@kkmm_gov)
December 30, 2022

The minister also highlighted that KKD is still investigating the claims with the support of CyberSecurity Malaysia, via the Personal Data Protection Department. Additionally, the Malaysian Communications and Multimedia Commission (MCMC) has been directed to block access to the database marketplace.

Separately, Astro also launched its own investigations into the allegations and found that
they, too, have not experienced any data breach
. It added that necessary security measures have been taken to protect the sensitive information of its customers, and that further updates will be shared if there are more discoveries. SPR, meanwhile, has yet to issue any statements regarding the matter.

(Sources:
Maybank
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Astro

Communications and Digital Ministry

CyberSecurity Malaysia

Data Breach

Fahmi Fadzil

Maybank

MCMC

Personal Data Protection Department

Suruhanjaya Pilihan Raya (SPR)

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maxis Tweaks Weekday Data Allocation For MaxisONE Plan 98

Maxis has begun sending out SMS to existing subscribers of
MaxisONE Plan 98
 to announce a revision to the weekday and weekend data split.

Under the new revision, the weekday data from the plan has been increased from the usual 15GB to 20GB, and reduced the weekend data allocation to 10GB. The total data allocation for the plan remains unchanged at 30GB.

If the customer prefers to get the full 30GB for use anytime of the month, they can add an additional RM10 to their monthly commitment. Since only the MaxisONE Plan 98 has a weekday/weekend data split, this change only affects subscribers of this plan.

(Source:
Soyacincau
)

0

0

votes

Article Rating

SHARE

TAGS:

Maxis

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Transport Ministry Extends Driving Licence, Road Tax Renewal Deadline To 31 December

(Image: Malay Mail)

The Transport Ministry has once again extended the deadline for the renewal of driving licences and road tax, this time until 31 December 2021. This is despite an earlier announcement that said all road users
must renew their expired licences by 30 September 2021
.

For context, the Road Transport Department (JPJ) had reiterated in August that all expired licences must be renewed by the deadline, and that no further extensions will be provided. The licences that were affected included Competent Driving Licences (CDL), Motor Vehicle Licences (LKM or road tax), Goods Driving Licence (GDL), and Public Service Vehicle Licence (PSV). Additionally, checks on compliance and enforcement by JPJ officers were slated to start from 1 October 2021 onwards.

With this latest extension, however, the Minister of Transport, Datuk Seri Dr Wee Ka Siong said that individuals with expired Malaysian driving licences and road tax will not need to worry about being penalised by JPJ enforcement officers and the police. “Motorists with expired road tax must, however, ensure that the insurance for their vehicles are valid. They must display their insurance e-cover note for authorities to check,” he noted.

(Image: The Star)

“The ministry acknowledges the feedback and difficulties faced by many recently when seeking public services such as JPJ and other agencies during the Covid-19,” Datuk Wee further said.

This extension until 31 December 2021 is the latest in a long list of exemptions that the Transport Ministry and JPJ had provided to the public since the start of the movement control order (MCO) period back in
March 2020
. This first round of exemption was subsequently extended up to September 2020, and was then followed by a second round in
January 2021 until March 2021
 due to MCO 2.0 – with yet another extension from
April to May 2021
.

Following that, a third exemption was provided for vehicle owners with road tax or driving licences that expired between
1 June to 31 July 2021
. This group were allowed to renew their documents between 1 August to 30 September 2021 – with 30 September supposedly being their “fixed and final” deadline.

(Image: Malay Mail)

Aside from announcing the deadline extension, Datuk Wee also noted that flood victims in Yan, Kedah will be able to get their JPJ documents replaced for free if they were damaged. However, these individuals must first lodge a police report and bring the report with them to the JPJ counter for verification. If not provided for free, the victims would have to pay replacement fees of RM20 for driving licences, RM50 for car road tax, and RM20 for motorcycle road tax.

(Sources:
The Star
,
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

Competent Driving Licences (CDL)

Covid-19

Datuk Seri Wee Ka Siong

Driving Licence

Driving Licence Renewal

Goods Driving Licence (GDL)

Jabatan Pengangkutan Jalan

JPJ

MCO

MCO 2.0

MCO 3.0

Motor Vehicle Licences (LKM)

Public Service Vehicle Licence (PSV)

Road Tax

Road Tax & Insurance

Road Tax Renewal

Road Transport Department

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysia Airlines Introduces "Fly Now, Pay Later" 0% Instalment With Maybank & Public Bank Credit Cards

As part of Malaysia Airlines’ MATTA Fair promotion, the national airline has partnered with Maybank and Public Bank to offer Zero-Interest Instalment Plans (ZIIP) for credit card holders who book Malaysia Airlines flights that cost RM500 and above. Cardholders will be able to choose between two repayment tenures of 6 months or 12 months.

Both banks’ ZIIP have the same conditions to qualify for the ZIIP with Malaysia Airlines. First (and most naturally), payment for the flight tickets must be charged to a Maybank or Public Bank credit card (or their Islamic banking equivalent), and secondly, these tickets must cost a minimum of RM500 in a single transaction. Note that these two repayment tenures require a different minimum spend. The 6-month ZIIP is valid with a minimum spend of RM500 in a single transaction, while the 12-month option requires a minimum spend of RM1,000.

Zero interest instalment plans aren’t new, but it’s interesting to see Malaysia Airlines integrating it into the payments section of its portal as a unique payment method. This “fly first, pay later” option eases the burden of paying a large sum, and at no extra cost to the cardholder. Of course, with as with every financial product feature, ZIIP also should be used wisely – just because you don’t have to pay it immediately, it doesn’t mean you have extra budget to spend during your trip!

As this is a limited-time promotion as part of the MATTA Fair, the ZIIP for both Maybank and Public Bank cardholders is only available until 13 September. However, the travel period for this promotion is from now until 15 August 2020, so this may be a great time to plan and buy flight tickets for your holiday next year.

For detailed step-by-step instructions on how to book Malaysia Airlines flight tickets via ZIIP with Maybank and Public Bank, head on to the
MAS
 website.

(Source:
Maybank
,
Public Bank
)

0

0

votes

Article Rating

SHARE

TAGS:

Campaigns

Instalment Plans

Malaysia Airlines

MAS

MATTA

MATTA Fair

Maybank

Public Bank

Zero-Interest Instalment Plans

ZIIP

About THE AUTHOR

Christine Tay

Christine Tay

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Boost Launches CNY Campaign With Attractive Rewards And 18 Million Boost Stars To Be Won

E-wallet Boost has announced its “Roar into 2022, Hu Wants More Huat?” umbrella campaign, which is to be launched in conjunction with the upcoming Chinese New Year celebration. Set to begin tomorrow until 15 February 2022, it aims to provide Boost users with generous offers and savings that will brighten their festivities.

Here are the various promos that you can look forward to under Boost’s umbrella campaign.

RM8 Angpows And Up To RM18 Cashback

You’ll be able to redeem RM8 angpows for various Partner Wallets via the BoostUP catalogue, which can then be used to shop online and offline, pay bills, and so on. With Boost giving away more than RM230,000 through this sub-campaign, these angpows can be redeemed on four separate occasions, namely:

8 January
18 January
28 January
8 February

On top of the free angpows, Boost has also earmarked another RM130,000 for cashback that you can earn when you shop with selected merchants. You will be able to win up to RM18 cashback when you meet the specified minimum spend requirement, as is detailed below:

RM3 cashback with a minimum spend of RM20
RM8 cashback with a minimum spend of RM80
RM18 cashback with a minimum spend of RM180

At the time of writing, the list of selected merchants has not been shared yet, but we expect Boost to provide it soon.

Boost Stars With Savings Worth Over RM168,000

During selected days within the campaign period, Boost will reward its users with bonus Boost Stars when they make purchases from selected merchants. These attractive perks can be especially appealing when you shop for your CNY groceries, outfits, and travels.

Mark down the following dates in your calendar to earn yourself some bonus Boost Stars, including the chance to win up to 188,888 Boost Stars:

Dates/Periods
Bonus Boost Star Earnings Available
8 January only
The monthly Online Boost Day, where you can
earn 888 Boost Stars
 with a minimum purchase of RM38 when you shop with any of Boost’s online partners. Each customer may receive the reward for two transactions, which will be credited into their accounts within five working days after the end of the sub-campaign. The rewards must be utilised by 28 February 2022.
10 January – 15 February
Earn 8x Boost Stars
 with a minimum online purchase of RM88, capped at a maximum of 3,888 Boost Stars per transaction. Each user can receive a maximum of three rewards, which will be credited immediately upon successful transaction. Make sure to utilise the rewards by 31 March 2022!
4 – 15 February
Earn 8,888 Boost Stars when you spend a minimum of RM88 in-store with selected offline Boost merchants. These include Eu Yan Sang, Bake With Yen, and Haidilao.
8 January – 15 February
Every transaction performed during this period will put you in the running to win 188,888 Boost Stars. There will be 88 lucky winners selected throughout the campaign.

The return of eAng Pow

Just as it has done
over the past two years
, Boost is once again allowing users to bless their loved ones in any part of the country with its eAng Pow feature. You’ll be able to choose from various packet designs, with the option to include a personalised greeting.

Additionally, Boost highlighted that the eAng Pow feature can also double up as e-donations, allowing you to contribute to a list of non-governmental organisations and charities amidst the festivities. This way, you can share some joy with those who are facing hardships as they rebuild their lives after a challenging 2021.

***

In rolling out all the above deals, Boost said that it hopes to help Malaysians usher in good health and prosperity in 2022, as well as practise safe shopping from the comfort of their homes.

“CNY is one of the most anticipated festive seasons in the country as it signifies a time where optimism and aspirations are renewed. As Malaysians look forward to recovering after facing numerous adversities last year, we have curated a wide assortment of not-to-be-missed offers from various online and offline merchants so that our users can stretch their ringgit, and hopefully get back on their feet in the new year,” said the chief executive officer of Boost, Sheyantha Abeykoon.

Boost also urged its users to stay tuned on its social media pages for additional offers coming up throughout the CNY period.

5

1

vote

Article Rating

SHARE

TAGS:

Boost

Boost Stars

BoostUP

Chinese New Year

E-Ang Pow

Sheyantha Abeykoon

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


What To Do If You Lose Your Personal Documents Overseas

Amidst all the fun and excitement of travelling, unexpected travel hassles can happen. You could lose your passport or have it stolen during the course of your adventure. Here’s what you should do:

1. Act Fast

It’s in your best interest to move as quickly as possible, the moment you find your travel documents missing. The first thing to do is to make sure that your papers are really missing and that you did not simply place them somewhere else.

Once you are sure that your documents have been lost or stolen, make a checklist of all the papers, credit cards and other items that are missing. Now retrace your steps to make a best guess of where you might have lost them. With this information, you can file a better police report and perhaps even increase your chances of recovering your items.

2. Contact Your Embassy

To speed things along, contact your embassy and explain your situation. You’ll want to move as quickly as possible since the embassy may not be able to issue your travel papers on public holidays and weekends.

Thus, if you have more travelling to do, you wouldn’t want miss your flights and other bookings as a result. Moreover, it’s better to have an email record as proof of your timely notification to the authorities.

3. Make a Police Report

Head to the nearest police station and file a report. You’ll need to do this especially if you’ve lost your credit card as well or need to make insurance claims.

Furthermore, having proof that you’ve informed the authorities of your situation would be helpful if you are detained at a random traffic stop without your papers on you. With your report, at least you’ll have a valid excuse for not having any identification on you.

4. Head To Your Embassy

Your embassy will help issue your temporary passport, help you with arrangements and also advise on proper procedure. Note that you might need to pay for the issuance of a new passport, unless in certain circumstances where the fee may be waived.

Now you know what to do if your travel papers get stolen or if you lose them. You can also make things easier for yourself by following these handy prep tips before you travel:

Save a soft copy of important documents such as your visas, passports and other forms of personal identification as well as copies of your credit cards. Remember to save them in your email for easy access.

Use locker services where possible to hold important documents and avoid carrying it on your person.

Keep emergency phone numbers, addresses of your embassy and the nearest police station on hand.

Make sure you have access to spare cash with you, so you can pay for your replacement papers and transport fees.

Last but not least, consider buying travel insurance. A good travel plan can provide assistance to you if your passport or visa is lost or stolen, reimburse your replacement document fees and even cover travel cost losses in case you don’t get your replacement papers in time.

Travel insurance can also help if you lose your luggage, miss a flight or require medical care while overseas. Furthermore, these plans are available as a standalone and depending on the level of coverage and comprehensiveness can be quite affordable to purchase.

Confident for your next travel? Head to our
Travel Getaway Campaign
 for more information!

Before you journey on, use our
comparison page
 to help you discover a travel insurance policy that is just right for you!

0

0

votes

Article Rating

SHARE

TAGS:

Lost Passport

Passports

RinggitPlus Travel Getaway Campaign

Stole Passport

Travelling

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Survey: Millennials More Confident About Reaching Financial Goals Now Than Pre-Covid-19 Days

A global survey by Standard Chartered Bank has revealed that the millennial generation around the world (aged between 25 to 44) has been spurred to improve their money management skills for a better financial future due to the Covid-19 pandemic. This includes Malaysia, where 36% of millennials polled said that they are now more confident about reaching their financial goals than before the outbreak of Covid-19.

To set the stage, Standard Chartered’s survey found that 74% of its millennial respondents in Malaysia experienced a more challenging time in managing their money day-to-day since the start of the Covid-19 pandemic. The group is also 107% more likely to feel that they do not have control of their bank account balance in comparison to those aged over 45 years old.

On top of that, Standard Chartered’s survey noted that 23% of these respondents reported an increased borrowing in the last month, as compared to 15% of those aged over 45 years old.

Despite such challenges, however, local millennials are also found to be the generation that are actively in pursuit of long-term financial goals. For instance, 45% of those surveyed said that they are committed to saving more for their retirement, in comparison to 44% of those above the age of 45. 34% of these respondents are also saving for a major purchase, such as a new car or home, as opposed to 20% of those above 45 years old.

Additionally, half of the millennial respondents indicated that they want to better track and budget their spending, as shown in the following figures:

61% want to change their budget for daily spending

28% started using a new money management or budgeting app since the pandemic

63% of those who have not used such apps plan to do so in the next three years

The survey also made further comparison between the millennial respondents with those aged over 45 on their financial habits since the start of Covid-19, noting that millennials are:

340% more likely to have started a digital piggy bank

65% more likely to have started using a money management or budgeting app

150% more likely to have started using a savings or investment app for the first time

Standard Chartered went on to justify that this adoption of technology is a major reason as to why more than one third of millennials in Malaysia (36%) are more confident in achieving their long-term financial goals than before the pandemic started. In contrast, only 21% of Malaysians aged over 45 years old feel more confident about reaching their financial goals amidst the current landscape.

(Image: The Star)

“Malaysian millennials are indicating a sense of responsibility with their finances in the aftermath of the Covid-19 pandemic. There is no question that the crisis is a formative phenomenon that will shape this generation for the rest of their lives,” said the managing director and chief executive officer of Standard Chartered Malaysia, Abrar A. Anwar.

This global survey by Standard Chartered is the last of a three-part series that seeks to look at how Covid-19 has transformed people’s life, and to gauge what changes are permanent. Involving 12,000 respondents from across 12 countries, the first part of the series focused on the pandemic’s impact on the
respondents’ earnings
. Meanwhile, the second examined their
changing spending habits
.

You can read the
full report of Standard Chartered’s survey
 on its website here.

(Source:
Standard Chartered
)

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19

Economic Recovery

Millennials

Post-Covid-19 Economy

Standard Chartered

Surveys

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Can You Trust Robo Advisors To Make The Best Investment Decisions For You?

By now, many Malaysians would know that robo advisors offer various advantages, making it a great solution for many investors – especially beginners. They provide investing management at a reasonable cost as well as convenience with their automated processes. On top of that, they also have a low entry requirement, making investing much more accessible to the common folk.

While all these benefits are great and robo advisors have taken the market by storm, a legitimate concern remains: can we trust that robo advisors are able to make the best investment decisions for us? Ultimately, they’re just algorithms…right?

What do “best” investment decisions mean?

Let us first lay out what it means by making the “best” investment decision. Of course, all investors hope to reap huge profits through their investments, but this should not be the only factor to consider when making good investment decisions.

You also need to evaluate various other factors, such as your risk appetite, investment goals, investment horizon, as well as current financial circumstances and obligations. If an investment opportunity involves the potential for great profit in the future but forces you to take more risk than you are comfortable with, or requires you to invest beyond what you can currently afford – then it may not necessarily be the best investment decision for you.

Accordingly, robo advisors have been programmed to take into consideration all the factors mentioned above during the process of building a tailored investment portfolio for you.

Trusting robo advisors with your investment decisions

There are several reasons why robo advisors can be trusted to make good investment decisions for their investors. Here are a few:

1) Robo advisors are developed based on established investment models

All robo advisors rely on some form of established investment models to drive their investment strategies. The most popular is, of course, the Nobel Prize-winning modern portfolio theory (MPT), which now powers a majority of the robo advisors in the market. There are also other alternative frameworks that are used, such as the post modern portfolio theory (PMPT),
Sample Portfolios, and Constant Portfolio Weights models
 – although these are less well-known. Regardless of which framework, robo advisors are essentially backed by substantial research, and as such, can be relied upon to make the best decisions in your interest.

Some robo advisors may even augment their preferred models with additional assistance from artificial intelligence (AI). As an example, MYTHEO – which utilises investment technology that was developed in Japan and has been in use since 2006 – pairs its functional approach with its AI Assist risk-assessing feature to improve the mid- to long-term performance of investors’ portfolio.

2) Robo advisors meticulously build your profile to understand your needs

During the onboarding process, all robo advisors will require its users to answer a questionnaire to help it understand the background and needs of each customer as best as they can. From there, the robo advisor will then use its proprietary algorithm to analyse and build the most accurate profile possible, before constructing a portfolio that best meets your requirement.

The robo advisor’s “accuracy” in creating your profile and constructing a suitable portfolio is dependent on the concept used behind this proprietary algorithm. MYTHEO, for instance, relies on something called the Analytic Hierarchy Process (AHP) to help with the process. Essentially, the AHP is a distinctive decision-making framework that helps people evaluate and prioritise their choices using hierarchies, thereby arriving at choices that best suits their values.

In the case of MYTHEO, it uses this structured analytical process to deliver a tailored portfolio that best matches an investor’s investment profile. Using multiple hierarchies, MYTHEO determines the appropriate weightage from the three functional portfolios that it manages (Growth, Income, and Inflation Hedge) for each customer, as well as the investment elements under each pillar.

3) Robo advisors reduce risk through diversification

Another advantage that robo advisors can bring to the table – thereby enabling them to make good investment decisions for you – is the ability to diversify easily. Diversification is essentially the epitome of “don’t put all your eggs into one basket”; it is a risk management strategy where you invest in a mix of asset classes, regions, industries, or other categories to mitigate losses. This way, if one of your investments in an asset class or sector were to perform poorly, your other ventures will not be affected.

Most robo advisors will allow you to immediately invest in a range of assets once you buy in, such as equities, bonds, commodities, and real estate assets – just to name a few. They are also usually invested in more than one region, mixing assets from developed countries (such as the US and the UK) with emerging markets (such as Southeast Asia, China, and India). To further diversify, some robo advisors may even build your portfolio with assets from various promising industries, including IT, healthcare and pharmaceutical, as well as utilities and consumer staples.

4) Robo advisors removes emotions from the investment process

Robo advisors can help investors to avoid emotion-driven mistakes, such as panic buying or selling, thereby helping to make better investment decisions. A
recent survey
 conducted in the US found that 66% of investors regret impulsive or emotional investing decisions, and 58% agreed that their portfolio performs better when emotions are left out of the equation. While these exact figures may not translate directly to the Malaysian setting, the significance of the study remains clear: the investment process should remain a rational one.

With robo advisors using algorithms to invest, it can limit human bias and emotions from influencing the investment decision process. Investors, too, will be less prone to making knee-jerk reactions to the latest financial news, or attempting to time the market. Instead, they’re more likely to hold on for the long term and dollar-cost average – both of which are proven to be key strategies to successful investing.

5) Robo advisors automatically rebalance and reoptimise your portfolio

All portfolios need to be rebalanced and reoptimised from time to time to ensure that they continue to fit your investment and risk profile while generating optimal profit. This is especially so when there are major fluctuations that affect market conditions – such as the Covid-19 pandemic that has ravaged the global economy over the past two years.

The rebalancing process involves the reallocation of your assets, such as by selling some of your riskier asset classes that have outperformed in the short term and buying more of the less volatile asset classes that have underperformed in the short term. Robo advisors automate this procedure with the help of algorithms, enabling them to quickly figure out how far your portfolio has “drifted” from your original risk profile, and what are the best steps to reoptimise it.

***

It is crucial to understand that all investment decisions – even the “best” – come with a degree of risk, but through algorithms and smart technology, robo advisors can assist you in making the most out of your investments. And MYTHEO – one of the key robo advisors available in the Malaysian market – is ready to facilitate.

Born from a joint venture between Japanese investment management and advisory services provider Money Design, and local enterprise Silverlake Digital INX, MYTHEO has served 160,000 Japanese investors. It also has more than US$1.5 billion worth of asset under management (AUM).

With MYTHEO, Malaysians can begin investing globally with a low entry amount of RM100. Delivering more than 60 exchange traded funds (ETFs) on offer, along with other asset classes available (such as gold and property), MYTHEO’s offerings are also diversified across five regions: Asia Pacific, Africa, Europe, North America, as well as South America. Ultimately, investors will have access to a whopping 373 portfolio combinations, which enables them to indirectly own more than 10,000 securities globally.

In terms of its management fees, MYTHEO charges a low 0.5% to 1% p.a., depending on your investment amount. No other fees – such as trading, exchange, and redemption fees – apply.

Thanks to a
partnership between RinggitPlus and MYTHEO
, there is currently a
promo that offers a three-month management fee waiver
 for new customers who sign up using our promo code (“
MYTHEO
”) during this period. Ending very soon on 31 December 2021, this deal is exclusively for our readers, so sign up via
this link
 while it’s still ongoing!

0

0

votes

Article Rating

SHARE

TAGS:

Longform

MYTHEO

MYTHEO Malaysia

Robo-Advisors

Silverlake Digital INX

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments