Who Watches The Watchmen!

UK Regulator lays down the law to Price Comparison Websites.

Everyone loves Price Comparison Websites, they offer simple tips on saving when you shop, pay bills or borrow money. Obviously, we’re big fans here at RinggitPlus.com because that’s what we do too – help customers get more for their money – but who checks the price comparers to make sure their advice is accurate?

The
UK Office of Fair Trading
 recently issued a report on Price Comparison Websites highlighting steps consumers should take to make sure they get the best value from these services. By their estimation, the general public over there are missing out on £240 million of savings every year by not comparing prices before they shop.

Speaking to The Daily Telegraph
, Consumer Affairs Minister, Jo Swinson, said:

“Price comparison websites have played a huge role in empowering consumers to make better, more informed choices. When a consumer uses these popular and well known sites they believe they are being savvy shoppers, and it’s important that their trust is well-founded.”

The report itself points out that some UK websites could do a lot more to improve the service they offer, stating that Price Comparison operators should:

Ensure that Privacy Policies are clear.

Be clear about the way search results are presented.

Be clear about the nature of the search.

Ensure that there is a clear complaint and redress process.

Ensure clear identification of the business operating the website.

The RinggitPlus.com Team agree with all of these recommendations, they are among the principles we are following as we build our website and help Malaysians find the best deals.

Image:
Office of Fair Trading

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Xiaomi Mi A2 and Mi A2 Lite Launched In Malaysia, Priced From RM999

Xiaomi today has officially announced the arrival of the successor to one of its most popular smartphones in Malaysia. The Mi A2 is Xiaomi’s second-generation smartphone with pure Android, and packs even better hardware this time around.

Where the first-gen Mi A1 was a delightful surprise, Xiaomi has added pressure to ensure the Mi A2 offers even more value than before. Thanks to competitors like Asus and Huawei, the Xiaomi Mi A2 is significantly improved in almost every department.

In terms of hardware, the Mi A2 is powered by a Qualcomm Snapdragon 660 processor – the first time it is debuting on a device in this price range. Most smartphones running on the Snapdragon 660 is priced above the RM2,000 mark, such as the BlackBerry Key2.

For the Malaysian market, Xiaomi is offering the Mi A2 in two configurations: 4GB RAM/64GB storage, and the more generous 6GB RAM and 128GB internal storage. Note that this device does not have a microSD card slot, and neither does it have a headphone jack. Other notable hardware aspects include a 5.99-inch 18:9 Full HD+ display, 3,000mAh battery with fast charging, and USB Type C connector.

The biggest upgrade on the Mi A2 comes in its cameras. The rear dual camera has been improved, featuring a 12MP + 20MP setup, with both sensors having a large f/1.75 aperture (the larger the aperture, the more light can be absorbed, resulting in better images especially in low light). The 20MP secondary sensor also has a technology called pixel binning, which essentially combines data from four pixels into one for significantly better images in low light.

The front camera is upgraded too, with the 20MP selfie camera even supported by a soft LED flash module for well-lit selfies anytime, anywhere.

Meanwhile, the Mi A2 Lite is designed for the low-end market – and being Xiaomi, it is looking to disrupt that area as well. The Mi A2 Lite is powered by a Qualcomm Snapdragon 625 chipset, which is the same as the Mi A1 from last year. The 5.84-inch 19:9 Full HD+ display also has a notch, in an effort to maximise real estate on the device without making it too unwieldy.

Interestingly, the Mi A2 Lite has a larger 4,000mAh battery compared to the Mi A2, but there’s no fast charging support. There’s also a microSD card slot for expansion, which is likely necessary given that Xiaomi is only offering the 3GB RAM and 32GB internal storage for Malaysia. Finally, the cameras on the Mi A2 Lite are a dual rear 12MP + 5MP setup, and a 5MP front shooter.

In Malaysia, the Mi A2 will retail for RM999 for the 4GB/64GB model, and RM1199 for the 6GB/128GB variant. At these price points, it is easily among the best value for money smartphones in Malaysia, even when compared to competitors such as the Asus ZenFone Max Pro M1 and the Huawei Nova 3i.

Meanwhile, the lower end Mi A2 Lite is more affordable, with the sole 3GB/32GB variant being sold at RM699. Both the Mi A2 and Mi A2 Lite will be available in three colours: black, gold, and blue. The Mi A2 will be available in Malaysia exclusively in the Mi Store in KLCC on 3 August, before being available everywhere else on 4 August. The Mi A2 Lite will go on sale from 18 August.

(Source:
Lowyat.NET
,
Amanz
)

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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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Q3 2020: Malaysian Economy Records -2.7% GDP Vs -17.1% In Q2

Malaysia’s economy has improved to record a small contraction of -2.7% in the third quarter of 2020, a big rebound compared to the -17.1% decline earlier in Q2.

On a quarter-on-quarter seasonally-adjusted basis, the economy had turned around in Q3 to register an expansion of 18.2% in growth domestic product (GDP). Breaking it down to a monthly basis, the GDP growth for July was -2.7%, -3.6% in August, and -1.6% in September.

“The improvement largely reflected the reopening of the economy from Covid-19 containment measures and better external demand conditions,” Bank Negara Malaysia (BNM) said in a statement. “Improvements in growth were seen across most economic sectors, particularly in the manufacturing sector, which turned positive following strong E&E production activity. On the expenditure side, domestic demand contracted at a slower pace, while net exports rebounded.”

The
economic contraction in Q2
 had been the worst in the nation since the 1998 Asian Financial Crisis. With Q3’s ensuing contraction, the Malaysian economy can now be considered to be in a
technical recession
 as it has reached two consecutive quarters of negative growth. Earlier in Q1, the country’s GDP was still positive at 0.7% growth, although meagre compared to the GDP of
previous years
: 4.5% in Q1 2019, 5.2% in Q1 2018, and 5.6% in Q1 2017.

For the final quarter of the year it is expected that the recent resurgence of Covid-19 cases and targeted containment measures could affect the momentum of economic recovery. “However, as most economic sectors have been allowed to continue to operate subject to compliance with standard operating procedures (SOPs), the impact is expected to be less severe compared to the containment measures during previous periods,” BNM stated.

Going into 2021, the Malaysian economy is predicted to improve further in tandem with better global demand, a turnaround in public and private sector expenditure, and domestic policy support. Additionally, BNM said, the continued financial measures and low interest rate environment are also expected to lend further support economic activity.

(Source:
BNM
,
DOSM
)

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Jacie Tan

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Malaysians Can Now Use MyDebit ATM Cards To Shop In Singapore

(
Image: Fintech News Malaysia
)

Malaysian and Singaporean shoppers can rejoice at the new partnership between Malaysia’s PayNet and Singapore’s NETS that launched a real-time cross-border payment option between the two countries. This essentially means that Malaysians can now use their MyDebit ATM cards in Singapore, while Singaporeans can pay for their purchases in Malaysia with their NETS ATM card.

This comes a year after NETS ATM cards were first enabled overseas in a pilot move, where they can only be used at 4,500 points in Johor Bahru. Now, NETS ATM cards will be more widely accepted in Malaysia, with over 7,400 PayNet acceptance points in Johor Bahru, Kuala Lumpur, Penang, and Malacca.

Payment via PayNet’s MyDebit cards in Singapore took a little longer to implement,
becoming available only from Q3 2019 onwards
. At present, PayNet’s MyDebit cards are accepted at merchants in Bugis Village, as well as selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets. With this collaboration in place, Malaysians will be able to make payments at 500 acceptance points throughout Singapore.

(
Image: LiveItLively
)

“We are delighted that PayNet’s MyDebit ATM cards can now be used in Singapore. Malaysians are among the most frequent visitors to Singapore either for business, work or leisure. To be able to freely use MyDebit ATMs not only provides the convenience to them but also benefits businesses in Singapore which translates into higher cashless cross-border transactions,” said PayNet Group CEO, Peter Scheisser.

Additionally, Scheisser emphasised the lack of foreign exchange fees as well as the application of competitive exchange rates when using the service.

Building on this partnership, both companies have also expressed further interest in enabling cross-border instant fund transfers and QR payments between Singapore and Malaysia in the future.

(Source:
Fintech News Malaysia
,
The Straits Times
)

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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 Freelance Career – A Brief Guide for First Timers

If you decide to opt out from being an obedient employee and turn to a freelance career with flexible working times, take note: there’s hard work and some handy managing ahead of you.

But don’t be discouraged. If you’re determined to make a career of it: here are a few tips to help you along.

1. Showcase Your Work Well

As a freelancer, having a
portfolio
 will help you showcase your work more efficiently over the net for your employer.

The key to a good portfolio is giving it a specific focus, mainly on the things that you would want to specialise in.

So narrow it down. Ask yourself, what exactly are you specialising in? Writing? Graphic designing? Script writing? Catering?

Getting a specific voice for your portfolio will give recruiters a clear picture about your work specification and skills. So display only your key skills and abilities. Nothing more, nothing less.

2. Give Recruiters a Free Sample

Few companies want to take a chance on a freelancer they are not familiar with especially when it involves larger prices. Show them what you can do for their brand with a one-off free service.

For example: if you are a freelance content writer, approach a company and offer a sample of your work tailored for them before applying for a freelance position.

You can keep it simple but showcase your talents.

It is the same as a store offering a free taste or free sample to get you to purchase. If your work speaks for itself, there’s no reason that the money (ie. paid work) will not soon follow.

3. Communication and Advertising

Communication is the key to ‘putting yourself out there’. You can publish your freelance job portfolio everywhere…on social media networks, passing links around via e-mail, and through word of mouth. Talk to everyone you know, and tell them about your new career line.

As for the advertising bit, you can promote your freelance abilities via:

Creating brochures about your service (send it to your job related offices, give it to your contacts and anywhere else appropriate);

Publish articles about yourself on other blogs if you don’t have time for your own blog;

Join forums and Facebook freelancing groups for job opportunities;

Post on Facebook or Tweet regarding your freelance career (remember to add links to samples!);

Try mobile marketing (send WhatsApp/SMS messages about yourself to connections!).

4. Setting Your Price Tag

Setting a rate for your freelance service is actually the most difficult part. Unless you are already well established in your industry of choice, with an excellent portfolio; a high asking price will only drive companies away.

However, setting the bar too low may also keep you stuck. Impressions count and a suspiciously low fee may have companies wondering why you are pricing your work so low.

The key is balancing and it isn’t the easiest to manage. Here are a few steps you can take which will help you reach a realistic solution:

Research what others are charging (people of the same work experience). This will afford some kind of benchmark.

Ask companies (even the ones you don’t wish to work with) what they pay freelancers, if any. This will give you an idea of what to charge.

Set a base fee but consider conditions that may alter this such as the complexity of the work and length of time required for completion.

Offer ‘bulk rates’ to clients/companies who wish to hire you for a few projects.

Always be open to client negotiations – you’re new and you still need time to strengthen your name in the freelance market.

It’s always useful to ask around (I’m sure you know a few other freelancers that are in the same boat as you, if not, opt for social media freelancing pages!).

Consider creating freelancer
budget spreadsheets
. Do of course tailor this to your situation and the company you are approaching.

Tip:
 It’s always good to start at a slightly lower than market price to build a good name for yourself as a freelancer before increasing this in time.

5. Contracts

Freelancing is not without some risk. Beyond the possibility of not getting any assignments for a long period (work is often seasonal depending on your industry): a freelancer faces the risk of not being paid on time or getting cheated by a client.

To avoid this problem, conduct your business, as much as possible, in writing. Write emails to the prospective employer confirming rates, deadlines and payment dates amongst others.

Depending on the industry, you may or may not want to draft an agreement of sorts to clear the terms of your work.

Once you have a bit more experience, you may be in a better place to negotiate more flexible arrangements with employers.

6. Expanding Your Career

There will come a time when you would want to grow your freelance business for a more rewarding revenue base (I mean, who wouldn’t, right?).

It would be nice to have your own office, where you can work while you chill. You might even consider to expand your career into a freelancing agency, recruiting more freelancers and gathering clients.

If you are facing financial barriers, you can
apply for a loan
 with minimum documentation.

A loan is far better than committing your lifetime of savings into your career, having nothing for your rainy days. You can also opt for partnership with a trusted entity to divide your financial cost.

Getting into a freelancing career is indeed rewarding if you have the right attitude towards it. With the right amount of dedication and preparation, this rewarding career can earn you good money.

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Heeral Bhatt

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PDRM Launches MyBayar Saman Portal And App, Offers 50% Introductory Discount

(Image: Malay Mail/Yusof Mat Isa)

The traffic and enforcement department (JSPT) of the Polis Diraja Malaysia (PDRM) has rolled out the MyBayar Saman online portal and mobile app, providing the public with a way to pay their summonses directly and easily. With this, Malaysians will be able to clear their summonses via FPX, debit cards, credit cards, and prepaid cards at their convenience.

JSPT said that MyBayar Saman is introduced to meet the public’s shifting preference for online payments and phone transactions in the present time. This trend applies to the payment of summonses as well because statistics from the JSPT showed that while only 18.5% of offenders opted to pay their summonses via online payment in 2019, the number hiked up to 46.7% in 2020.

“The MyBayar Saman service provides an alternative to the public from conventional payment methods such as over-the-counter transactions. With the emergence of MyBayar Saman, this would reduce the department’s reliance on private collecting agents and improve on the service efficiency of the JSPT towards the public,” added Inspector-General of Police, Tan Sri Abdul Hamid Bador at the launch.

Additionally, MyBayar Saman is also a move to support the government’s various policies on going digital, such as the Pelan Strategik e-Pembayaran Sektor Awam and Pelan Pelaksanaan Peningkatan Dalam Talian Kerajaan Secara
End to End
. This is on top of an initiative forwarded in the
MyDigital blueprint
, which sought to enable cashless payment options for all government ministries and agencies by 2022.

To use the MyBayar Saman portal or app, you will need to first register an account, during which you must fill in personal details, verify your identity via OTP, and then set and confirm your account password. Once done, go ahead and log in to check and pay your summonses (if any!). Note that there is no need to contact or inform the PDRM of your payments as the information will be updated automatically.

JSPT also said that it is now providing an introductory discount of 50% for summonses paid through the MyBayar Saman portal or mobile app, so you might want to take advantage of this if you have any that you need to clear off! The offer is ongoing until 11 April 2021.

For more information, you can head on over to the
MyBayar Saman website
, or check out the
FAQ here
. Alternatively, download the mobile app on
Google Play
 or the App Store (soon to come).

(Sources: Paul Tan’s Automotive News [
1
,
2
],
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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Samsung Galaxy Galore With New Samsung Galaxy S23 Ultra, Galaxy Buds Live & More

If you’re in the mood to take home some exciting prizes, then the Unbox This Week credit card campaign is the place to be.

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 27 February to 6 March 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Alliance Bank, Public Bank, RHB, and Standard Chartered
. 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 – RM800 TNG eWallet Credit

Pocket guaranteed RM800 TNG eWallet Credit when you apply, get approved, and spend with a brand new Citi Credit Card! Treat your loved ones, pay for your utilities, or purchase something you’ve had your eye on. After all, there’s plenty you could do with an extra RM800 in your TNG eWallet.

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 – NEW Samsung Galaxy S23 Ultra

How do you feel about taking home a brand new smartphone? Sign up for a HSBC Credit Card and you could be one of the lucky winners to score the brand new Samsung Galaxy S23 Ultra!

Made from recycled and eco-conscious materials, this newly launched phone comes complete with the S Pen, has the Galaxy’s biggest sensor packed, built-in stabilisation, and crisp low-light capabilities.

For those who are not selected, you will still walk away with guaranteed RM600 cash via DuitNow.

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 – Samsung Galaxy Buds Live

If you’re a music lover, then this may be the gift you don’t want to miss! Stand a chance to win the Samsung Galaxy Buds Live when you apply, get approved, and spend with a Public Bank Credit Card.

Be immersed in your favourite tracks, audiobook, or podcast no matter where you are thanks to the Active Noise Cancellation technology. Not only is it enjoyable with its live and deep sound, but the ergonomic design will also have you listening comfortably for as long as you’d like.

For those who are not selected, you will still walk away with a guaranteed Midea MVC-SC861 Hand Vacuum for all your home-cleaning needs.

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
.

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

Take home a guaranteed Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit2 when you apply for a new Alliance Bank Credit Card.

Need an accessory that’s both stylish and full of helpful features? The Xiaomi Smart Band 7 Pro offers 150+ watch faces, supports 110+ sports modes, can go up to 12 days on a single charge, sleep monitoring, and more. Best of all, it’s guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Samsung Galaxy Fit2 when you apply for an Alliance Credit Card. The Samsung Galaxy Fit 2 has a thin design for all-day comfort, features for managing stress levels, and allows for convenient notifications when paired with your Galaxy smartphone.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. 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
.

RHB – RM500 TNG eWallet Credit

Another opportunity to score guaranteed TNG eWallet Credit! Sign up for an RHB Credit Card and you’ll be taking home RM500 Touch ‘n Go eWallet credit that you could use for a variety of things.

Those who frequently travel on highways could very much benefit from offsetting their toll expenses. Alternatively, save it to pay for a loved one’s birthday present or spread the love and share some with them!

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

Standard Chartered – Samsung Galaxy Watch4

The final chance to take home a watch this week! Apply for a Standard Chartered Credit Card, get approved, and spend so you can earn an opportunity to win the Samsung Galaxy Watch4.

Learn about your body composition, take on group challenges, track your workouts, analyse your sleep and more with the Samsung Galaxy Watch4. On top of it being packed with a multitude of different features, its design is timeless and sleek, making it a suitable accessory for just about anyone.

The URBANLite Ledge 24″ Luggage will be guaranteed to you if you don’t win the Samsung Galaxy Watch4. Take it on all your adventures to keep all your goods protected!

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
.

***

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 6 March 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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ASNB To Temporarily Suspend Transactions And Services From 4 To 7 June

(Image: The Sun Daily)

Amanah Saham Nasional Berhad (ANSB) has alerted investors that it will be temporarily suspending its services from 4 to 7 June 2022, including all unit trust transactions. This is to facilitate the migration of its current operating system to a new system, in a bid to enhance investors’ experience.

With this, the last transaction date for all funds will be on 3 June 2022, with the exception of the following funds – which end earlier on 2 June:

ASN Equity 5
ASN Equity Global
ASN Imbang 3 Global
ASN Sara 2

ASNB also clarified that this suspension will involve all ASNB funds on all channels, including its branches (as well as kiosk machines), agents, electronic, and online transactions via the myASNB portal and mobile. Transactions via various banks’ internet banking (Maybank2u, CIMB Clicks, RHBNow, Affinonline, AmOnline, and HLB Connect) and automated teller machines (ATMs) at Maybank and CIMB will also be barred during this period.

(Image: Utusan Malaysia)

Given this update, the chief executive officer and executive direct of ASNB, Mohammad Hussin urged unitholders to plan and perform all their necessary transactions before the suspension date to avoid any inconveniences. “For those who plan to make online redemptions, perform the transaction as early as possible so that the money can be credited before the suspension date,” he further said.

To note, ASNB’s online redemptions can only be performed via the myASNB portal or mobile app, with a maximum limit of RM2,000 or three transactions per month. Successful redemptions will be credited into the unitholders’ registered bank account on the following working day.

Mohammad Hussin also commented that this migration is essential for ASNB to enhance the investment experience of its unitholders across all channels. “The strategic move to migrate to the new system is essential in providing support for a more convenient and modern technology for ASNB to introduce future advanced products and services,” he shared.

All of ASNB’s services – including over the counter and online – will resume on 8 June 2022.

(Source:
Amanah Saham Nasional Bhd
)

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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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What Do They Say About Money in Other Countries

Since the invention of trade, money has been affecting cultures all around the world. Just like food, faith, and family, finances is one of those things that affect us deeply as people. So much so that across several languages and cultures all over the world, there are idioms, expressions, as well as sayings that allude to our human relationship with money.

Some of these are colourful, useful, or clever, while some are just plain weird. No matter, let’s find out what the world has to say about money!

Give a Cat a Gold Coin

Origin: Japanese, “ねこ に こばん”

This proverb means to give something to somebody who can’t appreciate it. Quite apt, we think. Unless you know a cat that can take your coins and buy their own fish.

Sold the Butter and Lost the Money

Origin: Swedish, “Har du sålt smöret och tappat pengarna?”

When someone appears sad, you would say this idiom in the form of a question. The tone is more of an encouraging one. Like, “hey, don’t feel bad. Even if you lost the money, at least you made a sale.” Too bad your fingers are too buttery to hold onto the cash.

Gold Rain in Another Country And Stone Rain in Mine, Mine is Better Still

Origin: Malay, “Hujan emas di negeri orang, hujan batu di negeri sendiri, lebih baik negeri sendiri”

Way too wordy to use in regular speech, but a popular proverb nonetheless. A local version of “the grass is greener on the other side”, with the added addition of rocks falling from the sky. That is to say, no matter how bad your home is, it’s still your home.

Penny Wise and Pound Foolish

Origin: England.

To be penny wise and pound foolish means to be stingy with unimportant expenses but wasteful with extravagant ones. Do not be this kind of person. While we encourage saving money, prioritising which part of your budget is worth paying more attention to is very important. Also, who uses pennies anymore?

Read Also :
A Brief History of Money: From Barters to Bitcoin

Shin Hairs Not Falling Off

Origin: Thai, “ขนหน้าแข้งไม่ร่วง”

In Thailand, if you can go on a vacation without your shin hairs falling off, that means a relatively large payment of money is no problem to you. One wonders what sort of expense would be pricey enough to make one’s shin hairs fall out. Low-quality shin guards maybe.

Put Your Money Where Your Mouth Is

Origin: Disputed, possibly Irish

“Back up your talk with some action”, is what this saying means. Very similar connotations to talk is cheap, put up or shut up, and actions speak louder than words. The previous three make more immediate sense, we think. Thankfully, nobody in real life puts banknotes in their mouth when dared to prove their word. At least we hope so, or else they might need to
rethink their decision if they would like to avoid the possibility of getting sick
.

More Wool Than a Lamb

Origin: Spanish,
 “Tener más lana que un borrego”

What would you say of someone who has more money than they know what to spend it on? In Spain, you would say they have more wool than a lamb. This implies that lamb uses their own body hair as currency. Which makes sense to a Thai, since expensive items cost shin hairs over there.

To Be an Octopus

Origin: Egyptian Arabic, “ راجل اخطبوط ”

To call someone an octopus can imply quite a few things. Maybe they’re slimy, or spineless, or they have tentacles (you never know). But in Egypt, an octopus is a rich, corrupt businessperson. Imagining the many tentacles of an octopus reaching into the pockets of unsuspecting people helps us understand this colourful insult much better.

Cultures, customs, and languages all over the world have a lot to say about money as it turns out. It sure is fun to learn about how everybody else thinks about cash.

Do you have your own money sayings or idioms you use among your family and friends? Share them with us in the comment section down below!

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Ahmad Mudhakkir

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Economic Stimulus Package 2020: Statutory Employee Contribution For EPF Reduced To 7%

As part of the 2020 Economic Stimulus Package announced by interim Prime Minister Tun Dr Mahathir Mohamad, the statutory employee contribution for the Employees Provident Fund (EPF) has been reduced to 7% per month.

Currently, the statutory contribution rate for employees is 11% for EPF members below age 60, and 5.5% for those aged 60 and above. While the contribution for members above 60 years old will remain at 5.5%, members below 60 will effectively have 4% more cash on hand each month.

Designed to encourage domestic consumption, the 4% reduction in employee contribution will see EPF members have a cumulative RM10 billion to use until the rate reverts to 11% in 2021. This 7% contribution rate will be in effect from 1 April 2020 until 31 December 2020.

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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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Danish Bank Is Charging Negative Interest Rates For Millionaire Savings Accounts

(Image: Visit Denmark)

Jyske Bank has announced that customers with deposits over 7.5 million Danish kroner ($1.1 million USD) will be charged an interest rate of -0.6% a year. The negative interest rate means that millionaires will effectively be paying the Danish bank to store their money.

According to chief executive Anders Dam, Jyske Bank decided to make the move due to “a significant and increasing deposit surplus” that was incurring large expenses as customers continued to deposit more money. “Therefore, we intervened and set an upper limit of 7.5 million Danish kroner,” he said.

With the exception of four months in 2014, Denmark’s Central Bank has had negative interest rates since 2012, longer than any other country. “We have always believed that the negative interest rates were temporary,” said Dam. “It now turns out to be more permanent.” Dam went on to say that there is an expectation for the negative interest rates to continue over the next eight years.

Jyske Bank is not the first bank to charge negative interest rates for big deposits; the negative interest landscape has not been exclusive to just Denmark alone. With the Swiss National Bank’s current base rate also in the sub-zero range, Swiss banks UBS and Credit Suisse announced earlier this month that they will be charging a fee on savings more than 500,000 euros and 1 million euros respectively.

In wider Europe, other nations are also waiting to see if the European Central Bank’s negative interest rates will negatively impact their savings accounts.
Germany in particular
 has been decidedly against negative interest rates potentially “making a mockery” of the national obsession to save. (German citizens save far more of their disposable income than most other Europeans.) After Bavaria’s Prime Minister Markus Söder proposed charges for deposits on German banks, Finance Minister Olaf Scholz stated that he would look into the possibility of preventing this measure from taking place.

The impact of negative interest rates in the market can be seen not only on deposits, but on loans as well. Just several weeks ago, Jyske Bank was in the headlines as the world’s
first bank to launch a negative interest rate mortgage
, effectively paying homeowners for taking out a loan. At the time, its housing economist Mikkel Høegh said that “no bank here wants to be the first mover into negative deposit rates.” However, Jyske Bank has indeed made the move to become Denmark’s first lender to impose negative interest rates on customer deposits, which will come into effect on 1 December this year.

(Source:
The Independent
,
The Financial Times
)

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Jacie Tan

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FSMOne’s PRS Campaign Offers RM40 TNG eWallet Credit For Investments With Selected Providers

Between today until 30 November 2021, FSMone customers will be able to earn a Touch ‘n Go (TNG) eWallet reload PIN worth RM40 by investing in funds from selected Private Retirement Scheme (PRS) providers.

Open to both new and existing PRS customers, the campaign requires you to invest a minimum of RM3,000 in a single transaction via FSMOne, in any of the funds provided by any of the following PRS providers:

Affin Hwang Asset Management Bhd
Principal Asset Management Bhd
Kenanga Investors Bhd
RHB Asset Management Sdn Bhd
Manulife Investment Management Bhd

Additionally, the online wealth management platform said the required amount of RM3,000 can include the account opening fee of RM10 that is paid to the Private Pension Administrator (PPA) for new investors, or the PPA annual fee of RM8 for existing investors. It does not, however, apply to transactions involving Intra Switch Buy, Inter Switch Buy, and Transfer-In.

FSMOne further clarified that customers must ensure that they perform and submit all transactions and completed forms to FSMOne
by 11am
 on 30 November 2021 in order to be eligible for this campaign. Any purchase orders received after 11am will not qualify for the offer.

Note that each customer is only entitled to one TNG eWallet PIN, and if you do win it, the reward will be emailed to you latest by January 2022. The PIN has a validity period of 90 days from the date of issuance, so make sure to redeem and use it before it expires.

If you’re interested to tap into this promo by FSMOne, do make sure to also check on the investment process and requirements of each PRS provider as each will have a different preferred channel. For instance, new investors opting to invest in funds from Manulife are required to fill in some forms and send them to FSMOne’s office. Meanwhile, those looking to start with Affin Hwang, Kenanga, Principal, and RHB can do so using the FSMOne mobile app or website; no forms are required.

For those who have enquiries regarding the campaign, you can contact FSMOne at 03-2149 0567 (Kuala Lumpur & Johor Bahru), 04-640 1567 (Penang), or 088-335 060 (Kota Kinabalu). Alternatively, you can send them an email at
[email protected]
.

(Source:
FSMOne
)

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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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How to Avoid Heavy Credit Card Interest Rates

Credit cards are pieces of plastic that people are often confused or apprehensive about. This is because a large part of credit management depends on how you use it – making it work for or against your finances.

In situations of emergency or pure indulgence, we sometimes find ourselves needing to swipe away sizable amounts and a
credit card
 could certainly take care of that with a small price.

Instead of paying a portion and carrying forward the balance on your regular credit card for a significant amount of interest, we’ll show you why you should definitely consider using a balance transfer or an easy payment plan instead.

What is a Balance Transfer?

Balance transfer simply takes your debt from one credit card and transfers it off to another. This facility typically comes with interest rate and one-time upfront handling fee levied by respective banks.

On most occasions, banks provide a 0% interest rate that may come with a nominal aforementioned one-time upfront handling fee. Conversely, should there be no one-time upfront handling fee, there could be interest rate charges on the balance that you are intending to transfer.

If you find yourself lagging behind in monthly payments, this could be your knight-in-shining-armour option. However, be mindful of interest charges on carried forward balances as they can be very high (if not picked carefully) and could cause a dent in your finances.

Using a
balance transfer
 on lower interest rates, if not 0%, would help you pay up for those large swipes on the original card with minimum worry about exorbitant compounding interest rates as long as there are no payment lapses.

It is also important to note that any swipes on your new balance transfer could levy a regular annual percentage rate (APR) or interest rates instead of the 0% percent which typically applies to only the transferred balance. Look on the bright side, whatever excess money you have from dodging high interest rates can be funneled into your savings instead!

What is an Easy Payment Plan (EPP)?

An Easy Payment Plan, also known as Flexi Pay, basically breaks down a specific purchase into a tenure of your choosing. It is usually spread over a minimum term of 6 months up to 36 months (tenure varies from bank).

If you were intending to make a large purchase on a computer like the Macbook, this could possibly set you back about RM6,000 and let’s not even get to the interests rates you would be racking up. But fret not because you could choose to breakdown this payment over 12 months or longer with the EPP.

Some banks even offer EPP plans as low as 0%, which could levy a one-time upfront handling fee (or vise versa), over a specific tenure length and would certainly make more sense for one to make use of rather than paying pretty hefty monthly credit card interest rates. This would certainly come in handy should one find themselves in a situation that needs spreading of payments over a course of months to momentarily ease the pressure off personal finances.

Also, if you choose to use an EPP plan at merchants that have partnered with banks, you could be on the receiving end of a 0% interest rate.

Requirement Differences

If you wish to use a balance transfer programme, you would need to have a credit card to be able to transfer the debt from one bank to another. Balance transfers do not work if you wish to transfer the debt within the same bank. The limit of cards issued within the same bank is also shared and would only qualify for an EPP conversion.

Easy payment plans on the other hand only require you to have the one credit card where it is a facility that is ready to use within the credit card benefits. However, you would only have the option of resorting to the EPP before the arrival of your credit statement after swiping the big purchase away. Simply call up your bank and request for a tenure to match your financial habits.

What Are Their Key Differences?

Essentially, the two programs are used to break down big amounts into manageable monthly commitments. If the two programs have 0% interest rates and payments could be broken down to 12 month tenures, which should you go for?

In an EPP plan, it only works if your single purchase hits a minimum amount that can go as low as RM500. On the other hand, using a balance transfer allows you to combine previous debts and smaller purchases up to your credit limit. How does that that work?

Let’s say you have an accumulated balance of RM500 from the previous month, and this month’s statement includes RM250, RM200 and RM50 purchases. To qualify for a minimum total of RM1,000 on a balance transfer, you could simply add them all up together – very much different from the EPP.

In an EPP programme, you would not be able to combine smaller individual payments to trigger the minimum amount required. If your single big purchase comes up to RM999.99 and the minimum requirement for an EPP is set at RM1,000, you would not be able to qualify for the programme.

How do You Choose?

Truth be told, there is no way to specifically justify which purchases should end up on an easy payment plan or balance transfer. It all depends on an individual’s financial condition but it would be preferable to pick the facility with lower interest rates to avoid racking up debt that you can’t flip over.

Facilities such as the
balance transfer
 and easy payment plan require a minimum monthly payment and both have penalties for defaulted repayment, which could amount to being as heavy as the initial credit card interest rates that can be anywhere between 15%-18%. That said, always maintain disciplined repayment to ensure you enjoy maximum savings and keep your credit rating in pristine condition at the same time.

However, be mindful about the early termination fee if you want to settle your balance transfer or Easy Payment Plan earlier than their tenures – but if you’re lucky, some banks may not even charge you for it. Also, you may not be eligible to rack up on rewards points on the balance transfer card too, so always be informed about the decisions you make.

If you’re looking for a specific kind of credit card,
let us help you pick from the list of best credit cards in Malaysia
. Have you ever considered any of the above methods to help reduce compounding credit card interest rates? Let us know your thoughts in the comments section below!

Image Sources: Image 2 from
Money Under 30
; Image 3 from
Business Insider
; Image 5 from
The Financial Express

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Gavin Pereira

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AmBank Suspends AmBonus Points Redemption, To Resume On 13 May 2020

AmBank has announced that it will further suspend the redemption of AmBonus Points via the AmBonus Rewards Catalogue until 12 May 2020. This is in conjunction with the extension of the ongoing movement control order (MCO) period, which is expected to end on 12 May 2020 as well.

AmBank’s redemption programme allows its cardmembers to redeem a variety of products from categories including homewares and kitchen essentials, travel and healthcare products, as well as gadgets. You can also claim vouchers for supermarkets and hypermarkets, e-commerce platforms, F&B outlets, and so on. Alternatively, you can opt to exchange your AmBonus Points for air miles from airlines such as AirAsia, Malaysia Airlines, and Singapore Airlines.

That said, if you have AmBonus Points that are due to expire by May 2020 or June 2020, do call the bank’s Contact Centre at 03-2178 8888 to redeem cash rebates instead. The conversion rate of your AmBonus Points for cash is as follows:

Product Code

AmBonus Points

Cash Rebate

MONEY50

32,000

RM50

MONEY100

64,000

RM100

MONEY150

96,000

RM150

The bank further said that it will send an SMS notification to cardholders who had submitted redemption requests prior to this second suspension of the programme, but which are not processed or completed yet. The notification is meant to inform them of the delay of delivery or fulfilment of their requests.

According to
AmBank’s latest announcement
 regarding this issue, it expects to resume the redemption programme on 13 May 2020. However, this is also subject to the availability of the product distributors as well as directives from the government regarding the MCO.

AmBank had previously suspended its redemption programme between
18 March 2020 to 31 March 2020
, when the government first began enforcing the MCO.

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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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RHB Aims To Launch Digital Bank By Second Half Of 2023

(Image: AFP/Malay Mail)

RHB Bank has said that Malaysians can expect to see the launch of its digital bank by as early as the second half of 2023 (2H23). This comes following its successful application for one of the five digital banking licences offered by Bank Negara Malaysia (BNM), through a consortium partnership with Boost Holdings Sdn Bhd.

“We plan to launch the digital bank in the second half of next year, or latest by the first quarter of 2024,” said the chief executive officer of RHB, Mohd Rashid Mohamad, adding that the venture may see an investment of as much as RM1 billion.

Mohd Rashid also explained that the development period for the platform is fairly long because RHB and Boost are building it from scratch. “We need to put up a new core banking system and infrastructure product proposition that are in line with Bank Negara’s requirements,” he further elaborated.

(Image: Free Malaysia Today)

Additionally, Mohd Rashid shared that the digital bank will tap into the advantages of artificial intelligence (AI) and other advanced technologies to provide financing and banking services to the unserved and underserved community. As an example, RHB’s digital bank may use AI to help assess customers’ credit, based on the data points and models that have been put in place.

For context, BNM had
opened up applications for its digital banking licences
 back in January 2021, and eventually received
a total of 29 applications
. In April 2022, it announced
five successful applicants
:  three under the Financial Services Act 2013, and another two under the Islamic Financial Services Act 2013. Aside from the
RHB-Boost consortium
, other successful bidders included the
consortium led by GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd
, as well as the consortium led by
KAF Investment Bank Sdn Bhd
 – although none of them have yet to reveal any timelines for the roll-out of their digital banks.

On top of sharing updates on its digital bank, Mohd Rashid also highlighted RHB’s ambition to bring its digitalisation push and services to the rest of Southeast Asia (SEA), starting with its three key markets: Cambodia, Singapore, and Indonesia. To begin, it hopes to increase its employee headcount in the three markets from 1,230 individuals as of the end of 2021 to 1,379 individuals by the end of 2022.

Mohd Rashid further shared that RHB is already in the process of pushing a mobile app offering full banking services in Cambodia, pending regulatory approval; the app is expected to be launched by the end of this year. Moreover, it aims to expand its corporate and wealth management business in Singapore, while in Indonesia, there are plans to push RHB to become one of the top ten stockbroking firms in the country by 2024.

Aside from Malaysia and the three SEA countries mentioned above, RHB is also operating in Thailand, Brunei, Vietnam, and Laos.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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OCBC Al-Amin Launches OCBC eBiz Account-i

OCBC Al-Amin has launched its new
OCBC eBiz Account-i
, which allows its business customers to open a
shariah
-compliant business account entirely online. The application process is both fast and convenient, enabling customers to obtain their business accounts with minimum hassle.

In a statement, OCBC Al-Amin said that the new OCBC eBiz Account-i follows in the footsteps of OCBC’s conventional OCBC eBiz Account, serving as the
shariah
-compliant counterpart for those who have such preferences. It features a relatively low initial deposit of RM500, and also allows you to access specialised business finance management tools, along with complimentary business internet banking services through OCBC Velocity.

Briefly,
OCBC Velocity
 is an online business solution by OCBC that offers a range of assistance, including managing accounts and cash flow, as well as initiating payments and collection. For those who trade, you can also use it to access and manage your trade portfolio – among other things.

If you’d like to apply for the
OCBC eBiz Account-i
, do note that your company must be wholly owned by Malaysians (up to two directors or partners), and is registered under Suruhanjaya Syarikat Malaysia (SSM). Your business must also satisfy the bank’s
shariah
 compliance criteria, along with some other additional eligibility criteria.

If you do qualify, go ahead and fill in the online application form; be sure to have details like your business registration number (BRN) at hand for the process. You’ll also need to verify your identity via the standard eKYC procedure. After your account is successfully opened, you will receive a confirmation email or SMS within one to two working days.

Chief executive officer of OCBC Al-Amin, Tuan Syed Abdull Aziz Syed Kechik said that the bank decided to launch the OCBC eBiz Account-i because there has been a strong demand among SMEs for
shariah
-compliant business accounts that can be opened online.

“Convenience and security are key to meeting the growing customer appetite for digital banking products and services. So, OCBC eBiz Account-i offers the convenience without compromising on security and we have ensured that this is possible with robust systems in place and through our own dedicated OCBC eKYC platform, which is supported by CTOS Data Systems Sdn Bhd (CTOS),” said Tuan Syed Abdull Aziz.

(Source:
OCBC
)

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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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AmBank Revises Travel Insurance Benefit For Selected Credit Cards

(Image: The Star)

AmBank has announced a revision to the travel insurance benefits for several of its
credit cards
, namely its Gold, Platinum, and World Mastercard cards. The changes will come into effect on 1 June 2021.

The existing travel insurance benefits for AmBank Gold credit cardholders will be removed altogether, whereas the Platinum and World Mastercard members will see their travel insurance coverage amount reduced. However, there will be no changes to the AmBank Visa Signature and Visa Infinite cards respectively.

You can see the changes laid out more clearly in the table below:

Card Type

Current Travel Insurance Benefits

Revised Travel Insurance Benefits

Gold

RM500,000 p.a.

To be expunged

Platinum

RM 1 mil p.a.

Reduced to RM500,000 p.a.

World Mastercard

RM2 mil p.a.

Reduced to RM1 mil p.a.

Visa Signature

RM1 mil p.a.

No changes

Visa Infinite

RM2 mil p.a.

No changes

Do note that the revision does not apply to the AmBank M-Gold Card, AmBank M-Platinum Card, AmBank M-Signature Card, AmBank UnionPay Platinum Card, and AmBank Business Platinum Card.

If you have any enquiries about the revised travel insurance benefits, you can call the AmBank Contact Centre at 03-2178 8888, which operates daily from 7am to 11pm.

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Bank & Credit Card Promo Codes For Lazada And Shopee 12.12 Sale 2022

With 12 December 2022 just around the corner, we all know what’s coming up soon. That’s right, the final big sale of the year with plenty of generous discounts and additional perks! Both Lazada and Shopee will host their All-Out Year Sale and Birthday Sale, respectively – with the usual free shipping vouchers, flash sales, and special events to reward users.

In addition to those perks, there are also bank partner vouchers available that you can utilise for additional savings. Here’s a list that we’ve compiled for you so that you don’t miss out on them!

Lazada 12.12 Bank Vouchers

Before you begin shopping on 12 December, make sure to first claim Lazada’s bank promo codes and vouchers as they are only released at the start of the event (midnight of 12 December). Other vouchers and bonuses that you can also collect beforehand to help you earn maximum savings include seller vouchers,
Lazada Bonus
, and
free shipping vouchers
.

It’s always worthwhile collecting these because Lazada lets you stack up to five vouchers for each of your purchase order on its platform (bank voucher + platform voucher + store voucher + free shipping voucher + Lazada Bonus). Sometimes, you can even use your Lazada Coins to further reduce the cost of your purchases, or LazMall membership vouchers (for selected stores) to enjoy extra discounts with a minimum spend. There are also surprise vouchers worth up to RM10 that you can collect now and redeem on 12 December.

For now, here are the bank vouchers that you can claim for the
Lazada All-Out Year End Sale
:

Aeon Credit

Promo code:
Collect here
Discount: RM15 off with minimum spend of RM120
Quantity: 769 redemptions (collect from midnight 12 December, may replenish at different times of the day)

You can also earn RM28 cashback when you use your AEON credit cards to top up a minimum of RM250 into your Lazada Wallet between 8 to 12 December 2022. Provided on a first-come first-served basis, there are only 609 redemptions available; the cashback reward will be credited into your account within 30 days from the date of successful top-up and has a validity period of 60 days.

Affin Bank

Promo code:
Collect here
Discount: RM12 off with minimum spend of RM120
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
Discount: RM18 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Alliance Bank

Promo code:
ALB15LAZ
Discount: RM15 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
ALB50LAZ
Discount: RM50 off with minimum spend of RM500
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

AmBank (Debit card only)

Promo code:
AMBLAZ12
Discount: RM12 off with minimum spend of RM100
Quantity: 500 redemptions (collect from midnight 12 December, may replenish at different times of the day)

You can also get a Lazada voucher worth RM10 when you save your AmBank debit card for the first time on Lazada. Note that the voucher has a validity period of seven days from issuance date, and can only be used with a minimum spend of RM80.

Bank Islam

Promo code:
Collect here
Discount: RM20 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Bank Simpanan Nasional

Promo code:
BSN12LAZ
Discount: RM20 off with minimum spend of RM150
Quantity: 150 redemptions (collect from midnight 12 December, may replenish at different times of the day)

CIMB Bank

Promo code:
Collect here
Discount: RM15 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
Discount: RM50 off with minimum spend of RM580
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
 (for CIMB Clicks via FPX only)
Discount: RM12 off with minimum spend of RM120
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Citibank (Citi Lazada credit card only)

Promo code:
Collect here
Discount: RM22 off with minimum spend of RM150
Quantity: 1,500 (collect from midnight 12 December, may replenish at different times of the day)

HSBC Bank

Promo code:
Collect here
Discount: RM25 off with minimum spend of RM200
Quantity: 1,320 (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
Discount: RM50 off with minimum spend of RM600
Quantity: 420 (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
Discount: RM100 off with minimum spend of RM1,200
Quantity: 210 (collect from midnight 12 December, may replenish at different times of the day)

Mastercard

Promo code:
Collect here
Discount: 12% off with no minimum spend (capped at RM12)
Quantity: 12,000 (collect from midnight 12 December, may replenish at different times of the day)

There is another promo for users who top up their Lazada Wallet using a Mastercard card between today until 11 December 2022 (except 6 December):

Offer
Cashback reward cap
Redemption
Validity period of cashback reward
12% cashback when you top up and save your Mastercard for the first time on Lazada Wallet
RM12
12,000
60 days
9% cashback when you top up your Lazada Wallet with a saved Mastercard credit card
RM9 per day
6,000
60 days

Maybank

Promo code:
MAYLAZ12
Discount: RM15 off with minimum spend of RM130
Quantity: 3,588 (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
AMEXLAZ12
(for Maybank AMEX credit cards only)
Discount: RM18 off with minimum spend of RM150
Quantity: 2,800 (collect from midnight 12 December, may replenish at different times of the day)

Public Bank (Mastercard credit cards only)

Promo code:
PBLAZ12
Discount: RM20 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

RHB Bank

Promo code:
Collect here
Discount: RM20 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Promo code:
Collect here
Discount: RM60 off with minimum spend of RM500
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

UOB Bank

Promo code:
Collect here
Discount: RM18 off with minimum spend of RM150
Quantity: N/A (collect from midnight 12 December, may replenish at different times of the day)

Shopee 12.12 Bank Vouchers

Unlike Lazada, you can already begin to claim Shopee’s bank partner vouchers starting from today, but note that this does not mean the vouchers are guaranteed yours to use! This is due to the different redemption mechanics utilised by Shopee – which we’ll talk more about later. In the meantime, don’t forget to also check out the
12% rebate voucher
 (exclusively for Shopee’s 12.12 Birthday Sale), along with the usual
10% instant rebate
,
10% coin cashback
, and
free shipping vouchers
.

You should also be aware that Shopee only allows the stacking of two vouchers for every purchase that you make on its platform: shop voucher + discount/platform OR free shipping. As such, it’ll take some quick planning on your part to decide on which voucher to use to get you the most savings.

And without further ado, here are the bank vouchers for the
Shopee 12.12 Birthday Sale
:

Aeon Credit

Promo code:
ACS12
Discount: RM15 off with minimum spend of RM120
Quantity: N/A

Affin Bank

Promo code:
AFFN12A
Discount: RM20 off with minimum spend of RM180
Quantity: N/A

Promo code:
AFFN12B
Discount: RM30 off with minimum spend of RM280
Quantity: N/A

Alliance Bank

Promo code:
ABMB15
Discount: RM15 off with minimum spend of RM150
Quantity: N/A

Promo code:
ABMB50
Discount: RM50 off with minimum spend of RM500
Quantity: N/A

AmBank (Debit cards only)

Promo code:
ABMD12
Discount: RM12 off with minimum spend of RM100
Quantity: 1,000

Promo code:
ABMD18
Discount: RM18 off with minimum spend of RM150
Quantity: 300

Bank Islam

Promo code:
BI12
Discount: RM20 off with minimum spend of RM160
Quantity: N/A

Bank Simpanan Nasional (Credit and debit cards)

Promo code:
BSN12
Discount: RM12 off with minimum spend of RM120
Quantity: 100

Promo code:
NEWBSN
(only for new Shopee users)
Discount: RM18 off with minimum spend of RM20
Quantity: 100

CIMB Bank

Promo code:
CIMB12
Discount: RM15 off with minimum spend of RM150
Quantity: N/A

Promo code:
CIMB50
Discount: RM50 off with minimum spend of RM580
Quantity: N/A

Maybank

Promo code:
MBB12
Discount: RM20 off with minimum spend of RM150
Quantity: 4,280 redemptions

Promo code:
MBBAMEX12PD
(AMEX cards only)
Discount: RM25 off with minimum spend of RM150
Quantity: 1,120 redemptions

Promo code:
MSCC12
(Maybank Shopee credit card)
Discount: RM28 off with minimum spend of RM150
Quantity: 1,000 redemptions

Public Bank

Promo code:
PBB15
Discount: RM18 off with minimum spend of RM150
Quantity: N/A

RHB Bank

Promo code:
RHB12A
Discount: RM20 off with minimum spend of RM160
Quantity: N/A

Promo code:
RHB12B
Discount: RM60 off with minimum spend of RM500
Quantity: N/A

UOB Bank

Promo code:
UOB12
Discount: RM14 off with minimum spend of RM120
Quantity: N/A

***

We’ve mentioned earlier that Shopee utilises a different voucher redemption mechanics than Lazada, so let us shed some light on that now. Essentially, Lazada uses a “first claim” redemption approach, while Shopee’s is based on a “first redemption” basis.

This means that in the case of Lazada, once you’ve claimed a bank voucher, it’s confirmed yours to use – you’re free to use it whenever you want, as long as it is during the sale event. Shopee, meanwhile, does not track the number of vouchers that are claimed; it tracks the actual redemption instead. Claiming a voucher on Shopee only puts it on your voucher list for accessibility; it is not guaranteed yours. As such, come 12 December, you will still need to compete with other shoppers in a race to utilise them before they finish.

It would also be remiss of us to not highlight the worth of Lazada Bonus if you’re shopping on Lazada! It offers you a discount of RM8 on every RM80 that you spend in your order, which comes up to an extra 10% off – so don’t forget to keep
collecting your Bonus
 in the days leading up to the main event!

Finally, make sure to tap into the features of your
cashback credit cards for online shopping
 when you shop during these final big sale events of the year for extra benefits. And with that, we hope you have a great shopping session!

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Affin Bank

Alliance Bank

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Lazada 12.12 All-Out Year-End Sale

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Maybank

Public Bank

RHB Bank

Shopee

Shopee 12.12 Birthday Sale

UOB Bank

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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Visa Study: Majority Of Malaysians Can Go Without Cash For More Than A Week

The latest Visa Consumer Payment Attitudes Study, conducted by payment service provider Visa, has revealed that a growing number of Malaysians are able to live without using cash for more than a week. Specifically, 55% of the study’s Malaysian respondents in 2021 have indicated that they can do so, as compared to 42% in 2020.

Carried out in September 2021 across eight Southeast Asian countries, with a sample size of 7,500 individuals – with 1,000 Malaysian respondents – the study also reiterated the nation’s shifting preference from cash to digital payments due to Covid-19. Of the total Malaysian respondents, 74% of them attempted to adopt a cashless lifestyle in 2021, and 50% of those who had never tried going cashless said that they are confident in living their daily lives without cash for up to a week.

Additionally, 28% of Malaysians said that they are not likely to use cash after the pandemic, indicating a lasting change in habit. This also is in line with a notable growth in cashless payment adoption, especially QR payments (60%), e-wallets (54%), and contactless cards (51%). Consumers typically opt for these cashless payment options for expenses such as bill payments, supermarket and retail shopping, purchases at convenience stores, as well as food and dining.

Moreover, consumers are showing increasing preference to shop with merchants that accept cashless payment options instead of cash-only options. There is also a growing interest in other cashless innovations, including self-service checkouts (64%), automated app payments (64%), and biometric payments (60%).

The study further indicated that Malaysians see numerous benefits in developing a cashless society, with 58% of them agreeing that it will curb the spread of Covid-19. Meanwhile, 54% said that cashless payments provide users with the ability to track financial records easily, and 52% agreed that it lowered the risk of theft. Another 52% said that cashless payments offer a hassle-free experience by eliminating the need to queue at banks.

Despite that, many respondents also opined that it will still take some time before Malaysia becomes a cashless society, although the pandemic has hastened the process. At the current rate, they expect Malaysia to become a cashless society by 2025, as compared to 2028 if the pandemic had not happened.

The country manager of Visa Malaysia, Ng Kong Boon, commented that Covid-19 has truly caused a significant change in the way people work and live, including their payment preferences. “The pandemic has accelerated digital transformation and how Malaysians choose to pay and be paid. At Visa, we are following the change in consumer behaviour closely. From the insights we have gathered from the study over the years, the shift towards using more digital payments in Malaysia are here to stay,” he said.

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Visa Consumer Payment Attitudes Study

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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    ThatMalaysianEmoji

    1 year ago

The future is already here🔥

On a side note it really is amazing how the pandemic has hastened the adoption of digital payemnts

One thing that I would like to ask though, which states were the 1000 Malaysians from? Because the technological level of the states in Malaysia vary vastly from one another.

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Funding Your Education: PTPTN 101

PTPTN, the government-funded body which

stands for
Perbadanan Tabung Pendidikan

Tinggi Nasional
 (National Higher Education Fund Corporation) is the go-to

solution for school-leavers or those currently studying in a higher education

institute as they are the main provider of education loans in Malaysia. If you have been thinking about getting a student loan to fund your

course but are not sure how to start; here’s a basic guide.

Who can apply for PTPTN?

PTPTN loans are not just for fresh SPM or pre-university

grads, in fact anyone under the age of 45 is eligible. They must however be

enrolled in a public (IPTA) or private (IPTS) institution that is accredited by

the government. Applicants also cannot be receiving any other form of sponsorship

and must have at least one year remaining in their course if they are already

enrolled.

PTPTN loans are also a viable option for working adults who are looking to further their studies. Instead of using your personal savings you can apply for a student loan instead. Just be aware that if you are planning to pursue a Masters or PhD, PTPTN will only offer you a loan for a course in a public university.

How to apply for a PTPTN loan?

Applications can be done online on PTPTN’s

official
website
. If you are

applying for the first time you will need to get a PIN number which costs RM5

and is available in Bank Simpanan Nasional branches. You will also need to

register for a SSPN (National Education Savings Scheme) account. It costs RM20

to open an account and can be done at any Maybank and Bank Islam branch as well

as various agents and service counters in KL Sentral or PTPTN’s One-stop Centres. Once

that’s settled, proceed to print out the application forms and submit it to

PTPTN with your relevant

documents. You will also be expected to cover postage and include at least

two revenue stamps worth RM10.

How much is the loan amount?

The amount of your loan is

entirely up to the discretion of PTPTN. The chances of getting a

full loan versus a partial loan will depend on the total combined income of

your parents as well as your course, education level and institution.

My PTPTN loan has been approved! What now?

Just like any loan, you will receive a letter of offer, which you will need to accept before PTPTN can disburse your loan.

Expect the first disbursement to be made within 21 working days from the date

your document is received. The amount you receive will depend on the approved

amount which will be stated in your letter of offer. If your loan only covers

your tuition fees, PTPTN will deal directly with your college/university. If

you’ve been granted a full loan, however, it will be disbursed to you

periodically each semester. Please note that you will also be charged a nominal

fee for insurance as well. This applies to all applicants and is not optional.

When do I repay my PTPTN loan?

You should start financing your student

loan 12 months after you graduate, and the interest is charged from the 13th month after graduation. The tenure will

depend on your total loan amount and course level if you are under sponsorship.

As for PTPTN interest rates, the body charges a syariah-compliant “ujrah” fee of 1% of the total loan amount. It uses a fixed interest rate scheme, similar to what you’ll find with car loans, and it means that the interest amount incurred every month is fixed, regardless of the balance remaining. Therefore, it is in the payer’s best interests to repay their PTPTN loan as soon as it is financially possible. PTPTN also has
a handy ujrah calculator
 to show how much should you pay per month, depending on the duration of repayment.

Where to repay PTPTN loan?

Compared to just a few years before, PTPTN has now made it very easy to
repay your PTPTN loan
. You can pay your PTPTN loans in a wide variety of places, both online and offline. First off, there are the PTPTN kiosks nationwide, which even accept credit cards – PTPTN also accepts American Express cards as well, but depending on the banks, you may not be eligible for credit card points. So unless your specific credit card offers good benefits to pay PTPTN with, it may be better off to pay with cash – credit card interest rates may likely be higher than the PTPTN ujrah rate.

PTPTN also has five “agents” where you can repay your PTPTN loans easily. They are Bank Islam, Bank Simpanan Nasional (BSN), Bank Rakyat, CIMB Bank, and Pos Malaysia. All five agents charge a nominal fee (RM0.50 for BSN and Bank Rakyat, RM2 for the others), and have a processing period of between 3 to 7 days. Transactions can be done over the counter at all the agents’ outlets nationwide.

Meanwhile, virtually all banks operating in Malaysia support
direct debit to repay PTPTN loan
. This isn’t limited only to local banks, but popular international banks operating in Malaysia such as HSBC, OCBC, and even Deutsche Bank support this feature. You can
apply for PTPTN direct debit
 from its official website. Speaking of which, all banks offering online banking facilities also allow users to repay their PTPTN loan via one-off online transfers. There’s also MyPay, the official national mobile services portal for the Malaysian government.
Payments for PTPTN loans through MyPay
 are done using online tranfers via FPX, with a RM0.50 service charge.

Two lesser known payment options for PTPTN are PayQuik kiosks and MOLPay gateway. With
249 PayQuik kiosks around the country
, paying your PTPTN loans with PayQuik is almost like using a cash deposit machine (CDM). There’s a
step-by-step guide
 from on how to use PayQuik, but essentially you are just required to deposit the exact amount you wish to pay, and there’s a RM1 processing fee. On the other hand,
MOLPay
 is a payment gateway that has a dedicated portal for PTPTN loan payment and SSPN deposits. Note that the processing fee for MOLPay is the highest among all repayment options listed here at RM3.50 per transaction, and a 7-day processing fee.

Finally, there is also the option of paying for PTPTN loans using EPF. This is likely the least recommended repayment option, simply because the EPF is designed as a basic retirement fund. Unless you have absolutely no other option, try to avoid using your EPF savings to repay your PTPTN loan.

You can pay your installments over the counter or online to your relevant bank or PTPTN agent. Alternatively you may sign-up for a salary deduction scheme which is not only more convenient but cost effective too as the administrative cost is reduced to 1%. You can also use your savings from your EPF Account 2 to pay off your student loan although it is highly recommended that you use this as a last resort only.

The importance of PTPTN

(Image: Malaysian Access)

PTPTN plays an integral role in enabling students to pursue their education at the tertiary level. Tuition fees are high, sometimes excessively so for many Malaysians from lower income families. PTPTN was set up to address precisely this, as the government recognises that higher education is a proven way of moving up into a better life (economically speaking). Every year, tens of thousands of Malaysian youths apply for PTPTN loans to further their studies both locally and abroad.

But, the body has for years now been facing the issue where graduates who have applied for PTPTN have not been repaying their loans after graduating, resulting in a chronic cash flow problem that will impact future PTPTN loan applicants. In a report by Malaysian Digest, a former high-ranking official at the Ministry of Finance revealed some staggering numbers.

“Between 1997 and January 2017, PTPTN have given out a total of RM48.7billion in education funds, and from that sum (and the same period), the establishment has only managed to collect RM10.8 billion out of RM18.8 billion. As of early last year, Malaysia has 663,000 borrowers who have yet to pay back their loans and that totalled RM4.7billion,” he revealed.

Even when one considers the fact that the PTPTN rewards exceptional students who graduate with first-class honours by converting their loans into scholarships, this amount incurred pales in comparison to the billions of Ringgit overdue from other graduates. According to PTPTN Marketing and Strategic Communications Department senior manager Abdul Ghaffar Yusop, the exempted loans that are converted into scholarships between 1998 and March 2018
only amounted to RM1.526 billion
.

Up until the recent general elections, PTPTN had taken the measure of blacklisting those who did not repay their loans from leaving the country in an effort to force them to act. According to former Deputy Education Minister Datuk Mary Yap Kain Ching, 60% of borrowers who, upon being blacklisted,
repaid a total of RM1.84 billion
. This figure could support 76,000 new students through their studies. The new government has since lifted removed the names of borrowers from the blacklist as part of its election manifesto.

It is indeed tragic to see how a noble program being abused by the very people who have benefited from it. PTPTN is arguably the most lenient of all loans you can apply for in Malaysia, with flexible repayment and even deferment options. The interest is also charged a full year after graduation, the idea being to reduce the burden incurred on the student. Yet when it comes to actually repaying the loans, more than half a million Malaysians who have benefited from PTPTN have dragged their feet.

PTPTN will not likely go away anytime soon, but it is crucial that the borrowers who do not repay their loans understand the immediate and long-term impact of their actions.

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Brendon Lee

Brendon Lee

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    Nazatul Atiqah

    3 years ago

Can we pay the ptptn lump sum? How the calculation or how to pay lump sum?

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    Pang Tun Yau

    3 years ago

    Reply to

        Nazatul Atiqah

Yes, you can. From my own experience, you will need to visit a PTPTN office to do so, and they will issue an invoice for lump sum payment with the total amount due. Once paid, the payment will only be reflected after a few days. (This was some years ago)

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4 Reasons Why Women Need to Buy Women Specific Insurance

It seems like there’s an obvious answer to this question. Why should a woman take a policy designed for women? Because it’s designed for her; that’s why! But of course, the short answer doesn’t adequately explain the reasons behind this statement. If you’re looking for a policy; you might be tempted to think that the woman’s policy isn’t much different- just a marketing gimmick featuring maybe a floral folder and pink logo. But it goes beyond plain aesthetics – here’s why you need gender-specific insurance!

1. General Insurance Policies May Not Cover Particular Diseases Plaguing Mainly Women

The issue was highlighted
in the news in a big way in 2011
 when some women were denied payouts for breast cancer due to technicalities in the wording of their policy and that of the procedures they underwent. Malaysia wasn’t the only country with this problem. A woman in the
UK reportedly faced the same issue
.

Women specific illnesses such as cervical cancer and birth complications affect women – only 50% of the insurance company’s target market. This makes it less than profitable to create a policy that covers the entire range of non-gender specific illnesses and then those specifically for women as well. In response to the above situation; many insurance companies started creating and selling women specific policies, which seek to cover the additional illnesses as well as some of the key general illnesses that women are at risk of. For peace of mind; do still confirm with the agent or insurance provider what is covered and what isn’t covered by your policy even if it is a woman’s policy.

2. Because Childbirth Can Be Expensive

Many women are rudely awakened by more than contractions when the baby is due at the hospital. They also face the prospect of paying out of pocket for maternity charges. Depending on the hospital; childbirth can run into the thousands and is especially more if the child is delivered via Caesarian section. General hospitalisation insurance does not cover maternity related costs but lady-centric insurance plans will.

Some policies even cover maternal mortality (death during or within a short time after/due to childbirth) and pregnancy complications.

3. Because Menopause is a Trying Time

Menopause can be rough on a woman’s system with hot flashes and mood swings making her irritable. But some women feel the effects much worse than others. It can be a very emotionally draining time. Some insurance policies tailored for women do cover psychotherapy and counselling required for women going through menopause.

Not every woman
will be equipped to handle the tide
 that comes with menopause (and neither will their husbands be!) and thus, the added help of being able to seek guidance from professionals to better deal is peace of mind when you need it.

4. For Housewives; Even the Chores are Covered

Women related insurance policies has also started to introduce new and innovative coverage benefits for the policy-holder. Some policies have even started offering disbursements to cover the cost of employing help to do the chores for up to two weeks if you are medically incapacitated from doing it on your own. Talk about inclusive!

Very few generic insurance policies are going to give you coverage quite like a policy designed just for women will. From critical illness to the household chores if you’ve sprained an ankle from tripping over Lego blocks; these policies will give you the coverage you need. But with
any
 insurance policy – please be sure to read and ask your agent as many questions as you can possibly think of before committing to any one policy.

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Diana Chai

Diana Chai

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2023 Malaysian Bank Ang Pow Design: Another Totally Subjective Review

After two not-so-
huat
 Chinese New Years, CNY 2023 looks like it’s back with a vengeance – we’re already celebrating CNY this year less than a month after Christmas and the New Year!
Tak sabar
, as they would say here in Malaysia.

In the spirit of things, we thought it was a good time to bring back
 one of our CNY specials
 – reviewing the year’s ang pows from the various financial services institutions. And boy, for many of the banks, it’s as if they saved up the ang pow design budget for the past few years to create some truly spectacular designs.

But the real question is…how do they fare in our cringe-worthy HUAT meter? Without further ado, let’s go!

Affin Bank

Affin Bank has one of our favourite cashback credit cards, but unfortunately its CNY 2023 ang pow design doesn’t quite generate the same excitement – and especially less so when we saw the premier banking variant. One and a half stars.

HUAT meter: H U.5

Affin Invikta

Meanwhile, the Affin Invikta premier banking version is definitely a looker– its choice of a dark red hue, matte finish, and gold accents give the same design a distinctly
atas
feel. That said, this year’s
atas
ang pows really went above and beyond the norm, and is no contest with this one. Two stars.

HUAT meter: H U

AIA

When we first got the AIA ang pows this year, our minds immediately and collectively went “
wah, look like tanglung!”
Imagine our surprise when these foldable ang pows were deliberately designed to function as both ang pow AND wall decorations! Plus, the green/orange version looks strangely like Hari Raya décor, so it’s almost like two celebrations in o- but aren’t we still a few years away from Gong Xi Raya? Nevertheless, two and a half stars for being creative.

HUAT meter: H U.5

Alliance Bank

The Year of the Rabbit means some extra cute ang pows are on display this year, and Alliance Bank’s choice of two
betahan
cute rabbits makes it a great choice to be given to children. But then, our OCD side kicked in and the gold specks that were supposed to resemble fireworks started looking like dust. Can’t look too long. Two stars.

HUAT meter: H U

Alliance Privilege

Somehow, Alliance Privilege managed to make its range of special edition ang pows look both cute
and
classy. There are three designs in a pack that they give away, and you can put them side by side to reveal a larger overall design – not the first time this has been done, of course. But
gold-accented rabbits
on matte red paper? Three stars.

HUAT meter: H U A

CIMB

At first, we were quite impressed with CIMB’s angpow design this year, and then someone said it. “Looks like those cowboy swinging doors,” and unfortunately we couldn’t unsee it.

Also worth mentioning that it’s one of the few designs this year to not incorporate a rabbit, so you can use it anytime in future CNYs. Two stars.

HUAT meter: H…owdy partner?

Deutsche Bank

Like a rare Pokemon card, this was not easy to find. You can immediately tell that this is a high-budget ang pow – the paper quality is thick and matte while the design is unique and the printing was faultless (no blotching of any sort). Like rare Pokemons, the white rabbits featured here are shiny too. Three stars.

HUAT meter: H U A

Grab

Super app company must make super unique ang pow – right? Grab’s ang pow design this year will move heads…closer because of its mini size. No, really – here’s how they size up next to a cat (literally because she plopped down next to them and refused to leave):

Roughly a third the size of a standard ang pow, Grab even has an entire webpage explaining the novel idea behind its CNY 2023 ang pow. Honestly, we’re not sure what to think of such a far out concept. One thing we can tell – you’re definitely not short of confidence if you give these ang pows away.

HUAT meter: h u

Hong Leong Bank

Blast from the past from HLB this year, going the classic route with and ang pow design that you can use year after year. Also great for CNY decorations to give you lots of…blessings around the house.

HUAT meter: H U

JP Morgan

Another rare Pokemon. JP Morgan’s CNY 2023 ang pows come in standard and half-size versions, both featuring a majestic peacock (I mean, if
everyone’s
going with rabbits…). The matte paper feels expensive too (much like the expectations of those whom you’re giving these ang pows to).

Jokes aside, this is one of the nicer ones we’ve seen this year. Three stars.

HUAT meter: H U A

Luno

Luno’s CNY 2023 ang pow design is highly symbolic. Thanks to its close resemblance to the word “gold” in Mandarin, one could say that Mandarin oranges are
CNY GOLD
. Note, too, how the oranges seems to be going up, up, up.

What’s digital gold again, and where is it going?
Boom.
 Three stars (mainly for making me feel smarter for deciphering it)

HUAT meter: H U A

Maybank

Maybank went with a unique Chinese fan design this year, and it extends into its Premier range of angpows as well. Props for not going the cute rabbit route and instead try something different. It’s bold yet subtle enough to stand out among this year’s ang pows. Two and a half stars.

HUAT meter: H U.5

Maybank Premier

It’s no wonder why Maybank Premier’s CNY 2023 ang pows are prized among the ang pow collector aunties – they’re four ang pows in one! This is the first time we’ve seen interchangeable ang pow design (in our admittedly short experience reviewing them) – it’s different in a wholly
atas
way.

The secret ingredient is a second strip of paper that can be taken out of the main body and folded around to display one of four different designs – all auspicious and none with cute rabbits. It’s both fancy and innovative, we can’t fault the minor design issue that makes it a little difficult to actually put money in the ang pow. Three and a half stars.

HUAT meter: H U A (more like W O W am I right?)

Standard Chartered

It looks rather plain and minimalistic at first, but Standard Chartered’s CNY 2023 ang pow design is actually quite appealing the more you look at it. Instead of a cute rabbit, StanChart went with a motif in the shape of a rabbit, while the flower petals/leaves extend beyond the fold. Two stars.

HUAT meter: H U

UOB

UOB used a consistent design language across its ang pows this year, and once again we find ourselves falling absolutely in love with them. This is the “base” version that’s widely available, and even then it’s quite a joy, finding
just
 the right mix of fun without going overboard.

UOB goes with an artistic, “single art stroke” of a leaping rabbit meant as a symbol of “reaching greater heights”, which is such a fresh (and festively-appropriate) take on the cute rabbit trope this CNY. Add to that a splash of fun colour round the back and you’ve got a winning design – and as you can see with its higher-tiered variants, they get better. Three stars for this one.

HUAT meter: H U A

UOB Privilege Banking

The “
atas
” version of UOB’s trio of ang pow versions saw UOB
really
experimenting with bold colour combinations. This pack contains two different coloured ang pows – a bold orange and a deep red. They both have a special treatment to reflect light across both sides, and the signature contrast-colour fold is here as well. Two and a half stars.

HUAT meter: H U.5

UOB Private Banking

The “
atas-test
” version of the lot, and also the boldest version of UOB’s angpow range this year. For this version, UOB not only experimented with colours – half the pack are
purple ang pows
 while the other half is a deep luscious red, both with a healthy dash of
pink
 – but also
material
. The pink part of the rabbit is made from a felt-like fibre, which was quite a surprise to touch the first time, and definitely a conversation piece after.

Kudos to UOB for showing that classy can still be fun. Four stars.

HUAT meter: H U A TTTT AHHH

——–

Disclaimer: the HUAT meter is – as you’d expect – entirely made up and the stars don’t matter. What does matter is what you put inside these ang pows!

Let us know in the comments which was your favourite ang pow design this year!

The RinggitPlus team wishes everyone a Happy Chinese New Year!

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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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    norshela

    7 months ago

Happy new years

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    Hong

    7 months ago

You missed out UBS. It’s high quality & incorporate traditional designs in gold linings. Most bling this year.

0

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    Anonymous

    7 months ago

Have you seen the one from HSBC? This year, it give its receivers the unique experience of augmented reality with its angpows. Watch the rabbits come to life when you point your smartphone camera at the angpow after scanning the QR code at the back of the angpow. Simply amazing and awesome!

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