Latest Phishing Scam Hides Within An App And Is Disturbingly Sophisticated

A Facebook user has shared his disturbing experience of almost losing his savings through a new and sophisticated phishing scam. Describing the series of events on his Facebook page, Smith Ang detailed how a Facebook ad for professional cleaning services led to him accidentally sharing his online banking account info and almost losing close to RM5,000.

The operation is surprisingly elaborate, involving creating a Facebook page offering professional cleaning services, and paying for ads on Facebook to lure unsuspecting victims. After all, professional cleaning services are quite common these days, with booking and payment usually done online.

To add legitimacy, the scammers try to mimic an existing professional cleaning service called
Maid4u
– but the Facebook ad is run by a page called “Magic Maid Cleaning”. Maid4u’s website lists some corporate clients, complimentary sanitisation services, support for credit card payments, but its services are only available in Cyberjaya. Crucially, it also does not have an app (though according to the website, it will be available soon) and its WhatsApp chat button leads to a different phone number to the scammers.

The Facebook ad includes a WhatsApp chat button, where the scammer will share a 50% discount promo for new users who book via their app. However, the link to the app download isn’t to the Google Play Store or Apple App Store, but instead is an APK file – an Android app installer package – that isn’t vetted by Google (since it isn’t submitted to be available in the Google Play Store). Conveniently, this app requires permission to read SMS messages (sometimes necessary for legitimate apps, among other permissions).

Upon installation, the app requires setting up an account that requires information including name, mobile phone number, and email address. Bookings and payments can be made through the app, supporting “credit cards” and “FPX” – the credit card payment was not available, but FPX bank transfers are online – a design decision that will prompt you to “log in” to your online banking website. Naturally, the username and password info is captured, and since almost every bank requiring SMS OTP authentication, the app’s SMS read permission comes into play – the scammer would now have everything they need to clear out your bank account.

Thankfully, Ang was able to secure his online banking access by very, very quickly changing his password before the scammer was able to authorise a RM4,860 instant transfer. As a technologically savvy user, Ang was able to protect himself from the scammers through luck and quick thinking – but this may not be the case for everyone else. There are several instances in the process that are red flags:

The too-good-to-be-true offer – most professional cleaning services cost around RM50/hour. The “promo” offers a two-hour service with free sanitisation service for only RM40 (admittedly the one-time “new user” offer does make it plausible).
Inconsistent brand name – the company is Maid4u but the ad shows “Magic Maid Cleaning”.
“Nationwide” coverage – the scammers are quite smart to ask for the victim’s location, without disclosing what locations their service supposedly covers.
App download – the biggest red flag, as noted by Ang as well. An APK file is not vetted by Google, and many Android smartphone manufacturers block APK app installs by default because nobody except the app’s developers will know what the app can do. In this case, the app acts as a Trojan horse to gather the victim’s personal information, and read SMS messages for when they require OTP authorisation.

That said, the app was designed very well, and from the screenshot shared by Ang, mimics Maybank2u’s old website layout (which is used in FPX) almost perfectly. So again, unsuspecting victims hoping to grab a good deal may end up falling prey to this elaborate phishing scam.

You can read Ang’s full experience in the source link.

(Source:
Smith Ang
 (Facebook))

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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    Faisal

    1 year ago

This is an old scammer on the lose. Don’t fall for it.

Raven Raj is what he introduced over email with his bank details as Public Bank 3130446115

Same email and domain

6

Reply

    Karen

    1 year ago

    Reply to

        Faisal

Yes, this happen to us a few days back.

The name of the agent is the very same Raven Raj with the very same account number.

Feel so cheated.

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    Hi! a

    1 year ago

Thank you for the elaboration, a good write-up

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    May

    10 months ago

I just lose 21k with 1 click by the link given, today within 5 min, just view the link given to check the price, then I got notified msg my money all gone

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    Mike Myers

    8 months ago

Companion Maids is probably the same company as doing the exact same… another scam

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Deputy Finance Minister II: Covid-19 Emphasises The Importance Of Financial Literacy

(Image: Bernama)

Deputy Finance Minister II, Mohd Shahar Abdullah has commented that the assimilation of financial literacy elements in lifestyle and day-to-day affairs is becoming increasingly important. This is especially so during the Covid-19 pandemic.

According to Mohd Shahar, the pandemic has greatly impacted life globally, which makes it even more important for people to take precautions when managing their finances now.

“There are those who take wise steps by reevaluating their financial position by looking for alternatives in navigating the new norms. However it is regretful that there are also vulnerable groups who are not financially prepared to face this unexpected situation,” he said during a webinar organised by Bank Negara Malaysia (BNM), held in conjunction with the
Financial Literacy Month 2020
 (FLM 2020).

For context, FLM 2020 was launched in early October 2020 by the Financial Education Network, and is part of an ongoing effort to raise the level of financial literacy among Malaysians of all ages. Its programmes cover a range of relevant topics, from investments and financial risk management.

The minister further quoted statistics from BNM’s 1H20 Financial Stability Review report to highlight the severity of the situation, noting that household debt had reached 87.5% of gross domestic product (GDP). Meanwhile, data from the Malaysian Insolvency Department indicated that 25% of bankruptcy cases from 2017 to 2019 is comprised of young people aged below 35 years. Figure-wise, this translates to 11,800 out of 46,760 individuals.

In light of such a situation, Mohd Shahar urged the Financial Education Network and its partners to strive towards realising the goals of the
National Financial Literacy Strategy 2019-2023
. “Our responsibility to increase the level of financial literacy among the community will be continued with a firm commitment to empower the people with financial knowledge and skills,” he said.

Mohd Shahar also expressed confidence that the various programmes offered via FLM 2020 will help to educate Malaysians in making wise financial decisions. You can find out more about
FLN 2020
 and its available programmes on FEN’s website.

(Source:
The Sun Daily
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AmIslamic Bank Exclusive: Interest Free AmFlexi-Pay Plan

Excellent value Flexible Payment with AmIslamic Credit Cards

AmIslamic Bank’s
special offer on AmFlexi-Pay
 is 6 months interest free for money that you borrow to pay for retail purchases from selected merchants.

Need longer to pay? Interest rates for 9 to 24 months vary between 2.0% and 6.0% meaning you can afford to buy more this festive season and manage your payments over the months to come.

Offer available with AmIslamic Credit Cards only.

Terms and conditions apply.

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Government To Make Announcements On Moratorium Extension, EPF Akaun 1 Withdrawal Soon

(Image: The Star)

The government will soon make an announcement about the loan moratorium extension for all, and the one-off withdrawal from Akaun 1 of the Employees Provident Fund (EPF), said Datuk Seri Shahidan Kassim.

Shahidan, who is the chairman of the Perikatan Nasional Backbencher’s Club (PNBBC), hinted that an “agreement in principle” had been struck on both issues. He also said that Finance Minister Tengku Zafrul Abdul Aziz is expected to amend Budget 2021 before it is finalised soon. “Maybe the Finance Minister will make an official announcement even before the winding up of the Budget,” he added.

According to Shahidan, the decision regarding these matters had been revealed during a pre-discussion meeting with government backbenchers. He also stated that the government was prepared to revise Budget 2021 following proposals from its Perikatan allies before the national budget is approved in Dewan Rakyat.

(Image: Malay Mail/Ahmad Zamzahuri)

Shahidan had been asked to comment on an earlier statement by former prime minister, Datuk Seri Najib Razak. Najib, who is also the chairman of Barisan Nasional Backbenchers’ Club, had said that the
coalition’s support for Budget 2021
 hinges on the fulfilment of two of its demands:

Blanket moratorium on loan repayments until 30 June 2021

Allowing a one-off withdrawal of RM10,000 from the EPF Akaun 1

Najib’s stance came following the tabling of Budget 2021 on 6 November, where Tengku Zafrul announced an
enhanced targeted repayment assistance programme
 for B40 and micro SMEs. The proposed programme will allow these groups to either defer loan repayment for three months, or reduce their monthly instalment by up to 50% for six months.

Additionally, the government also proposed to allow eligible EPF contributors to withdraw
RM500 per month from their Akaun 1
 for a period of 12 months – totalling up to RM6,000. This withdrawal is on top of the
ongoing i-Lestari scheme
, which already allows contributors to take out a maximum of RM6,000 (up to RM500 withdrawal per month) from their Akaun 2.

Members of the Parliament will vote on the national budget on 23 November 2020.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Harry

    2 years ago

The Rakyat Malaysia was too surfering during covid19 pendemic. EPF should allow for such withdrawal from account#1 for those who are require immediate emergency use. Those not agree with such plan, not require to apply. The government should look on those family has 3 kids anx above. Loosing income is on their bottle-neck. Moreover, Jan-2021 is on the way. They have problems to pay schools fees and etc.. Getting a jobs is so competetive in the market even request a lower salary. Do government get jobs for those family loosing income? Priority should be given for such family size 5
…
Read more »

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How Do Balance Transfer Credit Cards Work? Here Are The Best Deals.

If we said that Banks are giving away free money you’d say we’re crazy, right? Wrong. Used wisely a Balance Transfer credit card can save you a fortune in interest. Some cards offer 0% interest over a short contract term.

Here we answer a few frequently asked questions about Balance Transfer credit cards:

1. Can I transfer the balance from more than one credit card?

Most banks allow you to transfer the balance from more than one card provided you have the available credit limit on the receiving card.

2. How much can I transfer to my new credit card?

Most Balance Transfer offers only let you transfer60%-80% of the available credit limit onto the receiving card but some will allow you to utilise all your total available credit limit.

3. Is there a minimum amount I need to transfer to my new credit card?

Most Balance Transfer offers require a minimum transfer amount of at least RM1,000 while some can require as much as RM3,000.

4. How do I transfer my balance from my current credit card to the new credit card?

Some banks will deal with a Balance Transfer over the phone. Other banks ask you to fill out a form and send statements of the credit card you want to transfer from. Whatever method you choose it would be good to keep a separate file handy just for Balance Transfers (make photocopies) so that you can track what you have transferred from one card to another.

5. What are the best credit card balance transfer deals?

Issuer

Interest Rate

 Minimum Amount (RM)

 Apply

3 Months

0.00%

   500

Apply Now

6 Months

0.00%

1,000

Apply Now

0.00%

1,000

Apply Now

0.00%

1,000

Apply Now

0.00%

3,000

Apply Now

12 Months

1.00%

1,000

Apply Now

*

1.80%

3,000

Apply Now

1.99%

1,000

Apply Now

2.00%

1,000

Apply Now

3.00%

1,000

Apply Now

24 Months

2.25%

6,000

Apply Now

2.50%

1,000

Apply Now

2.50%

3,000

Apply Now

4.50%

2,000

Apply Now

36 Months

4.96%

2,000

Apply Now

5.33%

1,000

Apply Now

*Notes

BSN:

12 Months interest is charged at 0.30% per month with first 6 months at 0% interest

24 Months interest is charged at 0.375% per month with first 12 months at 0% interest

AmBank 36 Month:

If you transfer RM 5,000 – RM 20,000 you are eligible for some great gifts such as the HTC Desire C, Samsung Galaxy SIII, Sharp Aquos 39″ Full HD LED TV, 11 inch MacBook Air and much more. You also should not be put off by the high interest rate, once you take into account the value of the gifts the real annual interest is closer to 4%.

MBF 0% For Life:

The 0% interest rate for life is only valid for balances under RM3,000 – anything above RM3,000 will be charged a one-time upfront balance transfer preferred interest of 5.99%. In order to maintain the 0% interest you have to transact at least RM300 per month on the card until the principal is fully repaid. Finally, you have to make minimum monthly payments of RM99 until the balance is paid off.

6. Can I still transfer my balance to a new credit card if I have missed a lot of payments on my current credit card?

Most banks allow you to transfer as long as you card is not blocked. Credit card companies can block your card if you have used up your entire credit limit or if you have not made your minimum payments for several months in a row.

7.  Are there any extra fees in addition to the advertised interest?

This varies from bank to bank so read the fine print carefully. Some banks advertise low or 0% interest rates but will charge you a one-time upfront “fee” instead. Other banks have legal or admin fees hidden in the Terms & Conditions.

8. Do any of the Credit Card Balance Transfer deals allow an early repayment without having to pay the full interest on the original transfer?

There are two charges you need to be aware of when it comes to early repayments.

Some banks will charge you an early settlement fee of up to RM100 if you repay the Balance Transfer before the program officially ends.

When it comes to the interest charges on the Balance Transfer, some banks will want you to repay all the monthly interest as if you had maintained the Balance Transfer until the program officially ended.

For example, even if you repay a 24 month Balance Transfer deal after only 18 months, you may have to repay the interest from months 19-24. Again, read the small print or call the bank to confirm.

9. Do any of the Credit Card Balance Transfer deals apply the special rate to new purchases too, or is the Balance Transfer rate only applicable to the amount transferred?

You can only enjoy the special rate for the amount that was originally included in the Balance Transfer. The promotional rates are not extended for new purchases on the same card.  This is very important, see point 12.

10. Can I apply for a Credit Card Balance Transfer to an existing credit card, or do I need to apply for a new credit card with the bank?

This varies depending on the promotion and the bank so you will need to check each promotion’s Terms & Conditions.

11. If I miss any repayments on the Credit Card Balance Transfer deal will I still enjoy the low promotional rate?

No. Almost all Balance Transfer offers only apply the low promotional interest rate if you repay the outstanding balance to the agreed schedule.

Any failure to make the required payments on time will usually lead to the bank applying their normal finance charges of up to 18% to the outstanding balance

12. What’s the biggest mistake people make with Balance Transfer credit cards?

They use them. Seriously, if you’re considering a Balance Transfer to help you pay off current credit card debt the best advice we can give is:
Don’t Use That  Credit Card
. Put it in a glass of water, put that glass in the freezer, forget it exists until you’ve paid off the transferred debt.

Why do we say this? Well, credit card companies allocate payments to those debts with the greatest interest first.

If you’re using your Balance Transfer card for everyday purchases your payments will be applied to those debts first, and not to the low or no interest rated balance you transferred from your old card.

Your greatest priority is to pay off the Transferred Balance within the contract term.

Image:
MintLife Blog

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ringgitplus

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Samsung’s Triple Camera Phone Is Now Available In Malaysia

Samsung’s first triple rear camera smartphone, the Samsung Galaxy A7 (2018), is now available for pre-order in Malaysia. Aimed at the younger generation, the mid-range device is priced at RM1,299.

The standout feature of the Samsung Galaxy A7 (2018) is its triple rear camera. Lining up vertically at the top left corner, the three camera sensors are optimised for specific scenarios: a 24MP primary sensor, an 8MP ultra-wide sensor to capture 120-degree ultra wide-angle photos, and a 5MP depth sensor for portrait shots. Interestingly, the camera also features the Scene Optimiser feature from the Galaxy Note 9 which automatically optimises image quality using artificial intelligence (AI) algorithms.

Besides the triple camera setup, the Samsung Galaxy A7 runs on an Exynos 7885 octa-core 2.2GHz processor with 4GB of RAM. Samsung’s triple camera phone features a 6 inch Super AMOLED Full HD+ (2220×1080) display, a 3,300 mAh battery, a 20MP front camera, and a side mounted fingerprint sensor. The Samsung Galaxy A7 also comes with a triple SIM tray which supports two Nano SIM cards and a Micro SD to complement the phone’s 128GB of memory up to 512GB.

The Samsung Galaxy A7 is now available for pre-order via
Samsung’s website
 and its authorised dealer. Customers who pre-order the phone from 15 Oct to 21 Oct will be given a set of freebies worth RM302, which comprised a mini tripod stand, a thermos unique mug, and a Samsung screen protection.

(Source:
SoyaCincau
 and
Samsung
)

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CIMB will satisfy both your appetite and thirst at WIP

If you’re a CIMB credit card or debit card holder, you should seriously think about popping by WIP at Bangsar Shopping Centre for a meal or snack soon.

You’ll be entitled to
a 10% discount on the lunch and dinner a la carte menu, as well as a complimentary cup of illy coffee with any food order from the off peak menu between 3 to 6 pm.

This promotion ends on 31 July.

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John Royce

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The Underlying Fund For TNG GO+ Is Not Shariah Compliant. Here's What It Means For Muslim Investors

Just this week, Touch ‘n Go (TNG) launched a brand-new investment feature called GO+ which allows users to earn daily returns on their TNG eWallet credit. Balances put into the GO+ Wallet will be automatically invested into a money market fund managed by Principal Asset Management Berhad, called the Principal e-Cash Fund.

While allowing e-wallet users to seamlessly earn returns on their e-wallet balances is a huge step forward in the investment sphere, GO+’s underlying Principal e-Cash Fund is not Shariah compliant. So, what does this mean for Muslim investors?

What are Shariah-compliant investments?

Your investment is considered to be
Shariah-compliant
 if the fund you are investing in is governed by the requirements of Shariah law. Some of these requirements include excluding investments which derive most of their income from the sale of alcohol, tobacco, non-halal foodstuff, gambling, or weaponry. Shariah-compliant funds also have an appointed Shariah board, an annual Shariah audit, and certain processes such as the purifying of interest through charitable donations.

As a result, any investment fund that does not adhere to these requirements and characteristics would be considered a non-Shariah compliant fund.

Can Muslims invest in non-Shariah compliant funds?

Azril Ikram, IFP, CFA

“Generally speaking, when the fund is not Shariah compliant, Muslims are not allowed to invest,” says Azril Ikram, a licensed Islamic Financial Planner with
RinggitPlus Financial Planner
. “However, as with all non-Shariah compliant considerations, it is always down to the individual Muslim to decide whether they wish to invest in a particular fund or not.”

Muslims who do invest in conventional investment funds can also look into the purification process in order to cleanse the non-Shariah compliant gains that they have made. This can be done by channelling the proceeds towards charitable causes and so on. However, as you would have to know what percentage of your earnings has come from non-Shariah sources, it can be a bit difficult to work out how much you have to donate specifically, which is why most Muslims would just choose to invest in Shariah-compliant funds instead.

Will GO+ be Shariah compliant in the future?

Fortunately, TNG has said that a Shariah-compliant investment solution is firmly on the agenda for the GO+ feature. When asked why GO+ is not Shariah compliant at the Q&A session of the launch, TNG Group CEO Effendy Shahul Hamid said, “Everything starts from somewhere. If you look at banking, it went from conventional banking and then over a period of time went into Islamic banking, and today Islamic banking is a system of its own. It is the same with GO+; it so happens that this is where we started.”

Effendy added, “But I can tell you that Shariah-compliant iterations of GO+ are coming – we’re already working on it, so watch this space. We understand the need to have it and we will be building it as we go down the road.” The CEO of Principal Asset Management, Munirah Khairuddin, also confirmed that a Shariah-compliant GO+ will be brought to Muslim investors as soon as possible and that it is a “top priority”.

If you are curious to find out more about the TNG eWallet’s exciting new investment feature, you can learn more about
TNG GO+
 here.

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Unexpected Travel Expenses to Watch Out For

All of us plan out our trip by making allocations and budgets for daily expenses, accommodation, transport, mobile internet and a little bit of shopping. What if something happens during the trip? Immediately, your mind has taken you to travel insurance. Let’s forget about those type of emergencies and focus on actual unexpected travel expenses that may occur.

Luggage Issues
 – You land in this foreign land filled with excitement but the airlines has made a mistake and accidentally sent your luggage into India instead of Bali. It rarely happens, but do remember the airline is staffed by people who could make mistakes too. What happens now? Spend your limited cash on essentials and clothes to survive the four day trip?

Accommodation Deposits
 – Let’s assume you have your hotel booked and your luggage is all safe and sound. Upon checking in, the concierge requests for a deposit for the hotel. Budgeting for an accommodation deposit could make or break your trip. This chunk that was originally budgeted for going to the theme park now gets taken up and now the entire budget has to be revamped.

Surprise Bargains
 – Since you are exploring a new country, you may never know what kinds of items you may come across which are significantly cheaper compared to prices back home. Should you cut down on your food budget just to buy the cheap pair of shoes? It definitely won’t be fun to cut short your trip just to save on your hotel accommodation to buy those shoes. Not to mention the difficulty you may face changing your flight date.

Travel Issues
 – Due to some bad luck, possibly horrible traffic, bad weather or maybe you just couldn’t wake up for the early flight you had booked. To make things worse, the airline doesn’t have a daily flight for you to hop on the next flight the following morning. That means you will have to extend your stay for two extra nights instead. Where do you find this additional cash to survive the extra few days?

How To Prevent This?

For all of the above scenarios, a
travel credit card
 could be the simplest yet best solution you could have with you. It can cover the hotel deposit, surprise bargains you find at a store, extend your stay and used as you see fit. On top of that some cards give you additional points and provide you with benefits of premium lounges while you wait for your flight.

Use our
comparison tool
 and apply for a credit card that suits you best. Also, don’t forget to find out more about our
Travel Getaway Campaign
 where you get the best travel gifts in town for a limited time only!

Do you have any other areas we missed out? Tell us in the comments below.

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Gavin Pereira

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MAVCOM: Airlines Ought To Refund Affected Travellers

(Image: The Borneo Post)

The Malaysian Aviation Commission (MAVCOM) has stepped up to remind airlines that they should not fail to refund affected travellers for flights that were cancelled due to travel restrictions caused by the Covid-19 pandemic.

“The Malaysian Aviation Commission (MAVCOM) is concerned with the plight of affected consumers who have been inconvenienced due to the pandemic and the unprecedented circumstances it has created,” said the commission in a statement. It also added that as a matter of principle, airlines should refund these customers with the amount equivalent to the cost of the ticket at the time of purchase. This includes taxes, charges, and fees prescribed for optional services that have been purchased.

MAVCOM further emphasised that airlines need to be reasonable and fair in determining the manner of refund. “The manner of refund should place the affected consumers in a similar position at the point of purchasing the ticket, which would be in the best interest of the airlines and affected consumers,” it clarified.

That said, MAVCOM acknowledged the ongoing steps that airlines have taken thus far to accommodate the requests for refunds by consumers, and it also encouraged them to keep up the good effort. Additionally, the commission clarified that it will continue to perform its duties under the Malaysian Aviation Commission Act 2015 (Act 771) and the Malaysian Aviation Consumer Protection Code 2016 to balance the rights of affected travellers and the sustainability of the aviation industry.

Last year, MAVCOM had came out to say that
airlines will be given more time to provide refunds
 to their customers in light of the Covid-19 pandemic, beyond the usual time frame of 30 days. This is due to the high volume of passenger refund requests as well as the financial challenges faced by the airlines back then.

(Source:
MAVCOM
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    xeonn

    2 years ago

How about the airasia x? They went into liquidation causing us unable to file refund request against them.

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MEDAC: 140,883 SMEs Participated In E-Commerce Platforms As Of September 2020

(Image: New Straits Times)

The Ministry of Entrepreneur Development and Cooperatives (MEDAC) revealed that as many as 140,883 small and medium enterprises (SMEs) have participated in e-commerce platforms as of September 2020. This is in comparison with 42,620 SMEs that did so in 2019.

According to the Minister of MEDAC, Datuk Seri Wan Junaidi Tuanku Jaafar, the significant increase in the participation of SMEs in e-commerce is attributed to the implementation of the National E-Commerce Strategic Roadmap (NESR). To clarify, the
NESR
 was launched in 2016 with the aim of doubling the country’s e-commerce growth rate and reach a GDP contribution of RM211 billion by 2020.

“The increase in online businesses can also be seen from the Companies Commission of Malaysia’s (SSM) statistics. A total of 85,901 online companies and businesses had been registered up to 30 September this year compared to 76,443 online companies and businesses registered for the whole of 2019,” said Datuk Wan Junaidi.

(Image: The Star/Raja Faisal Hishan)

The minister also noted that the highest number of registrations was recorded in July 2020, which involved 17,254 online companies and businesses. He said this during a parliament session in response to questions about the development of e-commerce during the Covid-19 outbreak, as well as the ministry’s new initiatives to increase e-commerce activities, particularly among bumiputera entrepreneurs.

Datuk Wan Junaidi went on to explain that aside from running existing programmes, the ministry has also designed and implemented several new programmes to encourage the adoption of e-commerce among entrepreneurs. Among some of the programmes quoted by the minister include the Online Onboarding Coaching Programme (E-Board), TEKUN Online Marketing, as well as TEKUN Nasional’s collaborations with Malaysia Digital Economy Corporation (MDEC).

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Should Banks Offer a Study Loan?

The revision of the budget 2016 has been announced by the PM and according to
Malaysiakini
 the allocation for JPA scholarships and funding has officially been reduced. A total of 8000 students will be given scholarships to pursue their undergraduate programs as opposed to the original number of 10,050 as reported in
The Malaysia Insider
.

It begs the question; if the government is unable to provide scholarships for education, how are average wage earners going to afford an education for their children?

Current Options

Most students who seek funding, would first go to
PTPTN
 (Perbadanan Tabung Pendidikan Tinggi Nasional), however the slight draw back to the PTPTN loan is that it may only provide a percentage of the tuition fees depending on one’s household income.

Percentage of Financing

Eligibility

100%

Student or guardian is in the BR1M program

75%

Household income NOT Exceeding RM8,000 (Not in BR1M data listing)

50%

Household income exceeding RM 8,000 (Not in BR1M data listing)

The requirement for applications for a PTPTN loan also requires one to have an
SSPN
 (Skim Simpanan Pendidikan Nasional) account with a minimum amount saved.

SPP1M (Skim Prihatin Pendidikan 1Malaysia) was introduced as a top-up to a student’s existing fund or scholarship. The funding for this product is done by banks as opposed to a government body. One of the conditions of the loan is that the first semester of the course must be paid and completed. This only helps, if you had the money to start a course and required more. You may read up more on the SPP1M on our sister site,
Savemoney
.

Some banks do currently offer study loans, however the products seem to target the rather affluent segment of the market. Based on how it was advertised on their website,
OCBC Bank
 offers you a study loan, double of the fixed deposit amount you have pledged.

This means, if you wish to study a course for RM45,000, you would need to fork out a total of RM22,500 for the loan. It is a sum that not many people are able to garner in a short amount of time. The upside to the loan package is that it would allow you to pay interest for the first three years before the full payments kick in.

Most of the other banks have segmented education loans under the umbrella of their personal loans. Personal loans are an option, but aside from the interest rates that would be rather high to a student, the personal loan depends on the borrower who needs to have an income. This loan option does not hold the student accountable for the loan but the borrower, who may be a parent, sibling, guardian and etc. How is this not the ideal situation? We’ll discuss that further in the article.

Aside from SPP1M and personal loans, the banks do not have a huge range of products that cater to the needs of the middle income group for further education. The middle class market would seem to have a huge potential for expansion. Why haven’t banks attacked this huge market?

The reason being: there are both advantages and disadvantages for banks and students alike to consider when thinking about having a commercial education loan alternative.

Advantages of Offering a Study Loan

Having commercial banks offer a study loan to middle income families who qualify will have it’s advantages.

Alternative to PTPTN for those who do not qualify
. Limited budget on PTPTN schemes and the household income requirement mean not everyone would qualify for the necessary funding.

Lower interest rates in comparison to personal loans
. It is often the practise in other countries that student loans charge lower interests than regular loans and for the first 3 years or so, only the loan interest is payable.
Maybank Singapore
 offers such an education loan. Upon completion the interest rate may move up along with the principal payment. This would help create the affordability while the borrower is still a student.

Using the student’s name
. The students should be able to take the loans in their own names rather than using their parents, siblings or guardians names. If the parents or borrower has too much existing commitments on their plate, the student who intends to apply would not hinder their chances of getting the loan approved. Taking the loan in the student’s name also removes the disadvantage for those which have older parents or guardians who may not qualify for the loan.

Assuming responsibility and building a good credit score
. The loans from banks appear would appear in
CCRIS
 (Central Credit Reference Information System) just like the PTPTN loans to ensure a good credit score is maintained as well as early training in being responsible for their futures.

Disadvantages of Offering a Study Loan

Any further debt taken can be problematic to certain households, but also to the banks as these loans would be largely unsecured. Here are a few of those disadvantages.

Undertaking of debt as a student
. Being responsible for a loan, the student if not careful can cause debt problems before he/she even enters the workforce.

Borrowing from more than one source
. Starting out with too much debt in their name could hamper their ability to take up other financial products to attain their first car or even a credit card. People could abuse the opportunity by possibly securing the 100% PTPTN loan as well as taking an additional education loan from a bank, leading to unnecessary debt.

Graduate income uncertainty
. As a student without an income, it becomes difficult to determine the repayment period as well as the capability of the future graduate to have sufficient income to support the loan. Even payments of monthly interest of RM100 may be an issue. This could lead to defaulting and creates a problem for banks to collect payments.

Larger economic problems
. High student debt could hinder economic progress. Such is the example of US having more than USD $1.2 trillion in outstanding student loan debts with a total of 40 million borrowers,
CNBC
 and the problems that flow from it. Instead of starting businesses, buying properties, cars and etc which stimulate the economy, borrowers would have to use the money to pay their outstanding student loans instead.

Can It Be Done?

As the age old saying goes “if there is a will, there is a way”. With all the bank’s financial industry experience and the nature of their business in money lending, it would be fair to assume that banks could offer such a product with the risk mitigated to a minimum if they wanted to. The question will more likely be for them: is it worth it?

Perhaps it could be considered a little bit of a CSR initiative as well. Financial assistance in terms of education should be one of our priorities to develop an established nation. There should be ready options on financial assistance and loans to develop the younger generations. The direct contribution of providing a student loan creates a secondary contribution towards a better educated nation. The higher number of skilled workers the country is able to produce, the higher the impact would be on improving the economy and well being of the people.

Having a higher earning power of skilled workforce would allow a country’s economy to not solely depend on their natural resources for a source of income. This would also allow the government a bigger budget buffer as more people would eventually be able to afford more things without government assistance as discussed in an article on
Verdict
.

It does beg the question; if our banks (
Maybank
 and
CIMB
) can do this in Singapore; why not here?

Image source : Image 2 from
abcNEWS
 ; Image 3 from
The Telegraph

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Public Bank – More Smiles and Cash Back from your PB-Esso Mobil Gold Credit Card

Here’s a sweet deal from Public Bank, to keep you smiling.

If you have a Public Bank PB-Esso Mobil Gold Credit Card, you can score up to RM50 cash back and 2000 extra smiles points when you make purchases for fuel at any Esso, Petron or Mobil station.

To qualify for the above, you are required to make a minimum monthly spend of RM100 in fuel purchases at the participating service stations and RM600 in general retail purchases using your Public Bank PB-Esso Mobil Gold Credit Card.

The Public Bank PB-Esso Mobil Gold Credit Card and Smiles Card must be swiped together at the point of purchase during this promotion period, and both cards must belong to the same owners.

If you do not have this Public Bank PB-Esso Mobil Gold  Credit Card yet, why wait?

When you apply for a new Public Bank PB-Esso Mobil Gold  Credit Card today, you will get a one-time RM50 cash back . All you need to do is ensure you swipe your new credit card with a minimum purchase value of of RM80 within the first 2 months from your card approval date to qualify.

This promotion runs from 1 March 2013 till 30 June 2013. As much as we dislike this little term, we must tell you
terms and conditions
 apply, so do read the fine print always.

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Diana Chai

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Refreshed MaxisONE Prime Is Now Better Than Ever

Maxis has revamped its MaxisONE Prime plan, offering greater flexibility and value for subscribers. Customers can now select a combination of any MaxisONE mobile data plan with a MaxisONE Home fibre plan, and even offering unlimited data for both mobile and fibre.

Previously
, the MaxisONE Prime plan required subscribers to sign up for the MaxisONE Plan 188, the most expensive mobile plan at RM188 per month, alongside a home fibre plan. Under the refreshed MaxisONE Prime plan, customers can now pick from different mobile
and
 home fibre plans, resulting in affordable monthly subscriptions, faster speeds,
and
unlimited data for home and mobile. Yup, just like the old version, Maxis is removing all data caps when you subscribe to MaxisONE Prime, even the lower-priced plans.

Since this is a plan designed for the family, customers can also subscribe to Maxis Share Lines to add supplementary numbers for family members – and still enjoy unlimited data on their smartphones. As per normal, the MaxisONE Plan 98 supports one Share Line, and each tier up supports one additional Share Line up to a maximum of four on the MaxisONE Plan 188. Each Share Line costs RM48 per month, and adds 10GB to the total data allocation for the account (not that it matters for MaxisONE Prime subscribers!)

As for the home fibre plans, customers can choose from three plans: 30Mbps without unlimited free calls (RM89/month), 30Mbps with unlimited free calls (RM99/month), and 100Mbps for RM129 per month with unlimited free calls. The fibre network rides on TM’s unifi fibre infrastructure, and in the event the connection breaks down, Maxis is including its own SIM card in the router as a backup – which is why Maxis is promising “zero downtime” for home connections.

As if all of these is not enough, Maxis is even throwing in free family roaming via Maxis FamilyRoam Pass. It works when one member of the family enables data roaming in any of the 9 supported ASEAN countries for RM38 a day, which will unlock free roaming for all members in the MaxisONE Prime plan.

The new MaxisONE Prime mobile and home fibre plan is now available for all Malaysians, and for a limited time only, new customers can also enjoy up to 50% off the latest flagship smartphones when they add a Share Line with MaxisONE Plan 128 and above via Zerolution and Zerolution360. Head on to the
official product page
 to find out more about the new MaxisONE Prime plan.

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Pang Tun Yau

Pang Tun Yau

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

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How Celcom’s Jaringan Prihatin Package Gives B40 More Value For Their Money

As internet connection becomes more of a necessity than a luxury these days post-Covid-19,  the government has been trying to help more Malaysians gain access to digital networks. This is so we can stay connected in all aspects of life be it personal, work, or education – especially right now, when we’re still practising social distancing measures and might not be able to leave our homes as often to minimise the risk of infection.

The Jaringan Prihatin Programme ropes telecommunication providers to help the B40 group own smartphones or enjoy internet plans with subsidies of RM300 or RM180. The amount varies depending on your B40 status (individual or household) and type of subsidy.

There are two types of subsidies offered for the Jaringan Prihatin Programme, namely – a mobile device package subsidy or a monthly Internet plan subsidy. Furthermore, eligible users will also be given free 60GB high-speed internet per month.

On top of the subsidy, Celcom is giving its users a bonus rebate of RM60 along with a wide choice of 4G smartphones and unlimited internet access. So, if you’re looking for some of the best Jaringan Prihatin benefits, why not check out Celcom’s myriad of passes and plans today.

Enjoy Total Rebates Of Up To RM360 With Mobile Device Package Subsidy

Although the cost of the lowest broadband plan in Malaysia
 is in line with recommended guidelines, it can make a dent in the wallets of lower-income earners, especially now that internet usage is high.

Celcom’s Jaringan Prihatin package offers an extra RM60 rebate for prepaid and postpaid customers in addition to the government’s subsidy of RM300 or RM180, whichever is applicable. Hence, eligible recipients signing up with Celcom will get to enjoy additional rebates on their packages and save more.

For the device package, B40 households get a subsidy of RM300 while individuals get a subsidy of RM180.

For example, you would like to subscribe to XP Lite
TM
 with L Pass that comes with a selected free 4G smartphone under a B40 household. The subsidies are not given to eligible recipients in full right away, but rather, are divided equally into 12 months.

With a total rebate of RM300 and an extra RM60 provided by Celcom, you can claim a monthly rebate of RM25 and another RM5, making it a total save of RM30 per month. Before the rebates, the plan originally costs RM58 per month. Now, you will need to pay only RM28 per month for the plan and enjoy free 60GB high-speed internet, a 4G smartphone, unlimited calls and data to access social media.

Free 4G Smartphone With Low Monthly Commitments

Due to movement restrictions, many may not be able to conveniently leave their homes to visit public facilities to use the internet. The Jaringan Prihatin Programme takes into account the need for the B40 to have easy access to the internet from home.

Also,
 the Internet Users Survey 2020
 reported that internet users accessing through smartphones have reached a near saturation level at 98.7% in 2020, up from 93.1% in 2018. Meanwhile, the survey observed a declining trend in accessing the internet for other devices.

There are two ways to claim the mobile device subsidy for Celcom’s Jaringan Prihatin Package. The first one is the monthly rebate where one can claim rebates up to RM360 on the data plan that comes with a free phone.

As mentioned before, if you’re signing up under a B40 household, you’re eligible for XP Lite
TM
with L pass that comes with a smartphone for prices starting from only RM28 per month. For B40 individuals, you can save up to RM240 with XP Lite
TM
with L Pass that comes with a smartphone for prices starting from only RM38 per month.

Alternatively, another way would be to claim a one-time rebate on more exclusive smartphones with the XP Lite
TM
 with L Pass. If you have your eyes set on choices such as the OPPO A54, Vivo Y20, and Xiaomi Redmi 9T, you can opt to claim a phone rebate of RM300 on any one of the smartphones and pay only for the attached plan.

You can also opt for the XP Lite
TM
 with M Pass and get a free 4G smartphone with an attached plan of only RM38 per month should you register under household. As for those who register as individuals, you can sign up for the XP Lite
TM
 with M Pass and claim a RM180 phone rebate, allowing you to take home a Nokia C2 16GB with an attached plan priced at RM38 per month.

Limitless Internet From RM18 Per Month With Monthly Data Plan Subsidy

Most of us stay and work more at home these days and our internet networks are being tested to the limits. Members of a household share the same internet connections throughout the day, using data-hungry applications that we usually only go on in offices or schools.

The monthly data plan subsidy is RM180 for both B40 individuals and households. Celcom’s XP Lite
TM
with M Pass data plan is furnishing eligible recipients with 8GB monthly internet and unlimited internet access to social media platforms for only RM18 per month.

You can also upgrade to L Pass for 16GB monthly internet and unlimited internet access to social media platforms at RM38 per month. Otherwise, if you’re looking for a prepaid plan, you can enjoy unlimited internet and calls at only RM20 per month with the Xpax Truly Unlimited Prepaid Plan.

If you want to opt for plans other than the XP Lite
TM
, like MEGA and InternetGo, you can still claim rebates of either RM300 or RM180, whichever is applicable, without additional rebates from Celcom.

Stay Connected With The Widest Network In Malaysia

Although numbers from the Statistics Department showed that
 Malaysian households’ access to the internet rose
 by 3.1% to 90.1% in 2019 as compared to 87% in 2018, some places like low-density rural areas may experience limited network coverage.

Celcom currently has the
 widest network in Malaysia
 with a population coverage of 90% for 4G/LTE networks. It provides both prepaid and postpaid mobile and digital services with close to 9.1 million subscribers.

The importance of digital connectivity has been further accelerated by the pandemic, rapidly increasing data traffic in not only urban but rural areas as well, as more Malaysians are adapting to digital technology for their livelihoods.

***

The Jaringan Prihatin Programme comes at an apt time when many Malaysians throughout the nation are increasingly depending on internet connectivity and technology in all aspects of life. Eligible recipients can register with the telco of their choice and join any of the plans recognised under the programme.

However, if you want Jaringan Prihatin benefits that will give you more value for your money and a complete digital experience, you can consider Celcom’s Jaringan Prihatin packages. Registration for Jaringan Prihatin has been extended to 30 September, so hurry!

Check your eligibility for the Jaringan Prihatin programme at
 https://www.celcom.com.my/personal/jaringan-prihatin
 or
 https://bpr.hasil.gov.my/
.

Find out more about Celcom’s Jaringan Prihatin packages here.

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Chee Jo-Ey

Chee Jo-Ey

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    Kang Siew Eng

    1 year ago

Vivo

0

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    Collintanhuilee

    1 year ago

    Reply to

        Kang Siew Eng

Samsung galaxy a10

0

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    Rams

    1 year ago

I’m 56year’s old can get

0

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    Hamsa Jusni

    1 year ago

I want to get this handphone

0

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    Muhd nabil alif jasmin

    1 year ago

I nk fon percuma

0

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    Toni bin Bakar

    1 year ago

Saya nk mohon phone percuma

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    Collintanhuilee

    1 year ago

Samsung galaxya10

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Maxis TV Offers New Streaming Bundle Passes Featuring Up To 5 Providers

The all-new Maxis TV service now lets customers subscribe to bundles containing multiple video streaming providers and free unlimited data at a fixed price. Described as the telco’s first-of-its-kind video entertainment service, it delivers a “seamless new experience where users can easily discover, purchase, and watch premium video content all in one platform.”

According to Maxis, its revamped Maxis TV service is made unique by its affordable and flexible OTT bundle passes, which users can personalise by opting to stream content from two or more streaming content providers. For context, the previous version of the Maxis TV service allows the subscription of individual content providers with free data at a minimal fee of RM3 per day.

Presently, the service has partnered with five content providers for these new Maxis TV bundles, namely dimsum, iQiyi, Mubi, Viu, and WeTV iflix. Here are all the passes that are currently provided via Maxis TV:

Time-Based Passes

You can choose between daily, weekly, and monthly passes – each providing you with access to one of the five streaming services available and a set amount of free data for streaming.

Daily pass: RM3 with 3GB free data

Weekly pass: RM5 with 5GB free data

Monthly pass: RM9.99 with 10GB free data

2-OTT Bundle Pass

Priced at RM18 per month, this pass lets you choose from five fixed OTT combo bundles, which comes along with free unlimited data for streaming. The combo bundles that you can tap into include:

Viu + iQiyi

iQiyi + WeTV iflix

Viu + WeTV iflix

iQiyi + dimsum

Viu + Mubi

Unlimited Bundle Pass

The Unlimited Pass is priced at RM42, giving you access to all five streaming content providers. It also comes with free unlimited data for streaming.

Aside from all the above passes, the official website for Maxis TV also indicated that there is a Single Pass – a one-time daily OTT pass that lets you add on more streaming services at the price of RM2 per provider. However, this pass has not been made available to the public as of yet.

Maxis further said that the purchasing process for these passes has been simplified as the cost will be charged straight to the customer’s Maxis bill or Hotlink credit. This means you won’t have to go through the hassle of making a separate payment for your Maxis TV subscription. Once you’re subscribed, go ahead and access Maxis TV to browse through your options via the Maxis, Hotlink, and Hotlink Postpaid apps.

However, the Maxis TV service is also open to non-Maxis customers, with the subscription cost being charged to your debit or credit card. However, do note that non-Maxis customers will not be able to enjoy the free data offered via the bundles as those are only provided for Maxis and Hotlink users.

(Image: The Malaysian Reserve/Ismail Che Rus)

According to the head of Hotlink Consumer (Maxis), Navin Manian, Maxis TV was conceived to offer an unmatched personalised experience for consumers in an era of converged connectivity.

“Video on-demand consumption among other digital services is surging in popularity, with Malaysians spending an average of 4.8 hours a day on the Internet in these extraordinary times. Our all-new Maxis TV is an evolution from our existing platform, where consumers can now totally immerse themselves through an end-to-end experience, from their connectivity to content needs with unlimited data for worry-free streaming,” said Manian in a statement.

Maxis also noted that there will be more content providers joining them soon. For now, interested customers can tap into an introductory offer consisting of a 30-day free trial. This offer is also applicable for non-Maxis users. You can find out more about
Maxis TV
 on the telco’s website.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Digi, MPay, And Mastercard Collaborate To Release Digital Prepaid Card In 2019

Digi has announced its partnership with MPay and Mastercard to offer a new digital payment card to match the growing e-commerce space in Malaysia. The digital prepaid card is expected to be made available to the public in the first half of 2019.

This new online prepaid card by Digi is designed to provide convenience when making transactions both on and offline. Users will be able to sign up, activate, and use the online prepaid card all via mobile app. Not only that, the all-in-one mobile app also helps to promote simple, safe, and secure end-to-end digital experience.

The digital prepaid card also provides an additional payment option for Malaysians to use anywhere in the world. Moving forward, Digi, MPay, and Mastercard’s focus will be to acquire retailers and online retailers to accept this new digital payment method and bring awareness to the benefits of going cashless. This will also include various merchant tools to help improve customer retention and engagement for a more efficient in-app cashless experience for users.

Perry Ong, the Country Manager for Mastercard Malaysia and Brunei, stated that by releasing this digital prepaid card, this partnership hopes to expand digital payments across Malaysia’s growing e-commerce space and also encourage financial inclusion for those outside the current digital banking system.

(Source:
Lowyat.NET
)

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Lenovo Introduces Next-Generation Line Of Yoga Lifestyle & Legion Gaming Laptops In Malaysia

Lenovo has announced the arrival of the latest generation of laptops, powered by the 12
th
 gen Intel Core processors, in the Malaysian market. Specifically, it has refreshed its line of Yoga laptops as well as the gaming-focused Legion range.

The Yoga range of laptops, which are more lifestyle-centric with slim profiles and even 360-degree hinge for content consumption in tablet mode, have been refreshed to include various touches that are built for the new generation of creators. Three new models will available: the 14-inch Yoga 7i convertible, the 14-inch Yoga Slim 7i thin-and-light laptop, and the flagship Yoga 9i.

The Yoga 9i is the company’s flagship lifestyle convertible laptop, combining premium design and hardware such as a 4K OLED touchscreen panel and a rotating sound bar that directs audio to the user in laptop and tablet modes for unparalleled entertainment experience. The combination of up to a 12
th
 gen Intel Core i7-1260p chipset paired with the colour-accurate OLED display and speakers powered by Bowers & Wilkins mean the Yoga 9i is not only great for content consumption, but also content creation.

Meanwhile, the Yoga Slim 7i Pro is a powerful traditional laptop with Lenovo’s new Comfort Edge design that has rounded edges and corners – a fresh take on slim laptops that usually have sharp edges that dig into the hands over extended use. The 14-inch display is optimised for work, thanks to a taller 16:10 display, while the 91% screen-to-body ratio means the laptop remains easy to carry with you.

Finally there’s the Yoga 7i, which is a mid-range convertible with a good mix of features without breaking the bank. With up to a Core i7-1260p and 2.2K 14-inch IPS panel with Dolby Vision support, the Yoga 7i also shares a similar Comfort Edge design and a 91% screen-to-body ratio as the Slim 7i Pro, but with the addition of a 360-degree hinge for the flexibility of using it in different modes.

In addition, the Legion range of laptops have also been refreshed. This series, popular with gamers thanks to its combination of high specs with reasonable prices, will see four refreshed models available in Malaysia: the Legion 5i Pro, Legion 5 Pro, Legion 5i, and Legion 5.

The highlight of the new arrivals is the new Legion 5i Pro. Touted as the world’s first gaming laptop with a 16” WQHD+ display and a super-fast 240Hz panel, it packs esports-ready hardware and various upgrades compared to last year’s model. Configurable with up to a Core i7-12700H processor and Nvidia RTX 30 series GPU, Lenovo also equips the Legion 5i Pro with the latest DDR5 memory, PCIe Gen 4 SSDs, and next-gen WiFi 6E chips to ensure maximum performance. Meanwhile, the upgraded Legion Coldfront 4.0 thermal cooling solution helps the system stay cool in the heat of battle.

Next up, the Legion 5 Pro is largely similar to the Legion 5i Pro, with the same configurable hardware upgrades across the board. The only difference is in the choice of CPU: the Legion 5 Pro sports the new AMD Ryzen 6000 series processors while the Legion 5i Pro is powered by Intel (hence the “i” in the model name).

Then there are the Legion 5i and Legion 5 – just like the two models earlier, they are essentially the same except for the choice of processors. The Legion 5i sports the 12
th
 gen Intel Core processors while the Legion 5 is powered by AMD Ryzen 6000 series of processors.

Hardware-wise, the Legion 5i and Legion 5 feature a slimmer and lighter chassis as well as a smaller 15” 16:9 display for those who need greater portability. This generation is 15% thinner than last year and Lenovo also upgraded parts of its chassis to be made from aluminium and magnesium instead of plastic. However, you can still configure them with high-performance Intel 12
th
 Gen H series or AMD Ryzen 6000 H series processors, and up to an Nvidia GeForce RTX 3070 GPU.

All models launched by Lenovo are immediately available for purchase in Malaysia, with retail prices starting from:

RM5,710 for Yoga 9i
RM4,149 for Yoga Slim 7i Pro
RM4,189 for Yoga 7i
RM8,499 for Legion 5i Pro
RM7,399 for Legion 5 Pro
RM5,999 for Legion 5i
RM5,299 for Legion 5

Those interested to purchase these models may purchase them from the
Lenovo Malaysia Online Store
, which allows for user-configurable hardware, or in standard models with ready stocks at physical Lenovo Experience Stores as well as online retailers in Lazada and Shopee.

For more information on the new laptops, check out the
official Lenovo website
.

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Pang Tun Yau

Pang Tun Yau

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

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When Should You Say Yes To An Insurance Telemarketer?

It’s easy to be skeptical when buying anything over the phone, much less an insurance policy – which you’ll end up having to commit to throughout your insured period. But what if the policy offered sounds attractive and beneficial to you? Should you trust the voice over the phone and go ahead with the purchase? When should you say yes to an insurance telemarketer?

Don’t worry, buying an insurance policy over the phone isn’t as scary as you may think. Let us guide you on the entire process of dealing with an insurance telemarketer, and whether or not you should give them the okay.

How Do I Know If This Person Is Genuine?

Telemarketers who are attached to a licenced insurance company or a registered third-party company must adhere to strict regulations laid down by Bank Negara. At the beginning of the call, they must clearly state the name of the company they’re working for, and explain why you’re listed as one of their leads – whether you’ve purchased a similar insurance product from them, or you’ve if signed up for their newsletter and given them the consent to contact you for special offers.

These information indicate that they are legitimate telemarketers, and not sophisticated scammers who might swindle you off your money. They are also required by law to provide accurate details on the insurance product they’re offering you. This includes features, benefits and coverage, underwriting insurer, premium amount and methods of payment available, as well as the consequences you may face should you fail to make payments for your premiums.

Should You Buy An Insurance Policy Over The Phone?

Regardless of the type of insurance, plenty of people have their qualms about purchasing an insurance policy over the phone – and for good reason. In the past (when insurance telemarketing wasn’t as heavily regulated) there have been cases where people ended up paying too much or too little for their insurance policy.

But now, not only is the insurance telemarketing industry more stringent and reliable, there are also more products available for you to choose and adapt to your needs and lifestyle. Here are some of the scenarios of when you should consider saying yes to the insurance telemarketer, who you’re probably putting on hold while you try to come to a decision:

You know exactly the coverage you need for yourself or your loved ones, and the product checks all of them.

You’re renewing the same policy that you’ve purchased before (i.e. a motor insurance policy).

You are well informed about all the other options available in the market, and you’re convinced this is the best product for you.

You’re not fussed about the policy’s panel hospitals or medical centres.

You’re just looking for an affordable plan with a basic coverage.

What If I Want To Purchase The Offered Policy?

If you’ve understood the coverage and benefits you are entitled to as a policyholder, the telemarketer will then ask some follow-up questions before going into the payment details.

For instance, if you’re buying a term life insurance policy, you’ll be asked to answer a few simple health-related questions, like if you’ve ever been hospitalised for a number of consecutive days over the last 5 years, or if you’re a smoker.

Most term life insurance policies don’t even require a medical check-up, such as
Zurich SeniorGold
, which you can either purchase for yourself (if you’re over 50) or your parents!

The questions vary according to the insurance product and the insurance provider, but since it’s a telephone conversation, they usually try to keep it short and simple. Once the questionnaire is completed, enter the personal details part of the conversation. This is to enable them to register you as a policyholder on-the-spot.

Neat, right? Gone are the days of filling up endless forms and documents. Once the registration is completed and if you agree with the premium amount, the telemarketer will proceed with the payment process. If you’re still feeling dubious, don’t be shy to ask them to put a pause on your registration and call you at a later time before making the payment so you can check the policy’s authenticity online or through the insurance provider’s call centre.

How Does The Payment Process Go?

After you’ve clarified everything you want to know, you can now continue with the payment process, at which point your credit card or banking account information will be requested. While giving out your credit card information over the phone might not be the safest thing, some insurance providers do require this as a part of company policy.

Keep in mind that the telemarketers are
only allowed to charge your card or bank account after you’ve expressly given your consent
. Which means that even if you change your mind after giving your card or bank account details, they can’t proceed with the payment before acquiring your explicit permission.

What Happens After I’ve Purchased The Policy?

The telemarketer will advise you on the timeline of which you’ll receive the physical copy of your policy, as well as your policy contract – you can also request them to send a PDF copy of your policy to your email.

You’re also entitled to a 15 days grace period (also known the ‘free look’ period) which gives you the right to cancel the policy with full refund before the said period ends.

When You Should Firmly Say, ‘No, Thank you’

If it’s not convenient for you to take the call, or if you feel the product isn’t what you’re looking for, decline the offer politely, but firmly. Don’t be pressured or guilted into purchasing an insurance policy that you don’t need – or worse, can’t afford – as it will be no better than throwing your money down the drain, especially if you end up cancelling after the allocated grace period.

If you’re not comfortable with the call, inform them civilly that you do not wish to be included in the telemarketing list. Note that the call will be recorded, as it is also a form of a legal contract between you and the insurance provider should you decide to purchase the policy from them. So be mindful of what you say, and try not to agree to anything before thinking it through.

If you need more time to consider the offer, ask them to call you at a later time so you won’t be pressured to make a decision on-the-spot. You can also go through the available insurance policies available in the market, and
compare the premium rate on our comparison page
 before coming to a decision. We hope this article helps, and if you have any thoughts or idea to add, don’t hesitate to share them in the comments section below!

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Syaza Abd Jani

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How To Be A Smart Shopper

Does grocery shopping feel like a chore? Or does it feel like a battle? Wish it was rewarding and stress-free?

If your answer is ‘Yes!’, then here are some tips from Auntie+ to help you #DuitTheEasyWay.

“I’ve shopped for more salt than you’ve shopped for rice.” — Auntie+

1. Use a cashback credit card

Apart from your shopping list, this is the most important tool when it comes to grocery shopping. Look for one that specialises in cashback for groceries.

Usually, cashback rates range from 5% to a generous 10%. So, if you spend RM300 on groceries every month, a credit card that offers 10% cashback would save you RM360 a year—that’s more than a month’s worth of groceries!

Different cards cater to different budgets, so bring one that rewards your spending habits.

Don’t have a cashback credit card? Quick,
get one here
. Done? Ok. Let’s carry on.

2. Shop online (yes, that’s possible!)

Grocery shopping online? Is that even possible? Well… it’s 2019. So yes!

Retailers like Tesco offer 24/7 online shopping. This means you can shop from home in pyjamas, at 3am (after binge-watching your favourite series), or at the office (just don’t shop in front of your boss k?).

Tesco’s delivery services start from only RM3 charge for each order. No minimum order required. And yes, you can use that cashback credit card you just applied for.

Thanks to Tesco’s online shopping platform, you can now shop without having to get dressed and drive out—and still save money via cashback! Now that’s how you #DuitTheEasyWay.

3. Shop at night

Apart from asking where to eat and ranting about politics, visiting shopping malls is Malaysia’s favourite pastime.

Especially on weekends, packed stores means goods sold move faster than they can be replenished, looong queues, and trolley traffic jams.

So, if you are an introvert or just want to avoid crowds, night shopping is what you’d want to do.

With Tesco’s extended shopping hours (with some even up to 1am), you can do your grocery shopping well after dinner—less traffic, more parking, and a peaceful shopping experience. Plus, you might even save more by buying items on clearance. Do check the operating hours of the outlet you plan to visit juuust in case they close earlier.

4. Take advantage of membership rewards

Cashback credit cards are not the only way to make your grocery shopping more rewarding. Retailers always offer membership programmes to reward loyal shoppers.

Whether it’s reward points, member-only discounts, birthday vouchers, or even free parking, the only thing you’ll lose out is wallet space (thanks to your membership card).

Talking about membership rewards, as part of their 17
th
 Anniversary celebrations, Tesco is going all out to reward their loyal customers.

For starters, Tesco Clubcard members can get up to RM6 in vouchers when they shop at Tesco. On top of that, Tesco is also giving away a whopping total of 17,000,000 Clubcard Points to 10,000 shoppers who spend the most during the 17
th
 Anniversary campaign period.

But wait, there’s more! Tesco is also rewarding members who dine at Tesco Food Courts. Any transaction made on weekends at any Tesco Food Court will get 17x Clubcard Points.

Congrats! You’ve read till the end so you’re now a smart shopper.

As you can see, humanity has come a long way. From hunting and gathering to clicking and delivery. Make use of these tips, so you can
#DuitTheEasyWay at Tesco
 the next time your fridge is empty.

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Setel Expands On-Street Parking Feature To Include Petaling Jaya, Klang, & Machang

Petronas-backed payment app, Setel has expanded its on-street parking feature to also support payments for street parking within the areas under the Petaling Jaya, Klang, and Machang municipal councils.

Prior to this, the feature – which was
rolled out by Setel earlier this year
 – was only enabled for three initial municipal councils. With this latest update, Setel users will now be able to pay for street parking in the areas covered under these six municipal councils:

Majlis Bandaraya Petaling Jaya (MBPJ)

Majlis Perbandaran Klang (MPKlang)

Majlis Daerah Machang (MDM)

Majlis Bandaraya Subang Jaya (MBSJ)

Majlis Perbandaran Kuala Langat (MPKL)

Majlis Perbandaran Teluk Intan (MPTI)

For those who are unfamiliar with the feature, there are two ways for you to pay your street parking through Setel – depending on whether you have your GPS/location function switched on in your phone.

If you have your GPS switched on, simply fire up your Setel app, and tap on “Parking” on the home screen, followed by “Street Parking” and “Park Now”. Your location should be automatically pinned in the map that pops up; go ahead and confirm it (or amend it if your vehicle is pinned at the wrong location), and follow the remaining prompts to make your payment.

Alternatively, if you do not have your GPS switched on, you can manually set your location by selecting the right municipal council from the list after accessing the on-street parking feature within Setel. Once you’ve confirmed your location, select your vehicle and set the parking duration, and press “Pay”. And you’re done!

If you need to check the details of your active parking session, it will be available to you on the homepage of your app; just tap on “View details” to view the active parking session card. You will also receive a notification to extend your parking duration 15 minutes before your booking expires, in case if you need to.

Additionally,
Setel’s FAQ
 mentioned that you can book more than one session within the active parking session for your vehicle, as long as your vehicle is registered with your Setel account. Finally, remember that on-street parking fees paid using Setel will also earn you Mesra points, along with other payments that you can also make via the app.

(Source: Setel [
1
,
2
])

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Majlis Perbandaran Kuala Langat (MPKL)

Majlis Perbandaran Teluk Intan (MPTI)

Petronas

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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The Difference Between Islamic and Conventional Fixed Deposits

What is a Fixed Deposit ?

In Conventional Banking, a Fixed Deposit (FD) is a special type of savings account that pays a certain amount of interest for a specific sum of money invested over a predetermined period of time. Though unlike the generic savings account, a Fixed Deposit pays a significantly higher interest rate, thus allowing account holders the opportunity to earn more interest revenue.

However, in order to benefit from the higher interest rate, holders are required to commit their money for a predetermined specific tenure of time also known as the FD tenure. FD tenures offered by the bank can range from a period of one month to up to 5 years. Suffice to say, if a holder chooses to withdraw his/her money before the lapse of his/her FD tenure (maturity date), then the holder will effectively forfeit any potential interest payments.

Thus, unlike a generic savings account, a FD does not give users the liberty of withdrawing their money at any given time. Hence, as a rule of thumb, a FD investment should only be chosen by people who have the financial stability to tuck away their money for a certain period of time. In terms of interest rate, a FD offers different variations of payment, such as the Step Up, CASA and a combination of the two.

What is a General Investment Account ?

In Islamic Banking, the equivalent of the Fixed Deposit (FD) is known as the General Investment Account. A General Investment Account follows the laws and principles of Islamic Shariah as set by the Qur’an whereas the aforementioned conventional Fixed Deposit (FD) instead operates on banking laws and financial practices as set by the country of origin.

In terms of general practice, a Fixed Deposit (FD) essentially follows the exact same style as that of a General Investment Account. Holders are required to lock in their money for a specific predetermined period of time, though instead of interest, General Investment Account holders instead earn Hibah (gift).

Conventional Fixed Deposit versus Islamic General Investment Account

So, what’s the difference between interest earned from Fixed Deposit and Hibah earned from General Investment Account?

The depositors from

conventional banks receive profit from their investments in the form of

predetermined interest rates irrespective of bank’s performance. This means that if for example, a conventional bank agreed to pay you 3% in interest for a sum of money over a certain period of time, then the bank is obligated to pay you the interest at the end of the tenure (even if the bank makes a total loss on its investments!).  For that very reason, a conventional bank is allowed to maximize profits without any general restriction.

In Islamic Banking, on the other hand, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the entrepreneur. As such, Islamic banks declare their profits on a monthly basis as part of their risk sharing scheme. Profits are shared on a predetermined profit sharing ratio that is agreed between the depositors and bank while losses are shared equally between all the participated parties. This means that depositor’s profit/loss will vary from month to month directly depending on how the bank performs. While this may be the case, it is probably very unlikely for a bank to under perform and for you to actually make a loss on your deposit.

It should be noted that Islamic Banks are not allowed to maximize profits as earning excessive profit or “Riba” is illegal under Shariah Law. So for example, if you placed the

deposit under a  6-month tenure, there could be as many as 6 different profit rates

throughout the period with the final profit paid upon maturity. Thus any “Interest rates” that you might have seen on Islamic bank websites are actually reference rates based on the performance of the bank in previous periods.

Conventional

Islamic

Operates based on Country’s banking laws and financial practices.

Operates based on Shariah, the Islamic principle.

Maximizes profit without any restriction.

Maximizes profit subject to Shariah principle restriction.

Profit of pre-determined rate of interest.

Profit based on agreed profit sharing ratio.

Not based on Profit and Loss sharing.

Based on Profit and Loss sharing.

“riba” is illegal for Muslims.

“halal” for Muslims.

The Rates between Conventional and Islamic Banks

Conventional Bank Fixed Deposit

Tenure

Interest Rate (% p.a.)

1

3.00

3

3.05

6

3.10

9

3.15

12

3.20

The table above represents the interest rates of a Conventional Fixed Deposit Account. As otherwise explained, the rates have a direct correlation with tenure period, i.e. a long tenure period means a higher interest rate. Though it should be noted that Banks have been known to offer tenure periods that are longer than the aforementioned 12 months.

Islamic Bank General Investment Account

Tenure

Profit Sharing Ratio

Profit Rate (% p.a.)

1

48 : 52

 3.00

3

53 : 47

 3.05

6

55 : 45

 3.10

9

57 : 43

3.15

12

58 : 42

 3.20

The table above, which represents the rates of a General Investment Account,

is virtually identical with that of a conventional Fixed Deposit with

the exception of an extra column representing the profit sharing ratio

(PSR). The PSR, as the name suggests, is the pre-agreed ratio of profit

sharing between depositors and the bank.

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    Abdul Azeez

    2 years ago

Great, its really helpful

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[Updated] Win Amazing Prizes From Dyson and Samsung Or Take Home Guaranteed Gifts

The Unbox This Week credit card campaign is back with new gifts you won’t want to miss.

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

From 25 August to 1 September, our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Dyson V11 Fluffy Vacuum

For this week, you could win a Dyson V11 Fluffy Vacuum when you apply for a Citibank Credit Card. A great addition to your home, this cordless vacuum cleaner offers up to 60 minutes of powerful floor cleaning like no other.

If you’re not selected, you will still walk away with a guaranteed RM600 TNG eWallet Credit for you to spend on tolls, parking, meals, and more.

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

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

HSBC Bank – Samsung Galaxy Tab S7 FE

Get a chance to win the Samsung Galaxy Tab S7 FE when you apply for a HSBC Bank Credit Card! Versatile and stylish, the Samsung Galaxy Tab S7 FE lets you switch from play to full work mode easily when you pair it with a keyboard. In addition, it is powered by a Qualcomm SM7225 Snapdragon 778G CPU processor and has a rear camera to capture all your exciting moments.

For those who are not selected, there’s no need to fret as you will walk away with a guaranteed RM600 TNG eWallet Credit.

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

Public Bank – RM500 Shopee e-Voucher

How does some extra cash sound to you? Win an RM500 Shopee e-Voucher when you apply and spend with a Public Bank Credit Card. Shave some ringgits off your shopping bill and enjoy more savings!

If you’re not selected, you will still get a pair of guaranteed JBL Wave 100TWS True Wireless In-Ear Headphones that provide deep bass sound, 20 hours of combined playback, and more.

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

Standard Chartered Bank – RM200 Shopee e-Voucher or URBANlite Trapez 24’’ Hard Case Luggage

Choose your guaranteed gift when you apply for a Standard Chartered Credit Card. Have your eyes set on something? Get the RM200 Shopee e-Voucher and check the item out. Or get the URBANlite 8-Wheel Spinner Hard Case Luggage to travel in style.

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

Alliance Bank – JBL LIVE FREE NC+ Earbuds

or JBL TUNE710BT Headphones

Everyone’s a winner – get a guaranteed JBL Live Free NC+ TWS Earbuds or JBL Tune 710BT Headphones when you apply for a new Alliance Bank Credit Card.

Enjoy the wireless JBL Live Free NC+ TWS Earbuds when vibing to tunes or watching a movie with the JBL Signature Sound. The JBL Live Free NC+ TWS Earbuds is guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Or take home the JBL Tune 710BT Headphones that come in a sleek design and comfortable padded ear cups, when you apply for an Alliance Credit Card.

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

***

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

While this week’s flash deal ends on 1 September (1pm), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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PM: Government Requires In-Depth Study On Reintroduction Of GST

(Image: Bernama)

The government will study the proposal by various parties – including industry players, academicians, and members of the public – to reintroduce the goods and services tax (GST), said Prime Minister Tan Sri Muhyiddin Yassin.

Muhyiddin added that it is the government’s responsibility to be meticulous in assessing the effectiveness of the GST in comparison to the sales and service tax (SST) that is currently implemented in Malaysia, as well the value-added consumption tax (VAT) in various other countries.

To
briefly explain
, the GST is a multi-stage tax system, which means that it is imposed on each level of distributions (such as the manufacturers, wholesalers, retailers, and customers). Meanwhile, the SST is a single-tier consumption tax system, with the sales tax imposed only on either the manufacturer or consumer level, and the service tax on consumers. It is equivalent to the value-added consumption tax (VAT) applied in many other countries.

In Malaysia, the government had employed the SST since 1970s before introducing the
GST in 2014
. It subsequently switched back to
SST again in September 2018
.

“Various aspects including strengths and weaknesses of the current SST, and the GST model that was introduced in 2014 must be taken into account to determine the viability of GST or any consumer tax model prior to it being implemented,” said Muhyiddin. He added that the study is required to determine the overall impact of such taxes on the economy and the people’s cost of living, as well as the taxes’ ability to combat the black economy.

(Image: The Malaysian Reserve)

“I understand that there are those who are of the view that GST is a more efficient tax system and the collection is also bigger than SST. However, we have to study it meticulously. The Ministry of Finance had also looked into this matter but has not reached a decision. The government will announce once a decision is made,” stated Muhyiddin.

The prime minister further emphasised that any form of consumer tax that is to be introduced must be simple to implement and not increase business costs.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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