Bursa Malaysia’s Virtual Marketplace Fair Draws Positive Response With 8,000 Participants

Bursa Malaysia had recently organised its inaugural Virtual Marketplace Fair in a bid to better educate its retail investors, and has seen a positive response with participation from as many as 8,000 attendees. The one-day event took place on 10 July 2021.

According to the director of securities market for Bursa Malaysia, Azhar Mohd Zabidi, the fair was aimed at providing retail investors with the necessary investment knowledge and skillset. Additionally, it also sought to develop the mindset that participation in the capital market can also be a way to build wealth.

“Retail investors have always been a priority for the exchange as they have a positive impact on market liquidity and depth. Hence, raising financial literacy among investors is very important to us. We want to help them make informed decisions, while at the same time ensure a sustainable market in the long run,” said Azhar in a statement.

Azhar also emphasised that it is crucial for investors to understand stock trading from both fundamental and technical standpoints if they wish to trade with confidence. “Thorough research and analysis must be conducted to understand and invest in instruments that suit individual risk appetite and investment goals. Without the right knowledge, there is a high risk of falling prey to investment scam and other dubious schemes,” he further commented.

Bursa Malaysia had seen a
significant growth in retail participation
 since the onslaught of the Covid-19 pandemic back in 2020. The bourse noted that retail investors accounted for 34% of total trades in 2020 – a record high to have been logged in the last decade. Meanwhile, retail participation in 2021 has also been showing positive momentum thus far.

(Image: The Malaysian Reserve/Razak Ghazali)

The Virtual Marketplace Fair featured virtual booths by 13 broker partners, and also hosted 15 talks by product specialists and corporate leaders. These included major entities, such as Berjaya Corporation Berhad, Inari Amertron Berhad, Sunway Construction Berhad, and Top Glove Corporation Berhad.

Individuals who would like to access the recordings of the speaker sessions can head on over to the
Bursa Marketplace YouTube channel
. You can also check out
Bursa Malaysia’s Virtual Marke
tplace Fair website
 for more information.

(Sources:
Bursa Malaysia
,
The Edge Markets
)

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and also hosted 15 talks by product specialists and corporate leaders. These included major entities

Azhar Mohd Zabidi

Bursa Malaysia

Bursa Malaysia Virtual Marketplace Fair

Inari Amertron Berhad

Retail Investors

Stock Market

Stock Trading

such as Berjaya Corporation Berhad

Sunway Construction Berhad

The Virtual Marketplace Fair featured virtual booths by 13 broker partners

Top Glove Corporation Berhad

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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Public Bank gives preferential fx rates for overseas education remittance

Do you have children studying overseas? If you do, you might want to send money over to them via Public Bank.

Public Bank is giving
preferential foreign exchange rates
when you remit US, Australian and New Zealand dollars and well as UK pounds for education purposes. The remittance methods offered are either outward foreign telegraphic transfers or demand drafts.

Another great feature of this promotion is that remittance charges on the students’ end are lower as well. Now, your kids will no longer have to carry too much cash with them when travelling abroad to study.

Promotion ends on 30 June.

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Shopee Rolls Out Personal Loan Service, SLoan

Shopee has expanded its digital financial offerings to now include a personal loan service, dubbed SLoan. At present, it is made available only to selected users, but the product will soon be offered to more users in the near future.

According to Shopee’s FAQ, the new SLoan offering will provide loans of up to RM100,000 (as seen in various screenshots in the FAQ) at an interest rate of 18% p.a., with a repayment tenure of either three, six, or twelve months. When tapping into the service for the first time, you will be required to make a minimum withdrawal of RM1,000, while subsequent withdrawals can be made in multiples of RM100.

Shopee further noted that users’ credit limits will be predetermined – most likely to be decided based on their payment history and credit utilisation, among other factors. You will also not be able to apply for an increase in your SLoan credit limit, although it may be adjusted at Shopee’s discretion when they review your account (conducted periodically).

You can also opt to either receive your cash loan in your ShopeePay or bank account, but note that the speed of loan disbursement will differ. Specifically, payments made to ShopeePay will be instant, whereas bank account transfers will take up to one day.

As for fees, users will need to pay a stamping fee of 0.5% and an attestation fee of RM5 per loan withdrawal; both fees will be deducted upfront from the disbursement amount. Meanwhile, late payments will incur a penalty of 8% p.a. on overdue monthly instalments, to be charged on a daily basis.

If you’d like to use Shopee’s SLoan, you will first need to activate the service in your Shopee account (if it has already been offered to you) in order to apply for your SLoan credit limit. You can start this by heading over to your profile page in your Shopee app, then tapping on the SLoan link under the “My Wallet” section. You’ll then be required to go through the standard eKYC procedure.

Once your SLoan is activated, you can then begin to submit requests for loan withdrawals based on your available credit limit. Multiple loan withdrawals are permitted, provided you are still within your credit limit, and you do not have any overdue repayments.

Aside from Malaysia, Shopee has also offered SLoan to several of its other markets, including the Philippines, Indonesia, and Thailand – although the name of the service may differ in some of these regions. Indonesia, for instance, knows the product as
SPinjam
, while Thailand recognises it as
SEasyCash
.

(Source:
Shopee
)

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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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U Mobile Introduces Fibre Broadband Services With New Plans And Introductory Promos

Telco U Mobile has officially ventured into providing fibre broadband services, following the launch of three new fixed fibre broadband plans with speeds of up to 1Gbps. Dubbed the U Mobile Ultra Unlimited Home Fibre Broadband Plans, these new packages are offered in partnership with Allo, a wholly owned subsidiary of Tenaga Nasional Berhad (TNB).

The U Mobile Ultra Unlimited Home Fibre Broadband Plans are available at three speed packages at the following price points:

Speed package
s
Home Fibre 100Mbps
Home Fibre 500Mbps
Home Fibre 1Gbps
Monthly charges
RM129
RM199
RM299
Download speed
100Mbps
500Mbps
1Gbps
Upload speed
100Mbps
500Mbps
1Gbps

All three packages feature symmetrical download and upload speeds, as well as unlimited internet quota. They are also inclusive of a modem and basic installation, but do not come with fixed telephone lines. Additionally, customers are bound by a minimum contract period of 24 months; if you terminate the plan before your contract is up, there is a termination penalty of RM500.

Currently, the U Mobile Ultra Unlimited Home Fibre Broadband Plans are available only in selected residential areas in Melaka, Cyberjaya, Perak, and Kedah as a pilot. There are, of course, plans to make the fibre broadband packages available at more locations soon.

In introducing the new plans, the chief marketing officer of U Mobile, Jasmine Lee said that this marks the telco’s foray into fibre broadband. “This move has been particularly timely as we believe many of our customers will appreciate the affordable and accessible unlimited high-speed fibre broadband plans for their learning, productivity, and work needs during this pandemic,” she said.

To celebrate the launch of the new plans, U Mobile is currently offering both a bundle and introductory promo that will provide customers with quite a bit of savings. Specifically, the bundle promo is available for existing U Mobile postpaid customers (GX68, P79, P99, and P139 plans only)  – which begins today until further notice – offers a 50% discount on the monthly fees of your home fibre broadband plans for 24 months.

Meanwhile, new U Mobile customers who sign up for the fibre broadband plans before 16 December 2021 and carry out the fibre installation by 15 January 2022 will get their first month free under the 24-month contract. This introductory promo can also be enjoyed by existing postpaid customers (including the bundle promo above).

(Sources:
U Mobile
 via
Malaysian Wireless
,
Amanz
)

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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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No Tax Filing Extensions After 15 May, Says LHDN

The Inland Revenue Board (LHDN) has released a statement saying that individual taxpayers with no business income will have to adhere to the usual 15 May online submission deadline.

According to LHDN, there are no plans to grant an extension on the deadline for online submissions following the expiry of the earlier 30 April deadline for manual tax filing. Similarly, those earning a business income will have to adhere to the usual e-Filing deadline of 30 June.

“The due date and grace period for submission of income tax return forms has been clearly stated in the Return Form Filing Programme for the Year 2021 through LHDN’s official portal,” LHDN said in a statement.

“No further extension will be given,” the tax board concluded. In comparison, LHDN had actually
extended
 the deadline for submission of tax returns in 2020 due to the nation’s first movement control order; individuals without a business were allowed to file returns via e-Filing up until 30 June 2020 while those with a business also had an extended e-Filing deadline of up until 30 August 2020.

As at 5 May, LHDN has received around 2.59 million income tax returns forms from individuals with no business income via e-Filing, showing an increase of 73% compared to the same period last year. The inland revenue board noted that taxpayers who do not file their tax returns on time could face fines between RM200 and RM20,000 or imprisonment not exceeding six months or both upon conviction; or a penalty equal to three times the amount of tax payable if no prosecution is instituted.

For those who have yet to file their income taxes for YA2020, you can always check out our
handy guide
 on how to do so or take a look at all the
tax reliefs that you could claim for.

(Source:
The Star
)

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The Various Insurance Plans You Should Invest For Your Children

It has been known as one of the most expensive investments you can make. Raising a child from birth up until they graduate can cost millions, in the hopes of setting them up to a path to success in whatever they choose to be. Can parents lessen this financial burden?

While there is no doubt that raising children will cost a significant amount of money over time, there are financial instruments that can help by providing protection
and
 offer some form of savings over time. Yup, that would be
investing in various insurance plans
. Let’s take a look at three insurance plans that you can invest for your children.

Pre-natal or Pregnancy Insurance

This insurance plan is unique as it offers protection for both mother and child. As its name implies, pre-natal or pregnancy insurance offers protection for mother and child during pregnancy up till the child is 3 years old. This insurance plan can even be subscribed from 12 months before pregnancy, all the way to 35 weeks into pregnancy.

Pregnancy – or even maternity insurance, as it is also called – covers a wide range of pregnancy-related complications that standard life and medical insurance policies do not cover. For the child, this policy covers congenital illnesses such as Down’s Syndrome, cerebral palsy, spina bifida, as well as hospitalisation in the Intensive Care Unit (ICU) or high-dependency ward.

Generally, this policy is subscribed as a rider to a mother’s current life or medical insurance policy. It provides a one-time payout as well as coverage of hospitalisation bills, which is helpful to cover the additional costs when complications or illnesses arise.

Education Insurance

Here’s a less common insurance plan that can actually benefit children in the long term. Even if its name suggests some form of protection for your education, it is actually a useful savings-and-protection plan for your child that offers a lump-sum benefit or payout upon maturity (at the end of the policy). As such, it is often described as a plan that covers the cost of your child’s education.

Parents can subscribe to an education insurance policy for their child from as young as 14 days up until 14 years old. Education insurance lasts between 18 to 23 years, which is just about the age when the child graduates.

There are two types of education insurance: an endowment policy and an investment-linked policy. It can get pretty complicated, so let’s break them down:

Endowment policies combines protection with a savings component, relying on the power of compounding interest to increase the policy’s lump sum benefit. That said, there are two types of endowment policies: participating and non-participating. A participating endowment policy “participates” in the life insurance fund’s profits, while a non-participating policy does not.

A non-participating endowment policy offers a small interest rate and a guaranteed payout at the end of the policy; some insurance providers may also offer bonuses based on the child’s academic performance. Meanwhile, a participating endowment policy will also have a guaranteed payout rate, but it is dependent on the insurance company’s fund performance.

Both carry minimal risk, which some parents may favour. For those with a higher risk appetite, there’s the investment-linked policy. It combines protection with elements of investment, similar to some investment-linked life insurance policies.

Now, there is actually some benefits to this policy, and the key is its flexibility. Parents can choose which funds the money will be invested in; generally, there will be several funds with varying risk levels. Besides that, you can even choose to increase the monthly premium in the future if, say, your income increases.

However, given that the lump sum benefit upon maturity is dependent on the fund’s performance, the payout can either be spectacular or it may even be less than the total accumulated premium you paid. If you wish to subscribe to this policy, it’s best to look closely at the fund’s past performance as a guide.

Health Insurance

Finally, there’s the most important one: protection for your child’s health. Health insurance would cover hospitalisation and medical costs, critical illness, or total permanent disability (TPD). There are various types of health insurance policies you can subscribe, which can make this a confusing and daunting task. But given that protection for your child is a long-term one, here’s what we’d recommend.

Parents should opt for
a life insurance policy
 with a medical coverage as a rider (an add-on policy that “rides” on an existing policy) for their child. This gives the highest amount of coverage, but it will also come with higher premiums. This is much more beneficial in the long run compared to a
standalone medical coverage
, which is significantly cheaper.

Medical coverage as part of a rider would allow you to obtain critical illness (CI) coverage, payer waivers (no longer required to pay premiums if the payer dies/suffers from TPD/CI), and allows for better medical coverage plans (higher annual/lifetime limits), and more extensive coverage. A life insurance policy also has a savings or investment-linked element to it, so that is also a plus point.

In the long run, you would end up paying less in premiums as the investment-linked savings can help cover for the increase in premium over time. Plus, your child can also start paying for the premium when they start working.

Keeping An Eye For The Future

Having a child may be a financial burden, but it is a privilege many parents find rewarding. These insurance policies ensure that while heavy, the financial strains related to having children is lessened so you can focus on providing the very best for them.

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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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ShopBack Online Travel Fair Offers Extra Cashback For Local Travel

For the third year in a row, Tourism Malaysia is supporting Shopback’s
Online Travel Fair
 as part of its efforts in promoting domestic travels. The fair, which runs from 11 March to 17 March 2019, rewards travellers who books their holidays during this period with attractive bonuses and higher cashback.

As part of this year’s Shopback Online Travel Fair, new Shopback users will earn an extra RM25 bonus cashback when they purchase flight, accommodation, and trip packages to any local destination via ShopBack. On the other hand, existing ShopBack users will be able to get extra RM10 cashback.

Dato’ Dr. Ammar Abd Ghapar, Senior Director, Domestic & Events Division, Tourism Malaysia said that in the past two years of their collaboration, ShopBack has been rolling out a Chief Travel Officer video series to highlight the beauty of our country to entice the public. This year, Tourism Malaysia will be expanding its efforts towards supporting ShopBack’s Online Travel Fair in collaboration with partner merchants like Agoda, Booking.com, Expedia, Malaysian Airlines, KLOOK, Traveloka, and many others.

“The past ShopBack Online Travel Fair achieved 100% year-on-year growth. This is definitely encouraging and together with the continuous efforts from the public sector as well as private e-commerce players, we are confident in growing the industry performance towards the Visit Malaysia 2020 goal,” Dato’ Dr. Ammar said.

ShopBack is the leading cashback site in Malaysia, where users can get cashback for Shopback’s partners including airlines, bus services, accommodations, and tour services. Over one million Malaysians are currently using Shopback with over RM30mil of cashback given to users since 2015. General Manager of ShopBack Malaysia, Alvin Gill, conveyed that hundred of thousands of travellers every year have been using Shopback to make travel bookings with its partner merchants which provides up to 8% cashback to save more money.

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Citi Crowned As Best International Bank In Malaysia In FinanceAsia Awards 2022/2023

Citi Malaysia has been named the Best International Bank in Malaysia at the FinanceAsia Awards 2022/2023 – an award that it had last won back in 2018.

“We are honoured to receive this award, which is a testament to the strength of our franchise, the depth of our world-class talent, and commitment to standards of excellence as we entrench our market leadership in Malaysia. We would like to thank our clients for their continued trust and support with Citi,” said the chief executive officer of Citi Malaysia, Vikram Singh in accepting the win.

Citi also said that it has worked to ensure that its institutional clients are positioned to tap into important global trends in the banking industry. This is in addition to providing responsible advice and services that enable their clients to soar to greater heights. Among some of its key local clients include Petronas and Genting – arguably some of Malaysia’s largest corporates.

In its statement, Citi also highlighted that it has a dominant market share among multinational clients in Malaysia as well, achieved by leveraging on its Global Subsidiaries Group franchise. For context, Citi’s Global Subsidiaries Group is known as the preferred banking partner for a majority of leading Fortune 500 multinational companies.

(Image: The Edge Markets)

While Citi has reported that it is doing well in the institutional banking segment in Malaysia, the bank is currently in the
process of exiting the local retail banking scene (along with 12 other markets across Asia and Europe)
. It has sold its consumer banking business in Malaysia (as well as Indonesia, Thailand, and Vietnam)
to UOB in 2022
, and is currently
migrating its products and assets to UOB’s ecosystem
 – a process that is expected to be completed by September this year.

Meanwhile, Hong Kong-based publication FinanceAsia was founded in 1996 and has been reporting on Asia’s financial and capital markets since. Aside from naming Citi as the Best International Bank in Malaysia in its latest FinanceAsia Awards, it also listed Public Bank as the Best Domestic Bank in Malaysia and Maybank Investment Bank as the Best Investment Bank in Malaysia –
among a long list of other titles that you can find here
.

(Sources:
FinanceAsia
,
The Star
)

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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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RHB Banking Group Pledges RM5 Billion In Support Of Green Financing By 2025

(Image: The Borneo Post)

RHB Banking Group has pledged to invest RM5 billion in support of green financing by 2025, which is in line with the bank’s existing sustainability framework. This will be carried out through core business activities, including lending, capital markets advisory and fundraising, as well as investment activities.

According to the group managing director of RHB, Datuk Khairussaleh Ramli, the bank is striving to support Malaysia’s aspiration to transition to a low-carbon and climate-resilient economy. He also said that with the RM5 billion commitment, RHB hopes to play a bigger role in advocating the growth of the green economy within the country by encouraging its customers to adopt more sustainable business practices.

“Promoting the growth of the green economy involves channelling capital towards supporting sectors and economic activities that can make the biggest difference in the fight against climate change. This also requires us to nurture businesses, and stimulate innovation and development of environmentally friendly products and services,” said Khairussaleh.

(Image: Berita Harian)

Khairussaleh further elaborated that RHB has established a clear roadmap in promoting sustainable and responsible financing within the group. The roadmap ensures that the bank’s risk management processes comply with environmental, social, and governance (ESG) regulations and standards.

“On the other hand, we are also mindful of the stage of development of the country and the need to be practical in our adoption of ESG considerations. Our role within the community goes beyond simply advocating commitment to green financing, but also ensuring socio economic wellbeing of our communities,” explained Khairussaleh.

As of 30 September 2020, RHB had expanded its green financing portfolio to RM3 billion, with green projects including renewable energy, green buildings, sustainable water, and wastewater management. The figure followed an increase of 6.3% since 31 December 2019.

(Sources:
The Sun Daily
,
The Star
)

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Alex Cheong Pui Yin

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

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Malaysian Banks Hold Open Days, Operate On Weekends For Post-Moratorium Matters

(Image: The Star)

(Updated on 22 September 2020.)

With the end of the ongoing automatic moratorium drawing near – that’s 30 September 2020 – Malaysian banks are now ramping up efforts to reach out to their customers, offering
targeted financial assistance
 to those truly in need. Numerous banks have also begun organising clinics and open days, as well as opening their branches on weekends to better assist the public with this matter.

Here, we’ve compiled a list of banks that are going the extra mile for their customers.

AmBank

(Image: The Star)

Selected AmBank branches will be operating during the weekends of 18, 19, and 20 September, as well as 25, 26, and 27 September to help those who need help with the targeted financial aid programme. The bank will be open from 10am to 3pm on these days. You can find the list of the
participating branches
 here.

Bank Islam

Bank Islam
 is also opening 10 branches on a few Saturdays to offer post-moratorium aid to its customers. Having already done so on 12 September, these selected branches will also be open on 19 September, from 10am to 3pm. Customers in need of aid are reminded to bring along relevant documents during their visits, such as their termination or salary reduction letters.

Bank Muamalat

All
Bank Muamalat
 branches nationwide will be open this weekend – on 19 and 20 September (all states except for Terengganu and Kelantan) or 18 and 19 September (Terengganu and Kelantan) – to help customers with post-moratorium matters. Operating hours are from 10am to 3pm, and customers are should bring along relevant documents, including their termination and salary reduction letters.

Bank Simpanan Nasional

(Image: The Edge Markets)

Selected Bank Simpanan Nasional (BSN) branches will be open on a number of Sundays (13 and 20 September), from 10am to 3pm, to assist on post-moratorium matters. Customers can visit the main branches of BSN nationwide during these days (except for Kedah), as well as selected branches in Kuala Lumpur and Selangor for assistance. Customers in Kedah will need to head to the Aman Jaya branch for this extra service. You can locate BSN’s branches
here
.

CIMB

(Image: The Star)

All
CIMB
 branches and auto finance centres across Malaysia will be open on 19 and 20 September, as well as 26 and 27 September to provide post-moratorium support to its customers. CIMB branches will be open from 9.30am to 1pm on both weekends, whereas CIMB auto finance centres will operate between 9am to 1.30pm.

Hong Leong Bank

All
Hong Leong Bank
 branches are holding advisory and assistance days over the coming Saturdays (19 and 26 September, and 3 October) for post-moratorium-related matters, except for those in Sabah. Branches in Sabah will only hold their open days on 19 September and 3 October as they will be closed on 26 September for state election.

The operating hours for Hong Leong Bank’s advisory and assistance days are from 9am to 1pm.

Maybank

(Image: The Star)

Maybank
 is organising a series of repayment assistance advisory roadshow nationwide at several of its branches, centres, and public event halls over the next two weekends.

For this coming weekend (19 and 20 September), the bank’s roadshow will take place at various locations in states such as Selangor, Negeri Sembilan, Pulau Pinang, Perak, and Johor. Operating hours are from 10am to 4pm, and no appointments are required.

Meanwhile, details of the roadshow for the following weekend (26 and 27 September) have yet to be released.

Aside from the roadshow, Maybank also noted that it will be extending its branch operating hours nationwide until 7pm during normal banking days from 21 to 30 September (except for those within Covid-19 red zones) to cater to its customers’ needs.

OCBC

OCBC
 is holding another post-moratorium loan and financing support weekend on 26 and 27 September, from 9.30am to 3pm. The Cheras, Kajang, Kepong, Klang, Petaling Jaya, Puchong, Subang Jaya, Melaka, Taman Molek, Johor Bahru, and Penang branches will be involved in the two-day event.

Public Bank

Public Bank
’s repayment assistance clinics will be held on every Saturday and Sunday between 19 September and 25 October, starting from 10am to 5pm. The clinics will be rotated across several cities and towns, and interested individuals must pre-register for the event. They can do so by calling the bank’s credit control centre (retail loans/financing) or credit administration centre (hire purchase). You can find the bank’s
full schedule
 here.

RHB

(Image: The Borneo Post)

RHB will also be organising loan/financing payment assistance clinics for the public on 19 and 26 September, starting from 9am to 1pm.
Selected branches
 are involved on different weekends, so be sure to check before heading out. The bank has also requested for customers to bring along specific
required documents
, including termination letters, latest EPF statements, and statutory declarations.

***

Following the end of the automatic moratorium, banks will continue helping customers in need with targeted financial assistance. Given that each bank is offering varying types of financial support and have differing requirements, they have released detailed FAQs to share key information. We have covered a number of them, including
Public Bank
,
Hong Leong Bank
,
Maybank
,
OCBC Bank
, and
HSBC
.

As per usual, be sure to carefully check the details of the new agreements when applying for the financial aids offered, including
additional interest or charges
 that may be included. Take care to also clarify your doubts on the
financial jargon
 that are used in loan agreements.

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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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FPAM Cautions Public Of Clone Financial Planning Firm Scams

The Financial Planning Association of Malaysia (FPAM) has cautioned members of the public of suspicious investment schemes that are being promoted using the names of legitimate financial planning firms.

In a statement, FPAM explained that these scams – called clone firm scams – will involve scammers adopting the key names of licenced financial planning companies for fake companies, with the aim of deceiving the public. They then pretend to be representatives from these “legitimate” firms.

“They also offer dubious investment schemes that promise high returns and post bogus investor testimonials to show proof of transfer receipts and making profit to gain the confidence of potential victims,” the association shared, adding that potential victims will usually be added to social media chat groups.

FPAM further shared some examples of such scams, involving as many as nine of its members who had their names cloned to promote illegal schemes. “Their actual names are Wealth Vantage Advisory Sdn Bhd, Genexus Advisory Sdn Bhd, Excellentte Consultancy Sdn Bhd, Alpine Advisory Sdn Bhd, UOB Kay Hian Securities (M) Sdn Bhd, CC Advisory Sdn Bhd, Harveston Wealth Management Sdn Bhd, iFast Capital Sdn Bhd, and Kenanga Investors Bhd,” FPAM clarified.

Given the high possibility of confusion that these scammers could cause, FPAM advised the public to always check Securities Commission Malaysia’s (SC) updated list of licenced and registered financial planning organisations for confirmation before making any investments. As an additional step, investors should also look up the contact details of the actual firm itself, and then contact them to verify information.

Those who have fallen victim to these scams, meanwhile, are urged to report their situation to relevant authorities as soon as possible. “Victims of these scams should immediately report to the National Scam Response Centre by calling their hotline, 997, and also file a report with the SC,” said FPAM.

(Source:
The Malaysian Reserve
)

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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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El Salvador Set To Build World’s First Bitcoin City

(Image: Reuters)

President of El Salvador Nayib Bukele has announced plans for the country to build the world’s first “Bitcoin City”, further increasing the nation’s stake in Bitcoin and aligning its economy with the cryptocurrency.

According to Bukele, the city – which is planned in the east of the country, along the Gulf of Fonseca – will be funded initially by Bitcoin bond, which is to be developed by blockchain technology provider Blockstream. Tapping into Conchagua volcano’s geothermal energy as an energy source to mine Bitcoin, the president said that the city will not levy any taxes except for value-added tax (VAT). “We’ll start funding in 2022, the bonds will be available in 2022,” he further stated.

Bukele envisions Bitcoin City as a full-fledged metropolis populated with residential and commercial areas, restaurants, as well as other logistic services (airports, port, and rail). He also said that the city will be designed as a circle, with the centre being a plaza that features a large Bitcoin symbol.

The chief strategy officer of blockchain technology provider Blockstream, Samson Mow also shared that El Salvador will begin raising funds for the planned city with an initial issuance of US$1 billion bond (approximately RM4.18 billion) backed by Bitcoin. Of the amount, US$500 million will be allocated for the construction of Bitcoin mining infrastructure, while the remaining US$500 million is to be used to purchase even more Bitcoin.

(Image: PCG)

Mow further stated that the tokenised bonds will be held for 10 year, paying an initial return of 6.5%. After a period of five years, El Salvador will then sell its cryptocurrency holdings and provide added dividends to bondholders. By the end of 10 years, Mow expects the annual percentage yield to stand at 146%, adding that El Salvador may – in time – become “the Singapore of Latin America”.

Earlier this year, El Salvador had become the
first country in the world to adopt Bitcoin as legal tender
, allowing businesses to trade in Bitcoin just as they would normally do with fiat money. Since then, the Latin America nation has endured a relatively bumpy journey in embracing the change, facing setbacks such as
technological glitches
 and
protests by its citizens
.

(Sources:
Coindesk
,
BBC News
,
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, SK magic Collaborate To Offer Rental Plans For Premium Laundry Appliances

Samsung Malaysia said that it is once again collaborating with South Korean home appliance company, SK magic, to offer more affordable rental plans that let Malaysian households try out its products before committing to a purchase – this time for premium laundry home appliances.

In its statement, Samsung said that the rental plans will allow Malaysians to rent and test out its Front Load Washer with EcoBubble, as well as the Heat Pump Dryer starting from just RM99 per month (per appliance).

The Samsung Front Load Washer has a capacity of 10kg, and is integrated with EcoBubble and QuickDrive technology. It is said to enhance the effectiveness of detergent used (even in cold water), reduce the time taken for each wash cycle by up to 50%, and save up to 20% energy than conventional washers in the market.

Meanwhile, the Samsung Heat Pump Dryer is equipped with the latest heat pump, Digital Inverter, and AI Dry technology to provide a more energy-efficient and cost-effective way to dry clothes without harming the material. With an energy rating of A+++, it also seeks to reduce its overall run cost and carbon footprint.

Aside from the washer and the dryer, the rental plans come with a five-year free warranty, as well as maintenance services from SK magic. Specifically, SK magic will provide both major and minor maintenance services in 6-month and 18-month cycles – including full interior drum disinfection, as well as exterior cleaning.

If you’d like to rent both the washer and dryer, there’s actually a discounted combo price that you can tap into, starting from RM198 per month. SK magic’s five-year warranty and maintenance services will also be provided for these combo plans.

On top of that, those who go on to purchase the Samsung Front Load Washer and Heat Pump Dryer through the rental scheme will receive further exclusive combo discount, on top of 0% rental processing fee. They can also enjoy an extended product warranty for another five years.

The president of Samsung Malaysia Electronics, Edward Han said that this partnership will enable the company to provide top-notch service to Malaysians in the years to come.

Managing director of SK magic Malaysia, Andy Kim also shared a similar sentiment. “We at SK magic are aligned with Samsung’s mission to provide Malaysians an elevated living through advanced technological-equipped products with worry-free service and rental plans to ease financial burdens,” he added.

Prior to this recent partnership, Samsung Malaysia and SK magic had also joined forces back in October 2022 to offer rental plans for Samsung’s WindFree Air Conditioner. Aside from Samsung, SK magic collaborates with other brands to allow the rental of water and air purifiers as well.

(Sources:
Samsung Malaysia
,
SK magic
)

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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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More Funny Finance Memes That Makes Us LOL

Happy Friday everyone! Depending on where you are situated in, you may or may not be in the midst of purchasing something offline or online thanks to strategically-planned Black Friday Sales.

Not to discourage you or anything, but we think that these memes might make you change your mind. Maybe.

 When you are fighting for the the final piece of item on the display rack

 Admit it : you like paydays more than your birthday

 When payroll informs you that your pay is in

Read also :
 Funniest Finance Memes

 Nothing beats the refreshing feeling of paying off your bills in full

 Speaking of small loans, you can always refer to our
 comparison tool to search and compare loans

 Money-saving doggo is best doggo, don’t you agree?

 Story of your life? We know that feeling all too well.

 Too late do anything? It’s alright. You’ll see it again in a month’s time

Are there any other finance-related memes that you feel that we should include? Let us know your thoughts in the comment section below!

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Arnie Ruxana

Arnie Ruxana

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The Great MATTA Fair 2015 Review

The MATTA Fair is back again this weekend. The MATTA Fair is one of the largest travel fair in Malaysia and featuring over 1,000 exhibitors with a wide range of airfare promotions and travel packages valid for travel between 14 March to 31 December 2015. The venue for this year’s fair is the Putra World Trade Centre (PWTC) in Kuala Lumpur and the fair runs from 10am to 9pm.

Parking

Parking is always an issue at Kuala Lumpur. You can opt to park in PWTC’s parking itself, which would probably be filled up pretty fast. PWTC’s parking charges RM3.50 for the first hour with RM2 per hour for subsequent hours. PWTC’s parking may be worth it if you are planning to drop by MATTA Fair in the evening. You only pay RM4 for entry if you park there after 6pm.

A convenient and cheaper parking spot is the Hentian Putra parking space behind PWTC. The first hour is RM3, and RM1 for subsequent hours. The maximum charge for parking there is RM10, so if you plan to spend the whole day at the fair, Hentian Putra may be a good option. Parking after 6pm is just RM3 for entry. Note that this parking gets filled up relatively quickly as well.

Logistics

Dewan 1:
 Large tour operators for international locations like
Apple
 (Apple Vacations and Conventions Sdn Bhd, not the
world’s largest company by market capitalization
),
Sedunia Travel
 and Japan National Tourism Organization and large airlines like Malaysia Airlines, who is the official airline for MATTA 2015 and Turkish Airlines.

The canteen and performance stage are located in the mezzanine of Dewan 1.

Dewan 2 and linkway:
 Large tour operators and airlines booking centre (in the linkway). The PWTC cafe is located near the linkway.

Dewan 3:
 Tour operators for local and Asian destinations like Boracay, India and Nepal. Theme parks operators and FireFly Airlines are also in this hall.

Dewan 4:
 Tourism Malaysia, operators for Malaysian destinations including more beach and diving packages you could digest in a day and Legoland.

Are the Flight Deals Really Cheaper?

A few queries on Malaysia Airline’s website for the same travel period returned similar prices for flight promotions offered at the fair. The same applied for Qatar Airways. The on site airfare promotions may not be cheaper than booking online, but it is useful to be able to compare multiple airlines side-by-side without having to open multiple websites.

How About Tour Deals?

Like flight deals, a lot of the tour promotions found at MATTA Fair are also available on the respective tour operators’ website.

A Note on Food

The MATTA Fair is a sprawling exhibition that spans four halls and a significant portion of PWTC (Dewan 1 and Dewan 2 are in separate buildings from Dewan 3 and Dewan 4). The only food outlets within the vicinity of MATTA Fair are obviously going to be overpriced.

There is an A&W stall at the linkway connected to Dewan 2 charging RM9 for an a la carte and RM12-RM14 for sets.

Replenish your energy and quench your thirst with a few cup of free cold coffee at Dewan 2:

Why Should You Go to MATTA Fair

The real gem of the MATTA Fair lies in the opportunities to discover tour operators you haven’t heard of, or obscure operators without an online presence. The MATTA Fair is also useful for those who would like to scout for vacation ideas.

For example, if you are looking for a week-long beach trip with no particular venue in mind, you would be spoilt with the number of small local tour operators offering various beach holiday packages in Malaysia. There is a veritable selection of diving trips as well if you are looking for a more adventurous beach holiday. Head to Dewan 3 if you are looking for beach destinations beyond Malaysia.

MATTA Fair’s strength lies in the fact that the fair is the largest gathering of tour operators in Malaysia, giving you the chance to window shop and compare, and even try out smaller operators who may offer a better deal than the established ones.

You might also stumble up tour offerings you’ve never thought of like tours for both you and your pets (check out
Furkids
 and
Purrkids
 at Dewan 4). Or if you are a huge fan of James Cameron’s Avatar:

Lastly, if you are tired of shopping for vacations, there’s always this guy to entertain you:

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Guo Heng

Guo Heng

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Six-Month Loan Moratorium Returns, Automatic Approvals For Individual Borrowers

Prime Minister Tan Sri Muhyiddin Yassin has announced that a six-month loan moratorium will be made available to all individual borrowers – whether B40, M40, or T20 – and microentrepreneurs. This loan moratorium will not come attached with any conditions such as proof of loss of income or unemployment.

“With the cooperation of the banks, a six-month moratorium will be given to all individual borrowers, whether they are B40, M40, or T20, and microentrepreneurs,” said the prime minister. “There will be no more conditions like reduced income, no checks whether you have lost your job, and no need for any documentation to be produced for applications.

“You just need to apply and approval will be given automatically,” said Muhyiddin. The prime minister added that borrowers applying for this moratorium would also need to sign an agreement amending the relevant terms and conditions.

(Image: The Sun Daily)

As for small and medium enterprises (SMEs), the prime minister said that the moratorium facility will also be offered to affected SMEs following checks and approvals by the banks.

“I hope that this moratorium initiative will help individual and SME borrowers in arranging their cash flow during these troubling times,” said the prime minister. “However, I would also like to advise you to use this offering wisely and if it is not necessary, do not add on other financial commitments.”

Applications for the new moratorium will open on 7 July 2021.

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Jacie Tan

Jacie Tan

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    Murugan Jacko

    2 years ago

Help with my account and send me a OCBC Credit 💳 .

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4 Questions to Ask Yourself When Choosing A Bank

If you’ve been a long time user of Ringgitplus, chances are good that you already have a bank account. But just in case you don’t, we’ve prepared a quick list of questions you should ask yourself before choosing a bank to do business with.

1) Are the Locations Easy to Get to?

Even though more and more businesses are going online, with banks in Malaysia, you still have to submit your details and documents in person. This means that for initial account setup and other banking activities, more often than not, you will need to be physically present at the bank.

Look up where the physical locations of the bank are located and whether or not they’re near your workplace or home. It’s also worth checking out how available the ATMs are for that particular bank in and around the areas you are most frequent.

2) What Sort of Fees Can You Expect?

Speaking of ATMs, you should ask the bank about their ATM fees. Because even if your bank of choice has ATMs all over, there will be a time when you need to use an ATM that isn’t connected with your bank. In case you do, you should find out how much you’ll be charged.

Plenty of ATM cards are under MEPS (Malaysian Electronic Payment System) which allow cards from different banks to use each other’s ATMs for a flat fee. Using your card internationally however will incur different charges depending on the bank. Other fees to keep in mind include overdraft fees and penalties if your account dips below a certain amount.

3) What Kind of Services Do You Need?

Are you just looking for a high-interest savings account, a really good credit card, or some other financial instrument? Check whether or not the services you require are offered by the bank you’re looking at. There may be discounts or special offers for using multiple services with the same bank, so be on the lookout for that too.

If you prefer to spread out your business across multiple banks, be sure that those banks play nice with each other and transactions between banks are not too much hassle. Also, don’t forget to ask about their online banking features and experience to see if it’s a good fit for you.

4) What About Islamic Banking Services?

While this doesn’t apply to everyone, if it applies to you, then you should pay special attention. Not all banks offer the full suite of Islamic banking services that you may expect or want for your needs.

Inquire about the Islamic banking services they have and whether or not their implementation agrees with how you want to handle your finances.

There are so many different banks in Malaysia with their own strengths, special products, and services to offer us that choosing one can be intimidating. But we hope the list above can help you make a clearer decision on which bank to go for.

While we’re on the subject, why not check out our
list of articles on banking basics
 so you can get your feet wet in the world of financial management.

Do you have your own tips for how to pick the right bank? Share you wisdom with us in the comments section down below!

Photo credits:
CEphoto

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Ahmad Mudhakkir

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Mercedes-Benz Card: Experience The Luxury Of Mercedes-Benz Beyond The Vehicle

For over a century, Mercedes-Benz has been a beacon of innovation and is associated with quality, class, and great craftsmanship in the automotive industry. As the inventor of the automobile, this German automaker has consistently led the industry in digital advancements and customer-centric solutions. This leads us to the Mercedes-Benz Card, the first credit card in Malaysia’s automotive history.

Leveraging its reputation for luxury and innovation by partnering with Maybank to launch the Mercedes-Benz Card, this milestone product is set to offer a unique blend of financial services and lifestyle benefits that are great for both Mercedes-Benz vehicle owners and those who want to be a part of the Mercedes-Benz world but haven’t yet purchased a vehicle from the brand.

Mercedes-Benz Card Rewards: Your Journey Into Luxury

Crafted entirely from metal, the Mercedes-Benz Card carries the weight of luxury and exclusivity that fits right into the cardholder’s wallet. Upon signing up, the annual fee is waived for the first 2 years, adding to the allure and accessibility of owning the card. The Mercedes-Benz Card is not just a financial tool or a status symbol but also a card with privileges that reflect the Mercedes-Benz lifestyle.

1. Mercedes-Benz Exclusive Rewards

As the owner of the card, you can now enjoy a 10% discount on Mercedes-Benz parts should you ever need to replace any car components. A fan of Mercedes-Benz official merchandise and accessories? You’ll get 10% off on both of these categories too. Also, for every RM1 that you spend at any authorised Mercedes-Benz Autohaus, you’ll be receiving 10x the TreatsPoints!
The Mercedes-Benz Card also gives you an RM350 discount on your MobilityPlus – a replacement car programme – to ensure you enjoy greater convenience when your vehicle is being serviced, sent for warranty or accident claims or undergoing maintenance for more than 48 hours. That’s not all. For a limited time, cardholders can get a 10% discount (up to 8% on regular days) on a Comprehensive Extended Limited Warranty Programme.

2. Additional Benefits: Gateway to VISA Infinite Rewards

The Mercedes-Benz Card offers both vehicle owners and non-vehicle owners the opportunity to enjoy a more rewarding lifestyle with VISA Infinite Rewards:
Travels & Lifestyles

– Gain 2x TreatPoints for every RM1 local spend and 5x TreatPoints for every RM1 overseas spend.

– 5 times complimentary access per annum to Plaza Premium Lounge in Malaysia and worldwide.

– Complimentary green fees at 100 golf courses worldwide.

Petrol Cashback

– Gain 3% petrol cashback capped at RM50 per month per principal card member.

Dining

– Up to 40% dining discount at Marriott Bonvoy Hotels in Malaysia, including St. Regis Hotels, W Hotels, Le Meridien, Sheraton Hotels, and more!

TreatPoints = Gift Redemptions

– From household items to gadgets to air miles, turn your TreatPoints into delightful rewards with a range of
exciting gift redemption options
.

3. Joining The Mercedes-Benz World

The Mercedes-Benz Card goes beyond financial benefits. It invites cardholders to the luxurious Mercedes-Benz lifestyle, including events like Mercedes-Benz Fashion Week Kuala Lumpur.
Apart from exclusive events, cardholders will be part of a community that values quality, elegance, and innovation.

***

The Mercedes-Benz Card offers a unique proposition in the credit card market, extending the luxury, prestige, and style of the Mercedes-Benz brand beyond their vehicle. Whether you’re an existing Mercedes-Benz vehicle owner or an enthusiast of the brand, the Mercedes-Benz Card provides a pathway to a world of unique experiences and exclusive benefits.
Thus, if you’re excited about being a part of the Mercedes-Benz World, click
here
 to discover more about the Mercedes-Benz Card!

*Terms & Conditions Apply.

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Jasen Lee

Jasen Lee

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Sony PlayStation 5, Apple iPhone 14, Huawei MateBook D15, And Fantastic Prizes Await

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

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

From 3 to 11 October, our featured bank partners are

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

Citibank – Sony PlayStation 5

Win the Sony PlayStation 5 when you apply for a Citibank Credit Card this week! Jazz up your life by gaming with faster and smoother frame rates for selected games and backwards compatibility which means you can play PS4 games on your new PS5 console.

Don’t worry if you’re not selected, as you will still get a guaranteed RM800 TNG eWallet Credit to splurge your blues away.

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 – Apple iPhone 14

We’re sure you’ve heard the buzz surrounding the drop of the new Apple iPhone14. Now you could win one when you apply for a HSBC Credit Card.

Take better low-light photos on vacations, get through your busiest days without having to worry about your phone shutting down with all-day battery life, and more.

For those who are not selected, you will still walk away with a guaranteed RM600 Shopee e-Voucher.

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
.

Standard Chartered Bank – Huawei MateBook D15

The Huawei MateBook D15 could be yours when you apply for a Standard Chartered Credit Card this week! Not only is this laptop portable and lightweight at 1.56 kg, it is also powered by the 11th Gen Intel® Core™ processor which means faster and productive days ahead.

For those who are not selected, you will receive a guaranteed Samsung Galaxy Buds which gives you fuller sounds and quick pairing, connecting with your Galaxy devices in an instant once you pop it out of the box.

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
.

Public Bank – Gintell G-Vibo Portable Handheld Massager

Feeling the knots in your back lately? Win the Gintell G-Vibo Portable Handheld Massager when you apply for a Public Bank Credit Card. Give yourself a quick massage from the comforts of your home easily with the G-Vibo Portable Handheld Massager.

For those who are not selected, you will still get a guaranteed Samsung Galaxy Fit2 smartwatch that comes with up to 21 days of battery life and five automatic workouts as well as up to 90 workouts pre-set.

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 – Google Home Hub or Xiaomi Mi Band 5

Take home a guaranteed Google Home Hub or Xiaomi Mi Band 5 when you apply for a new Alliance Bank Credit Card.

The Google Home Hub lets you browse the internet, watch videos, and control your compatible smart home devices easily, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Xiaomi Mi Band 5 smartwatch that boasts 11 professional sports modes, PPG (photoplethysmography) heart rate sensor, and more when you apply for an Alliance Credit Card.

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

***

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

While this week’s flash deal ends on 11 October (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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Sony PlayStation 5

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About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

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4 Ways To Know If Your Business Is Ready For A Loan

In the years of running your business, there might come a point in time when you consider getting financing. An injection of cash could give your business the boost it needs to level up strategically and grow into your vision.

It’s safe to say that acquiring a loan can be a pivotal decision that determines the future of your business and hence, needs to be made with careful consideration. So, if you’re thinking of applying for a loan, we’ve compiled four ways to find out if you might be ready for one.

Your finances are healthy and you have a good credit score

Staying on top of your finances is a huge part of running a thriving business which includes making sure you have a positive cash flow, your net profits are increasing steadily, and you have sufficient balance in your account. All these point to a healthy financial track record and indicate that your business has reached a certain stability and you might be ready to grow.

Aside from that, having a good credit score shows that you practise good paymaster habits and can be entrusted to make repayments on a timely basis. If you didn’t know, your credit score rating is a number from 300 to 850 that tells banks or lenders what kind of a paymaster you are, based on your credit records. The higher your credit score, the more assured banks are of your ability to repay your loan.

You have a solid plan on how to best utilise the loan

Whether you want to purchase a shop lot, build a factory, or develop your technology, there are many reasons why one might consider a loan. Taking on a loan comes with financial responsibilities so you want to make certain that the funds will be put to good use and are necessary in helping you build your business.

If you have plans for your business, you can run them with your team, conduct mock trials , create prototypes, or perform market research so you have some data to support your idea when you present it to banks or lenders. This way, they can have better insight into your plans and visualise them to see their potential.

Not only do you need an idea to grow your business, but also how you plan to execute it phase by phase, the amount of financing you need to realise it, and details like these to show that you’ve done the groundwork.

You have done a forecast

Business forecasting is important because it shows the possible progress of your business in terms of profit, expenses, and so forth. By doing so, it assists you in planning your resources, gauging the sales volume for certain products or services, and more.

You can also create a financial roadmap to show your current state, where your company will be in the next few years, and the expenses required to execute your idea, support your everyday operations, and more.

Your forecasts help to show the banks or lenders that you have the resources to make repayments and that your business is growing financially, they will feel more inclined to offer you a loan.

You’re experiencing an overflowing demand

You’ve started your business small and now as you’re making strides, you’re offered endless exciting opportunities, but may not be able to take them on as you do not have the capacity to do so. If you have been declining good business opportunities due to insufficient resources, this may be a sign that you should consider expanding your business.

Although growing your business can seem intimidating at first, it is a natural progression in the lifecycle of a business and can be hugely satisfying when done properly. Get extra working capital to engage in mass production, hire a workforce, and more so you can tap into your business’ true potential.

Get RM1,000,000 of financing with UOB BizMoney

As a business owner, you’re always on the lookout for opportunities to get to the next level or put your company at the forefront of the industry. If you’re looking to get a loan to grow your business, you may consider UOB BizMoney, which offers you a high financing amount ranging from RM100,000 to RM1,000,000.

Business owners who have been in operation for a minimum of three years and registered in Malaysia are eligible to apply with no collateral required. In addition, you will also receive complimentary liability protection in the event that you won’t be able to repay your loan due to covered circumstances like disability, illness, and etc.

Easy application with no processing fee and simple documentation

Quick approval in just five working days

Flexible repayment tenure of 18, 24, 36, 48 and 60 months

Affordable interest rate starting from 0.42% per month

Loan amount from RM100,000 to RM1,000,000

Collateral-free requiring only guarantee from shareholders or directors, with no requirement for property or fixed deposit as security

Cover your liability with PruLoan Protect

 ***

Getting a business loan could help you realise your goals when used correctly and coupled with good financial judgement.

Learn more about
UOB BizMoney
.

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AmBank Opens Applications For Loan Moratorium 2.0, Offers 2 Deferment Options & Confirms Interest Will Accrue

With the announcement of the upcoming
loan moratorium under the PEMULIH stimulus package
 (will it be known as Loan Moratorium 2.0?), a local bank has shared further information on the programme, including interest accrual and two different deferment options.

Thus far, only AmBank has
opened applications for the upcoming loan moratorium
. At the time of writing, CIMB, Maybank, and Alliance Bank have updated their pages to indicate that further updates will be shared at a later date. The other bank websites we’ve checked, including RHB, Public Bank, Hong Leong Bank, Affin Bank, UOB, Citibank, Standard Chartered, HSBC, and OCBC have not yet included yesterday’s announcement into their sites.

While we cannot confirm that the loan moratorium mechanics shared by AmBank will be the same for all banks, it sheds some light on what we can expect to be announced on 7 July. AmBank’s new loan moratorium mechanics, interestingly, will include two options:

1. Full payment deferment for a period of 6 months
2. 50% reduction in monthly instalment payment for a period of 6 months

The second option was not shared by Prime Minister Tan Sri Muhyiddin Yassin in his speech yesterday. In addition, AmBank also confirms another aspect that was not present in the announcement:

1. Interest/Profit continues to accrue on the deferred amounts
2. The Bank can recover additional interest/profit costs from changes in instalment payments

This is largely similar to the
original loan moratorium terms last year
 as well as the
Targeted Repayment Assistance
 programme that followed. The assistance above will apply to all loans and financing facilities that are approved before 1 July 2021 and are not in arrears exceeding 90 days. Finally, as the PM announced yesterday, it will apply to all individual borrowers as well as microenterprises and SMEs as defined in the Guideline on SME definition issued by the SME Corporation of Malaysia. However,
AmBank’s Repayment Assistance FAQ
 has not yet been updated to reflect the changes in Loan Moratorium 2.0.

The full mechanics for the upcoming loan moratorium is expected to be announced on 7 July, the day when applications will be opened. In the meantime, the current Repayment Assistance programme is still running for borrowers who need it.

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Practical Valentine’s Day Gifts For Couples To Enjoy Together

It’s that time of the year again, when thinking of presents becomes extremely difficult and people are spending a lot just to impress their significant other. Do you have this problem of not knowing what to give your partner for Valentine’s Day? Or are you just tired of receiving gifts that are not practical for you to use? Here’s a list of gifts that you and your partner can enjoy together.

Amazon Kindle

If you both enjoy reading books, you and your partner would appreciate having a Kindle. Downloading e-books on your Kindle is a good solution if you can’t find some of your favourite books in your local bookstore, and is an environmentally friendly alternative too!

That said, if the both of you are voracious readers, perhaps
two
Kindles would do the trick.

Polaroid Camera

A Polaroid camera is a great tool to preserve memories in a fun and creative way, especially if both of you enjoy taking photos. It’s also a good gift because you get to decorate your space with all your favourite snaps. A Polaroid camera is also portable so you can bring it around with you on trips, dates, or even spontaneous outings.

Fitness Trackers

Adventurous couples will love the idea of getting fitness trackers together. You’ll be able to track your distance travelled together and go on hikes, evening jogs, morning walks, and even the gym. There are so many different fitness trackers from Fitbit, Honor, and Xiaomi that range from as low as RM80 all the way to the RM1,000 mark. Couples who work out together, stay together!

Nintendo Switch

Everyone is raving about the Nintendo Switch now, no thanks to Nintendo’s take on a portable gaming console. Couples who enjoy gaming will definitely enjoy getting one. From the competitively fun 1-2 Switch mini games, the epic gameplay of The Legend of Zelda: Breath of the Wild, the brawling fun of Super Smash Bros, or even the throwback Pokemon: Let’s Go!, there’s plenty of games to keep both of you equally entertained.

Essential Oil Diffuser

Diffusers are great for anyone of any age group. They leave your space smelling good and help with health conditions like sinus, flu, headaches, and even sleeping problems. Some diffusers can be used as a night light as well and a dual-functioned gift is always the best. Take care of your significant other by setting the mood with different scents.

Spa/Massage Therapy

A couple massage is a real thing! You could book a double-bedded room to enjoy a relaxing massage or spa experience together with your significant other. You can go for a simple foot reflexology to a full-on hot stone massage to ease the stress away. It’s the best way to treat the one you love after a long day of work!

Weekend Getaway… On A Budget

Sometimes, a spontaneous decision to spend the weekend somewhere nice is all it takes to spark the romance. Look out for AirAsia’s Final Call promotions at the start of every month, featuring heavily-discounted flights to nearby locations like Phuket and Bali, and AirAsia Final Call X for long-haul flights.

If you’re not planning to travel far, you could plan a fun day out at a theme park instead – you and your partner could make some memories and have a splashing good time at Sunway Lagoon in KL or The Lost World of Tambun in Perak!

Netflix Gift Cards

If you and your partner aren’t the travelling type, TV and movie buffs will love receiving a Netflix gift card, ranging from RM50 to RM100 worth of credit to go towards your monthly subscription. Get one for your significant other from 7-Eleven and the two of you can enjoy watching all the movies and TV series together. Just sit back with some snacks and it’s Netflix & Chill time!

Valentine’s Day is celebrated differently by different couples. Some would love fancy dates, but some would just want to stay home, light a candle, and catch a movie. It doesn’t matter whether it’s Valentine’s Day or not, cherishing and appreciating each other should be done daily and not only on this special day.

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LIAM Calls For Cooperation From Stakeholders To Address Medical Cost And Premium Inflation

(Image: The Star)

The chief executive officer of Life Insurance Association of Malaysia (LIAM), Mark O’Dell has called upon all stakeholders to work with the insurance and takaful industry to address the problem of rising medical cost and premium inflation. These include entities such as Bank Negara Malaysia, private hospitals, and doctors.

O’Dell explains that their cooperation is necessary as medical costs at private hospitals in Malaysia have been surging in tandem with the premiums of private medical insurance, and he attributed it to several factors.

“The major drivers of medical and premium/contribution inflation are advances in medical treatment, imported equipment, supplies and medicine, high prevalence of non-communicable diseases, an ageing population, and increasing benefits and policy design,” O’Dell commented, adding that this inflation is a global issue, with the global annual inflation rate currently reported at 8%. This is almost on par with Malaysia’s rate of
between 10% to 15%
.

(Image: Channel News Asia)

On top of that, O’Dell also shared that insurance claims have actually been increasing at a faster rate than premiums in recent years. “Over the long term, this threatens the sustainability of private medical insurance. For LIAM members, from 2017 to 2019, expenses and operational costs fell to 9.1% of premiums/contributions, while claims rose to 88.6% of premiums,” he stated.

Meanwhile, the average annualised premium increase for all medical and health insurance policies between 2017 to 2021 was found to have settled at 6.47%, with the rate revision happening only once every three to five years.

(Image: Channel News Asia)

O’Dell further drew data from a separate 2020 study, which also highlighted that the average increase in the actual cost of claims is higher than the premium increase. To illustrate, the average cost of covered hospitalisation rose at an average of 9.3% for non-surgical treatments, and 7.8% for surgical treatments between 2013 to 2018, out of four million claims made.

In resolving the existing problem, O’Dell said that stakeholders need to provide greater transparency by publishing the average cost of common procedures and treatment, which will then enable policyholders to make better healthcare decisions. “We also suggest to automate and digitise guarantee letter processes to reduce admin costs and improve the insured patient experience,” he said.

(Source:
The Edge Markets
)

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

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AIA Malaysia Announces Collaboration With TNG eWallet To Provide Digital Insurance Solutions

AIA Malaysia has announced the formation of a long-term strategic partnership with the parent company of Touch ‘n Go (TNG) eWallet, TNG Digital Sdn Bhd. On top of that, the insurance service provider will also make a minority equity investment in TNG Digital.

With this, AIA will be able to provide innovative and personalised digital insurance solutions to over 16 million TNG eWallet customers nationwide, allowing them a more seamless and convenient experience in buying, claiming, and renewing their policies. Specifically, AIA’s products can soon be purchased directly online as well as through consultative selling via AIA’s existing distribution channels, which include a 19,000-strong agency force.

In announcing the collaboration, the chief executive officer of AIA Bhd, Ben Ng said that this marks the continuation of AIA’s digital transformation journey and ambition to reach new customer segments using online platforms.

“More importantly, it reinforces our commitment to bringing new and innovation products to market in this increasingly digital world. The need for insurance continues to heighten in the midst of the pandemic. We must constantly look to expand and give Malaysian consumers greater choices, enabling them to obtain the right coverage they need across different stages of their lives, in any way that they prefer, and at the right time,” Ng said.

Meanwhile, the group chief executive officer of TNG Group, Effendy Shahul Hamid said that the strategic partnership with AIA coincides with the company’s continued evolution into deeper areas of financial services. “Insurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to TNG eWallet users,” he said.

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Alex Cheong Pui Yin

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

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Caretaker PM: Budget 2023 To Be Tabled Again Before End Of 2022

(Image: The Star)

Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob has confirmed that Budget 2023 will have to be re-tabled in Dewan Rakyat before the end of 2022. This comes following the dissolution of the Parliament for the upcoming 15
th
 general election (GE15) just three days after the original tabling of Budget 2023.

The
national budget for 2023
 was initially tabled on 7 October 2022 by the current caretaker Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, with a total allocation of RM372.3 billion. It was noted to be the highest to date, up RM40.2 billion from the RM332.1 billion that was previously earmarked for
Budget 2022
. The tabling was subsequently followed by the dissolution of the Parliament on 10 October,
with the consent of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah
.

Accordingly, Dewan Rakyat Speaker, Tan Sri Azhar Azizan Harun had
already highlighted that Budget 2023 will need to be retabled
 if it is not approved when the Parliament is dissolved to make way for GE15. Tengku Zafrul also noted before that Budget 2023 will
take its cue from the procedures of Budget 2000 (tabled in 1999)
 if the Parliament were to be dissolved before Budget 2023 is approved.

(Image: Malay Mail)

“At that time, the Budget was tabled and Parliament was dissolved, after which the Budget was presented again in the Parliament,” Tengku Zafrul had previously commented.

Meanwhile, caretaker Health Minister Khairy Jamaluddin stressed that the
tabling of Budget 2023 was not in vain
 as it will be brought back to the Dewan Rakyat after GE15, if the existing government were to return to power. He also emphasised that with the presentation, Budget 2023 is officially “an expenditure that has been allocated”, instead of just mere manifesto.

The Election Committee (EC) is expected to announce the date for election day this coming Thursday (20 October 2022). Alongside the national budget for 2023, the new government elected from GE15 will also need to re-table six other bills in the Dewan Rakyat.

(Source:
Free Malaysia Today
)

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Finance Minister: Vehicle SST Exemption To End On 30 June As Planned

(Image: Paul Tan’s Automotive News)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has confirmed that the sales and services tax (SST) exemption for the purchase of new vehicles will end on 30 June 2022 as planned.

Meanwhile, buyers who order their vehicles by the stipulated deadline will have an extended period of until 31 March 2023 to register their vehicles with the Road Transport Department (JPJ). This is because the installation of 264,000 units of vehicles – which were booked during the SST exemption period – has yet to be completed and delivered to the buyers. This extension, therefore, will allow the buyers to still enjoy the tax exemption.

“The extension of this vehicle registration period is a mid-point solution to balance the interests of consumers and national tax revenue which needs to be re-enhanced post-pandemic to ensure the welfare of the people and the economic well-being of the country continues to be preserved,” Tengku Datuk Seri Zafrul said, adding that the delay in the vehicle production is due to the global shortage of microchips.

(Image: AFP)

In addition, the finance minister noted that 868,422 units of new vehicles have been sold since the implementation of the SST exemption
back in June 2020
. This translates to a total of RM4.7 billion in SST exempted.

For context, the ongoing exemption allows car buyers to enjoy a 100% waiver of SST for locally assembled (CKD) cars, and a 50% waiver for fully imported (CBU) cars. It was introduced in an effort to revive the country’s economy after the first movement control order (MCO). Initially set to end on 31 December 2020, it was eventually extended three times – to 30 June 2021, 31 December 2021, and finally,
30 June 2022
.

(Source:
The Star
)

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    Cecelia

    1 year ago

My family bought a HONDA car and the

loan was approved in mid June 2022. Then, on 29/6 night the salesman confirmed there is a price hike but no sst.  I was cought off guard as it was not possible for us to do anything at very last minute. How is this possible just for one of the dealer to raise the price?  Can HONDA justify this? I’m so frustrated and  unhappy about it. Please clarify. Thank you so much and hope I get a satisfied answer.

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Maybank Launches Malaysia’s First Digital Home Financing Solution, Maybank Home2u

Maybank has launched a new digital home financing solution, Maybank Home
2
u, which lets selected customers enjoy near instant approval upon submitting their applications. Housed within the MAE by Maybank2u (MAE) app, the new solution is said to be the first of its kind to be rolled out in Malaysia.

In a statement, Maybank said that the solution will allow prospective homeowners to enjoy a fully digital experience when applying for their loans, starting from application to approval and signing of the letter of offer. Backed by a proprietary automated decisioning engine, it is made available to both existing and new Maybank customers.

Maybank further noted that customers whose salaries are credited into their Maybank account will enjoy extra convenience when applying for their home financing via Maybank Home2. They are allowed to apply for loans of up to RM1 million without having to submit supporting income documents, and may also obtain near instant approval – as quickly as about 10 seconds. Additionally, they will have the flexibility to package their home financing insurance via the solution.

The slight catch, however, is that these customers’ preferred homes must be included in the list of residential developments that Maybank has curated for the solution. This list includes properties from established developers such as EcoWorld, IJM Land, Sime Darby Properties, and SP Setia. Once their application is approved, Maybank said that its mortgage advisors will contact them to review the letter of offer, perform the necessary electronic Know Your Customer (eKYC) verification process, and complete the electronic signing of the letter of offer on the spot.

Meanwhile, customers whose salaries are not credited into a Maybank account, or who wish to purchase properties that are not included within the curated list, may also start their application process through the Maybank Home
2
u solution. A mortgage advisor will then be assigned to assist them with their applications.

On top of that, the Maybank Home
2
u solution also has a built-in feature that lets prospective borrowers communicate with Maybank’s mortgage advisors. Available 24/7, Maybank said that customers will receive a response within 10 minutes of initial contact during banking hours, or as soon as possible outside of banking hours.

Maybank further clarified that customers are currently able to access the following home financing options via Maybank Home
2
u, depending on whether they prefer conventional or Islamic financing:

Conventional
: Maybank MaxiHome and My First Home Scheme
Islamic
: Commodity Murabahah Home-Financing-i and My First Home Scheme-i

Group chief executive officer of Maybank’s Community Financial Services, Dato’ John Chong said that the new Maybank Home
2
u solution is part of the bank’s efforts to address a major pain point for homeowners, namely having the means to find out immediately whether they are eligible for a home that they intend to purchase.

“Consumers are becoming more digitally savvy, demanding instant solutions that can fulfil their needs. The engine behind Maybank Home
2
u, which is developed wholly by our team, allows for instant eligibility checks and real-time approvals without the need for manual intervention,” said Dato’ John.

Dato’ John also said that the rollout of this solution is timely as the bank expects a pick-up in home purchases, especially with the reopening of Malaysia’s economy bolstering consumer confidence to spend. He expects Maybank Home
2
u to appeal especially to the younger generation and first-time home buyers, and to contribute to more than 20% of Maybank’s total home financing approvals in the upcoming year.

The Maybank Home
2
u solution is available only on the latest version of the MAE app, so make sure to update it before launching the app.

(Source:
Maybank
)

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Mastercard: Malaysia Has Highest Mobile Wallet Usage In Southeast Asia

The Mastercard Impact Study 2020 found that Malaysia leads other countries in Southeast Asia when it comes to mobile or digital wallet usage. Malaysia has a mobile wallet usage of 40%, ahead of other countries like the Philippines at 36%, Thailand at 27%, and Singapore at 26%.

The input for the study was gathered from 10,000 consumers and business professionals across 10 markets in the Asia Pacific region. The Malaysia market edition results showed that Covid-19 and its ensuing movement restrictions had necessitated the rapid adoption of e-commerce, digital payments, and online activities in the region, driving momentum towards the digital economy in Southeast Asia.

With regards to online activities, nearly half of consumers surveyed in Malaysia reported an increase in online shopping during the period. Other online activities also saw an increase in interest, such as surfing the Internet for news and entertainment (75%), online video streaming (57%), social networking (55%), and home delivery of food or groceries (50%).

The report further indicated that even as countries begin to ease on restrictions, some of the trends and habits formed in response to the pandemic are likely to remain in the new normal. 64% of Malaysians said that they would conduct online shopping at the same frequency as currently or before the pandemic, even after restrictions are lifted. Similarly, 54% of consumers expect to continue home deliveries and 45% anticipate maintaining a work from home arrangement.

Overall, Malaysia’s digital activities, especially online shopping and usage of digital payments, were also higher compared to other markets in Southeast Asia. In April, consumers in Malaysia were doing 18% more cashless payments including mobile and QR payments, compared to 16% in the Philippines and 15% in Singapore and Thailand respectively.

Besides the digital wallet, Malaysian consumers also shifted to other payment methods such as contactless debit cards (26%) and contactless credit cards (22%). As a result of the shift to digital and contactless payments, cash usage in the region declined since the beginning of the Covid-19 pandemic – by 67% in Singapore, 64% in Malaysia and the Philippines, and 59% in Thailand.

According to Southeast Asia Emerging Markets Mastercard division president Safdar Khan, Mastercard is committed to using the power of data to enable businesses of all sizes adapt and evolve alongside consumers’ changing needs and behaviours – through the use of e-commerce tools, increased contactless payment limits, and spearheading the shift to contactless in the region.

“By putting consumer sentiment and concerns at the core of all decisions, businesses and governments will be able to move with greater confidence from this current situation, and mitigate the adverse impact of future crises,” Khan concluded.

(Source:
Malay Mail
)

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    Huey Nee Chan

    3 years ago

See, 40% is using e-wallet – the highest in SEA. Who the fish claims that e-wallet RM30 subsidy is useless as we can’t use in rural areas.

Mind you, the previous critique of ex Finance Minister.

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AIBIM: BNM Standardises Housing Loan, Home Financing Agreement For Retail Borrowers

(Image: New Straits Times/Mohd Amin Jalil)

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) revealed that Bank Negara Malaysia (BNM) has introduced a standardised housing loan and home financing agreement. This is in a bid to make it easier for retail borrowers to understand and compare the terms and conditions in these documents when taking out a loan.

In a statement, AIBIM said that the initiative will see such agreements using simpler language, particularly in describing the obligations and responsibilities of borrowers and banking institutions. It is also expected to improve the quality of service delivery in the long run, and provide enhanced customer protection in the financial industry.

“This move reinforces Bank Negara Malaysia’s commitment to promoting fair consumer outcomes in the financial industry in accordance with the Policy Document of Fair Treatment of Financial Consumers, as well as other relevant policy documents, guidelines, and circulars issued by the central bank,” said AIBIM.

As part of the implementation of this standardised housing loan and financing agreement, financial institutions have also been required to
abolish the loan documentation fee (on housing loan and home financing documents) on lawyers
, directly or indirectly. This update took effect on 1 February 2023.

Briefly, the loan documentation fee is a charge that banks impose on lawyers for the purchase of bank loan documents, which are mostly standardised documents downloaded from the banks’ portals for borrowers to sign when they take out a loan. The purchase of such documents could cost between RM100 to RM600 – a fee that lawyers would often then pass on to borrowers.

(Sources:
AIBIM
,
The Edge Markets
)

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Policy Document of Fair Treatment of Financial Consumers

Standardised Housing Loan & Home Financing Agreement

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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